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Over the past three years Gunpoint has increased the NI 43-101 Measured + Indicated Resource for the Talapoosa gold and silver project by approximately 45%, to a total of 1 million ounces of gold and 13.6 million ounces of silver at an average grade of 1.11g/t gold and 15g/t silver (at 0.45g/t Cutoff). Currently, the company is conducting column leach tests work on composite samples of un-oxidized mineralization from Talapoosa. The bulk samples were submitted to McClelland Laboratories Inc., in late 2013, results are expected during the second quarter of 2014.
The La Cecilia gold silver property (Sonora, Mexico) was optioned to Precipitate Gold Corp. in October 2013. Under the terms of the agreement, Precipitate must pay an aggregate of $400,000 and issue 525,000 Precipitate shares to Gunpoint within 24 months, to acquire 100% of the project. Currently, no work is being undertaken on the La Gitana gold silver project (Oaxaca, Mexico).
Gunpoint acquired 100% of the El Escorpion Silver Project (Guatemala) from Chesapeake Gold Corp, in June 2012. The project, situated 7km south of Tahoe Resources Inc´s world class Escobal deposit that currently has a NI 43-101 indicated resource of 367 million ounces of silver grading 422 g/t, plus 37 million ounces of silver grading 254g/t. The Escobal land package completely surrounds the 900-hectare El Escorpion concession. Surface mapping, sampling and an extensive IP survey at El Escorpion has delineated a plus 1000m long structure with outcropping epithermal veining at both ends, the central portion is covered by a thin layer of post-mineral volcanics. Rock-chip and channel sampling of highly leached outcropping mineralization shows highly anomalous silver, lead and zinc values which Gunpoint considers indicative of potential for high-grade mineralization below the base of oxidation (approximately 100m).