- Gunpoint Exploration (GUN) works with Newcrest Mining as it confirms epithermal alteration over six kilometres along Appaloosa Trend
- Newcrest’s helping company has entered the option phase on an earn-in agreement
- The company has proposed to gain 75 per cent of Gunpoints Appaloosa property for USD 5 million
- Newcrest has completed a multi-process and surface exploration program on Appaloosa’s structural zone
- Some results indicate that there may be potential gold-silver systems within the Appaloosa hydrothermal system
- Gunpoint Exploration (GUN) is trading at C$0.55 at 11:46 am EST
Gunpoint Exploration (GUN) has completed its initial phase of exploration results by Newcrest Mining.
Located in Nevada, Newcrest’s helping company has entered the option phase on an earn-in agreement.
In the agreement, the company has proposed to gain 75 per cent of Gunpoint’s Appaloosa property for USD 5 million.
This deal will cost around USD 35 million for exploration expenditures alone and delineate a minimum of 1.0 million ounces of gold-indicated resources.
So far, Newcrest has completed a multi-process and surface exploration program on Appaloosa’s 7-kilometre-long mineralized structural zone.
The program has been fast-tracked since signing the agreement last fall.
President of Gunpoint, P. Randy Reifel, is looking forward to future work, adding, “The promising geological and geophysical results indicate the potential for discovery of bonanza style gold systems below the widespread, favourable alteration outcropping at surface.”
Some results indicate that there may be potential gold-silver systems within the Appaloosa hydrothermal system.
The year 2022 held lots of exploration accomplishments for Newcrest. It initiated a field prospecting program, including 3,150 rock and 378 soil samples.
In addition, a high-definition drone survey was deployed with a 2.5 cm resolution, and its district-scale SpecTIR Airborne hyperspectral survey was completed.
The exploration results have confirmed the existence of an extensive, underexplored, mineralized hydrothermal gold-bearing system, which the company hopes to dive into in the future.