GUN Gunpoint Exploration Ltd

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.

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