Jan 26 2011
Gunpowder Gold Corporation (OTC Bulletin Board: GUNP) has announced that it has entered into an Option Agreement with Horizon Exploration Inc., whereby Horizon has granted the Company the sole and exclusive right and option to acquire an undivided 100% right, title and interest in and to the Dome Rock property subject only to a royalty located in La Paz County, Arizona.
The 1,280 acre Dome Rock property, consists of 62 unpatented mining claims in the Dome Rock Mountains in the northwest area of the State of Arizona, in the fairway of the world famous Walker Lane Gold Trend. The Walker Lane has historically produced over 50 million oz of gold and 400 million oz of silver.
Dome Rock lies in the historic Plomosa District, 5 miles north of the town of Quartzite, Arizona and approximately 150 miles southeast of Las Vegas, Nevada. This region's Lode and Placer gold has been heavily sought after since the 18th century, and based on historical records and data from former claim holders, the Company believes this property has the potential to host a significant gold deposit.
Dome Rock is just 9 miles south of the famous Copperstone mine which is located at the Northern tip of the Dome Rock Mountain chain. To this day, Copperstone lays claim to the largest gold discovery in Arizona in recent history. Cyprus Gold's profitably open pit mined 500,000 oz of gold. American Bonanza Gold Corporation is presently exploring the remaining underground resource, which contains a 0.363 oz/t oxide gold resource with 313,000 ounces of gold in the Measured and Indicated categories and 256,000 ounces of gold in the Proven and Probable Mineral Reserves category.
The Company plans to utilize all historical work performed to date in the region and to conduct sedimentary rock sampling and assaying, for the purpose of developing a detailed exploration program.
Source: Gunpowder Gold Corporation