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Gunpoint Options Mexican La Gitana Gold-Silver Project to Inomin Mines
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2019) - Gunpoint Exploration Ltd. (TSXV...
About this update from Gunpoint Exploration Ltd.
[{"type":"text","content":"Gunpoint Options Mexican La Gitana Gold-Silver Project to Inomin MinesVancouver, British Columbia--(Newsfile Corp. - June 4, 2019) - Gunpoint Exploration Ltd. (TSXV: GUN) (\"Gunpoint\" or the \"Company\") is pleased to announce the signing of a non-binding letter of intent (the \"LOI\") with Inomin Mines Inc. (TSX.V: MINE) (\"Inomin\") to sell its 100% interest in the La Gitana gold-silver property (\"La Gitana\" or \"Property\") located in Oaxaca State, Mexico (the \"Transaction\"). La Gitana comprises a 494 hectare property situated within a major northwest trending regional structure that host several mineral deposits including Gold Resource's (NYSE: GORO) La Aguila open-pit gold-silver mine and Fortuna Silver's (TSX: FVI) San Jose underground gold-silver mine. The terms of the Agreement provide for an exclusivity period to conduct due diligence and conclude a definitive agreement (\"Agreement\") to finalize the purchase terms of the Transaction.La Gitana hosts a low-sulphidation gold-silver epithermal system in Tertiary-aged volcanic rocks. Gold and silver mineralization occurs in multistage quartz breccia-veins, quartz stockworks and locally as disseminations. The Property contains two subparallel northwest trending mineralization and alteration corridors, the broad Cerro Di Oro zone to the northeast and the La Gitana vein - stockwork structure to the southwest.Inomin plans to complete due diligence verification work on historic drill results (8,642 metres) including re-logging of drill core and checking duplicate core samples on selected holes. In addition, Inomin will re-negotiate the surface rights.Inomin has an option to acquire a 100% interest in La Gitana in consideration for cash payments totalling $300,000 and 2,000,000 common shares of Inomin issued as follows:Payment of $10,000 (paid) on signing Agreement;Payment of $25,000 and 150,000 shares following execution of definitive agreement;Payment of $50,000 and 250,000 shares on first anniversary;Payment of $65,000 and 450,000 shares on second anniversary;Payment of $75,000 and 500,000 shares on third anniversary; andPayment of $75,000 and 650,000 shares on fourth anniversary.Inomin will have the right to accelerate payments at its discretion.About Gunpoint Exploration Ltd.Gunpoint is a publicly traded mineral exploration company based in Vancouver, B.C.. Gunpoint ow...