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Gunpoint Regains 100% Controlling Interest in Talapoosa
Vancouver, British Columbia--(Newsfile Corp. - April 3, 2018) - Gunpoint Exploration Ltd. (TS...
About this update from Gunpoint Exploration Ltd.
[{"type":"text","content":"Gunpoint Regains 100% Controlling Interest in TalapoosaVancouver, British Columbia--(Newsfile Corp. - April 3, 2018) - Gunpoint Exploration Ltd. (TSXV: GUN) (\"Gunpoint\" or the \"Company\") reports that Timberline Resources Corporation (TSXV: TBR) (OTCQB: TLRS) (\"Timberline\") has not made the US$2 million Talapoosa option payment due March 31, 2018 to Gunpoint (see news release dated October 20, 2016). Accordingly, Timberline's option to acquire the Talapoosa gold project (\"Talapoosa\") has terminated and 100% ownership of Talapoosa has reverted to Gunpoint. During the past three years, Gunpoint has received from Timberline US$1.3 million and 3 million common shares under the option agreement.Talapoosa is located in Lyon County, Nevada. A technical report prepared for Timberline by WSP Canada Inc. (\"WSP\") dated March 24, 2015, titled, \"Technical Report and Resource Estimate on the Talapoosa Project, Nevada\" (\"Resource Report\") estimated a Measure and Indicated Resource of 28.4 million tonnes at an average grade of 1.11 g/t gold and 14.97 g/t silver for a total of 1.01 million ounces gold and 13.65 million ounces silver. In the Inferred Resource category, an additional 10.1 tonnes are estimated with a grade of 0.72 g/t gold and 6.65 g/t silver for a total of 233,532 ounces gold and 2.17 million ounces silver. In April 27, 2015, WSP completed a Preliminary Economic Assessment (\"PEA\") for Timberline with US$1,150/oz gold and US$16/oz silver as the base case assumptions. The PEA envisioned Talapoosa as an open pit, heap leach gold operation and demonstrated robust project economics with an after-tax NPV (5% discount rate) of US$136 million and a 39% IRR. Initial capital cost estimate was US$51 million based on average annual production of 55,000 ounces of gold and 679,000 ounces of silver over a 11 year mine life.The Resource Report and the PEA have both been filed on SEDAR by Timberline. Gary Parkison, CPG, a qualified person, has reviewed the Resource Report and the PEA on behalf of the Company. To the best of the Company's knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources or results of the PEA inaccurate or misleading.About Gunpoint Exploration Ltd.Gunpoint owns the Talapoosa gold project in Nevada. In Mexico, Gu...