Gunpoint Exploration Ltd. reported the initial phase exploration results by Newcrest Mining Ltd. on Gunpoint's Appaloosa gold-silver project in central Nevada. As previously announced, Newcrest has elected to enter into the Option phase on an earn-in agreement to acquire up to 75% in Gunpoint's Appaloosa property for payments totaling USD 5 million, incurring USD 35 million in exploration expenditures and delineating a minimum 1.0 million-ounce gold indicated resource. Newcrest has completed a multi-process and systematic surface exploration program on Appaloosa's 7 kilometer long mineralized structural zone and in some cases expanded the work to cover the Talapoosa portion owned 100% by Gunpoint.

The results to date show that within Appaloosa's broad hydrothermal system that is subparallel and 1 kilometer northeast of the Talapoosa trend, multiple footprints of potential gold-silver systems exist. Over Talapoosa, soil sampling indicates extensions of the existing deposit along strike and identified two new mineralized cross-cutting trends. Summary of Newcrest's 2022 Exploration Program: 1:5000 geological mapping over the entire Appaloosa Trend; Comprehensive field prospecting program including 3,150 rock and 378 soil samples; A ground gravity survey consisting of 450 stations over 250m x 250m grid; High definition drone photogrammetry survey with 2.5cm resolution; District scale SpecTIR Airborne hyberspectral survey completed; Argon/Argon age dates of 17 vein and volcanics samples.

Exploration Highlights and Results: Results from mapping confirm pervasive silica-adularia alteration over 6km along the Appaloosa trend: Dynamic multi-phase phreatic breccias cut by multiple veins with individual veins up to 7m wide in southeast Appaloosa; Confirmed near-surface preservation of the hydrothermal system along entire trend; Geochemistry results confirm multi-gram gold up to 2.15ppm, arsenic up to 5659ppm, antimony up to 1316ppm and mercury up to 26ppm over a broad area Ground gravity survey delineates a strong gravity low associated with the Appaloosa trend; The soil grid outlined several new targets along the Talapoosa trend. The exploration results have confirmed the existence of a large, underexplored, mineralized hydrothermal gold-bearing system. Newcrest plans to undertake further target generation, definition and drilling activities at Appaloosa during the upcoming field season.