The Punisher has traveled back in time to the late 1800s. He is set to fight Jonah Hex in a small but populated mining town in Colorado. They are in character. Both believe the other is responsible for a mass murder in the town. Hex wants to collect the reward, Castle wants justice for the dead. Win through any means.
They meet at high noon in the middle of the main street, but after letting go with their first volley of bullets, they can run and fight from cover.
Neither one is familiar with the town, and neither one has any prep in terms of setting traps or anything like that.
The Punisher does not have any modern weapons or armor. They are both armed with 2 six-guns, a lever-action rifle, numerous bullets for the pistols and rifle, and a large bowie knife.
Who wins? Why? Please explain your answer, thanks.