Gunpoint Exploration Ltd.

Gunpoint Exploration Ltd.

January 28, 2011 09:30 ET

Gunpoint Plans 6000-Meter Drill Program at Nevada Talapoosa Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2011) - Gunpoint Exploration Ltd. (TSX VENTURE:GUN) plans to commence exploration drilling on its 100% owned Talapoosa Project (Nevada) in May 2011 as part of its effort to substantially increase the existing NI 43-101 compliant resource (Measured+Indicated+Inferred) of 958,000 ounces of gold at 0.92g/t and 12,483,000 ounces of silver at 12g/t. 

Based on the results of a recently completed geophysical survey, Gunpoint has identified several untested IP anomalies under thin post-mineral cover, peripheral to the existing resource at Talapoosa. Historic drill holes in the vicinity of these targets show very encouraging intercepts including;

TAL-213 from 52 to 58m (6m)   averaging 17g/t Au
TAL-220 from 68.6 to 71.6m (3m)   averaging 8 g/t Au
TAL-195 from 68 to 81m (13m)   averaging 7.5 g/t Au
TAL-193 from 70 to 90m (20m)   averaging 3.2 g/t Au

In addition, field mapping and sampling during the latter half of 2010 identified the Appaloosa Structure, a 5 km long zone of intense silicification and hydrothermal brecciation, parallel to the Talapoosa structure, and located two kilometers to the north. The numerous breccia bodies, which are generally less than 100 by 50 meters in surface dimensions, contain opal-chalcedony vein and sinter fragments and crosscutting epithermal veins. Grab samples from these breccias have assayed as high as 1.6 g/t gold with anomalous silver, arsenic and mercury. The southeastern kilometer of the Appaloosa structure is more deeply eroded and the breccia bodies grade downward into discrete vein, which were mined on a small scale in the early half of the 19th Century. Channel sampling across a 3-meter wide vein, which was traced along strike for over 600 meters, averaged 11.7g/t Au. A grab samples from old workings on the same vein have assayed as high as 64g/t gold. 

Several IP targets associated with surface epithermal veining and underlying IP anomalies, on the eastern end of the Appaloosa Structure have been targeted in the first round of drilling. Similar mineralization is expected to underlie the less deeply eroded breccia bodies along the remaining four kilometers of the Appaloosa Structure. 

Last December Gunpoint purchased five lode claims located between Talapoosa and Appaloosa Structures. With the purchase of these claims, Gunpoint now has access to the entire area within the Talapoosa – Appaloosa epithermal gold district. During November, the Company also staked 90 additional mining claims to the north and east of the existing 10,000 hectares comprising the Talapoosa Project.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information