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Newmont said on Thursday that it is walking away from the Appaloosa project in Nevada held by Canadian junior Gunpoint Exploration . A notice to terminate an option and earn-in agreement signed in September 2022 between Gunpoint and Newcrest Mining, now part of Newmont, has been issued.
Under the prior arrangement, Newcrest had the right to acquire, in multiple stages, up to a 75% interest in Appaloosa for cumulative exploration and development expenditures of $35 million, cash payments totaling $5 million to Gunpoint, and completing a minimum indicated resource estimate of 1.0 million gold ounces.
Surface exploration and initial drilling in two areas identified a large potential hydrothermal cell related to and peripheral to the Talapoosa deposit, while reconnaissance work undertaken on Talapoosa indicated potential extensions of the existing deposit in multiple directions. Following Newmont’s termination, Gunpoint will now look to advance the project alone. With this new data, it plans to focus on follow-up exploration of the newly identified Talapoosa targets and prioritize drilling to expand the known deposit and test the new vein systems.
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