Gunpoint Provides Outline of 2013 Work Program at Talapoosa Gold and
Escorpion Silver Projects
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/22/13 -- Gunpoint
Exploration Ltd. ("Gunpoint") (TSX VENTURE:GUN) is pleased to report
on the corporate activities underway in 2013. The Gunpoint management
team is focused on advancing the company's flagship Talapoosa Gold
Project, a low-sulfidation epithermal gold/silver property located in
the Walker Lane gold trend of western Nevada, approximately 45
kilometers east of Reno.
Currently, Tetra Tech is preparing an updated NI43-101 resource
estimate on Talapoosa, which is expected to be available in March
2013. The updated resource estimate incorporates the results of the
2011 drill campaign as well as a detailed technical reinterpretation
of the geologic controls on the mineralization. The 2010 NI43-101
resource estimate, which was based solely on historic data, consists
of 632,000 ounces of gold @ 0.93 g/t gold and 8.2 million ounces of
silver @ 12 g/t silver in the Measured and Indicated categories and
an additional 326,000 ounces of gold @ 0.89 g/t gold and 4.25 million
ounces of silver @ 11 g/t silver, in the Inferred category.
Upon completion of the updated NI43-101 resource, Gunpoint will
initiate a Preliminary Economic Assessment ("PEA") studying the
viability of developing an oxide heap-leach and CIL operation on the
Talapoosa resource. Tetra Tech anticipates the PEA will be completed
in the third quarter.
Gunpoint has commenced an IP-Resistivity survey on the El Escorpion
silver property ("Escorpion") located in Guatemala. El Escorpion is
situated 7 kilometers southwest of Tahoe Resources Inc.'s world class
Escobal silver project. Tahoe's Escobal project has a NI 43-101
compliant indicated mineral resource of 367 million ounces of silver
@421 g/t silver, plus 36.7 million ounces of silver @ 254 g/t in the
The 26 kilometer IP survey comprises 32 parallel lines up to 900
meters long and spaced 50 meters apart. The IP survey should
delineate vein/stockwork mineralization beneath the shallow
post-mineral volcanic cover and may also highlight areas of more
sulfide-rich veining. Together with the surface mapping and sampling
work completed, the IP survey will assist in prioritizing drill
targets for Escorpion.
Gunpoint has also commenced a detailed review of its Cecilia
Margarita gold project in Sonora state, Mexico. Historic drilling
between 1983 and 1995 reported to have returned up to 1.41 g/t gold
over 30 meters testing outcropping vein structures. Recent surface
exploration by Gunpoint has identified potentially bulk-tonnage
mineralization hosted within possibly concentric zones of
auto-brecciation within a large flow-foliated felsic plug. Channel
sampling along these breccia zones, with outcropping widths of up to
30 meters, have returned mineralized cuts including 0.93 g/t gold
over 109 meters. A follow-up program of detailed mapping and sampling
will focus on delineating the extent of potentially mineralized zones
E. Max Baker, President and CEO of Gunpoint said; "We look forward to
receiving the revised NI43-101 report and PEA on Talapoosa this year.
Both reports were launched after Gunpoint's 2012 in-house resource
estimate indicated potential for a significant increase in both the
gold grade and contained gold ounces at Talapoosa. This change
results primarily from the reinterpretation of the controls on
"Also, due to the similarity in the nature of the mineralization and
geology to the nearby Escobal deposit, we have high hopes that the
geophysical survey will generate additional promising targets for the
first round of the drilling at Escorpion."
E. Max Baker, Ph.D., Member AusIMM, President of Gunpoint, a
Qualified Person as defined by NI 43-101 supervised the preparation
of the technical information in this release.
For more information on Gunpoint, please visit our website at
GUNPOINT EXPLORATION LIMITED
E. Max Baker, President
FORWARD LOOKING STATEMENTS
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that address future
events and conditions that describe the Company's future plans,
objectives or goals which are subject to various risks and
uncertainties in relation to the Company. The assumptions used in the
preparation of such statements although considered reasonable at the
time of preparation may prove to be imprecise and as such, actual
results in each case could differ materially from those currently
anticipated in such statements. The Company does not intend to, and
does not assume any obligation to update such forward-looking
statements or information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Gunpoint Exploration Limited
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