Gold Basin Resources Corporation Acquires Interest in New Gold Property in Nevada
Gold Basin Resources Corporation (TSX-V:GXX) recently announced its acquisition of a 50% interest in a new gold property located in Nevada. The company signed an option agreement with a subsidiary of Iconic Minerals Ltd, granting them access to the New Pass gold property in Churchill County.
Rich Mineral Resources at New Pass
New Pass is home to the Carlin-type New Pass gold-silver deposit, boasting a historical inferred mineral resource of nearly 342,000 ounces of gold equivalent. In addition to this, separate estimates suggest significant reserves of gold and silver on the property.
Exploration Potential and Opportunities
One of the key highlights of the New Pass property is an active Plan of Operations that permits exploration-associated disturbances up to 25 acres. Gold Basin Resources sees the potential for resource expansion and conversion, with mineralization found to be open in all directions. Historic drill hole intercepts have also shown promising gold grades, further indicating the property’s potential.
Acquisition Details
As per the option agreement, Gold Basin will make payments totaling C$750,000 in cash and $750,000 in common shares to secure the 50% interest. The agreement also allows for additional cash payments and share issuances, subject to specific conditions outlined in the agreement.
CEO Colin Smith’s Perspective
Colin Smith, CEO of Gold Basin Resources, expressed his enthusiasm for the acquisition, stating that it has significantly boosted the company’s bulk mineable, near-surface, heap leachable oxide gold assets. Smith mentioned that the Carlin-type gold system at New Pass is open in all directions and strategically located within a fertile gold trend in Nevada. He looks forward to advancing the asset alongside the Gold Basin project, leveraging the team’s expertise in exploring oxide gold systems in the southwest US.
Insight: It is essential for mining companies to continually expand their resource base by acquiring new properties with significant mineral potential. The strategic location and exploration opportunities presented by the New Pass property in Nevada align with Gold Basin Resources Corporation’s goal of enhancing its portfolio and advancing its mining projects. This acquisition not only adds value to the company but also opens up new possibilities for exploration and development in a rich mining jurisdiction like Nevada.
