Newcrest Exploration Activity Confirms Epithermal Alteration over Six Kilometers Along Appaloosa Trend

Newcrest Exploration Activity Confirms

Epithermal Alteration over Six Kilometers

Along Appaloosa Trend

Vancouver, British Columbia--(Newsfile Corp. - March 2, 2023) - Gunpoint Exploration, Ltd. (TSXV:

GUN) ("Gunpoint" or the "Company") is pleased to report the initial phase exploration results by

Newcrest Mining Ltd. ("Newcrest") 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

("Agreement") to acquire up to 75% in Gunpoint's Appaloosa property for payments totaling US$5

million, incurring US$35 million in exploration expenditures and delineating a minimum 1.0 million-ounce

gold indicated resource (see Gunpoint's press release dated September 28, 2022).

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 ("Talapoosa") 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.

P. Randy Reifel, President of Gunpoint states: "We are pleased Newcrest has fast-tracked

comprehensive exploration on Appaloosa since signing the Agreement last Fall. The promising

geological and geophysical results indicate the potential for discovery of bonanza style gold systems

below the widespread, favourable alteration outcropping at surface. As well, the new mineralized trends

identified at Talapoosa generate exciting drill targets for resource expansion."

About Gunpoint Exploration Ltd.

Gunpoint owns Talapoosa, an open pit, high grade gold-silver project in Nevada. Talapoosa has a NI 43-

101 compliant mineral resource estimate by Tetra Tech WEI Inc., with a measured and indicated mineral

resource of 1.1 million ounces of gold and 13.6 million ounces of silver at an average grade of 1.11 g/t

and 15 g/t, respectively. Inferred mineral resources add an additional 233,500 ounces of gold at 0.72 g/t

and 2.2 million ounces of silver at 6.65 g/t. The technical information contained in this news release has

been reviewed and approved by Charlie Ronkos, Director of the Company, a Qualified Person as

defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For more information on Gunpoint, please visit our website at

www.gunpointexploration.com

or contact

Randy Reifel, President, at (604) 731-2219.

GUNPOINT EXPLORATION LTD.

"P. Randy Reifel"

President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this news

release constitute forward-looking Information under applicable Canadian securities laws, including,

without limitation, statements with respect to the Agreement and proposed activities thereunder, the

Newcrest relationship potentially leading to a major gold discovery, Gunpoint prioritizing its focus on

resource expansion at Talapoosa with several step-out drill targets identified, exploration plans for the

Appaloosa project and expected results, conditions or financial performance that is based on

assumptions about future economic conditions and courses of action; planned use of proceeds,

expenditures and budgets and the execution thereof, and the estimated mineral resources at the

Company's Talapoosa project. These statements relate to future events or future performance. The

use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and

similar expressions and statements relating to matters that are not historical facts are intended to

identify forward-looking information and are based on the Company's current belief or assumptions as

to the outcome and timing of such future events. There can be no assurance that such statements will

prove to be accurate, as the Company's actual results and future events could differ materially from

those anticipated in these forward-looking statements as a result of the factors set forth in the section

entitled "Risk and Uncertainties" in the Company's management's discussion and analysis for the

nine months ended September 30, 2022, available under the Company's profile at

www.sedar.com

.

Actual future results may differ materially. Various assumptions or factors are typically applied in

drawing conclusions or making the forecasts or projections set out in forward-looking information.

Those assumptions and factors are based on information currently available to the Company. The

forward-looking information contained in this news release is made as of the date hereof and the

Company undertakes no obligation to update or revise any forward-looking information, whether as a

result of new information, future events or otherwise, except as required by applicable securities laws.

Because of the risks, uncertainties and assumptions contained herein, investors should not place

undue reliance on forward-looking information. The foregoing statements expressly qualify any

forward-looking information contained herein.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/156901