May 29, 2024 – TheNewswire – Vancouver, British Columbia: Gold Basin Resources Corporation (the “Company” or “Gold Basin”) – (TSX-V GXX, OTCQB: GXXFF) today announced that it has engaged Harris Exploration Drilling Co. Ltd. and will begin rig mobilization imminently for a June commencement of its fully-funded Q2 reverse-circulation (“RC”) drill program, focusing on resource expansion and delineation at the Stealth Deposit and Gap Zone, at the Company’s 100%-owned Gold Basin oxide gold project in northwestern Arizona (the “Gold Basin Project” or the “Project”).
Highlights of 2022 and 2023 Drilling at the Stealth Deposit and Gap Zone:
Stealth Deposit:
– 115.9 meters (“m”) @ 1.0 g/t Au from 22.9 m (ST22-009)
– 33.5 m @ 2.5 g/t Au from 97.5 m (ST22-002)
– 70.1 m @ 1.0 g/t Au from 13.7 m (ST22-013)
– 51.8 m @ 1.4 g/t Au from 13.7 m (ST22-003)
– 47.2 m @ 1.0 g/t Au from surface (ST22-012)
– 32.0 m @ 1.3 g/t Au from 42.7 m (ST22-017)
– 30.5 m @ 1.2 g/t Au from 18.3 m (ST22-005)
– 25.9 m @ 1.7 g/t Au from 13.7 m (ST22-004)
Insight: Gold Basin’s focus on expanding at-surface and high-grade mineralization at the Stealth Deposit and Gap Zone shows a commitment to strict growth strategies complemented by expert engineering.
Stealth Oxide Gold Deposit
Gold Basin has drilled a total of 5,201 m in 35 holes at Stealth in 2022 and 2023 over a strike length of approximately 350 m, with the majority of holes returning thick intervals (> 20 m) of at- to near-surface, high-grade (> 1 g/t Au) oxide gold, and up to a thickness of 115.9 m @ 1.0 g/t Au from 22.9 m in drill hole ST22-009. Stealth remains open in both directions of strike, down-dip to the south, and a high-grade down-plunge shoot remains fully open to the west.
Insight: The extensive drilling at the Stealth Deposit showcases the Company’s commitment to thorough exploration, highlighting the potential for substantial gold mineralization.
Gap Zone Target
The Company drilled 6 holes totaling 995 m last year in the Gap Zone, testing for continuity between the Stealth and Red Cloud oxide gold deposits. Near-surface gold was intercepted in 4 of 6 holes drilled along the main Gap Zone trend, demonstrating a strong potential for connecting the Red Cloud and Stealth Deposits.
Insight: The Gap Zone drilling results indicate a promising area for potential connectivity between existing gold deposits, setting the stage for future resource expansion opportunities.
Red Cloud Oxide Gold Deposit
Gold Basin successfully advanced the Red Cloud target to a bonafide at-surface, high grade oxide gold deposit, with multiple at-surface oxide gold intercepts exceeding 40 m in thickness with grades over 1 g/t Au.
Insight: The development of the Red Cloud Deposit underscores the Company’s ability to delineate and expand mineralized zones, indicating a strategic approach to project development.
Cyclopic Oxide Gold Deposit
The Company drilled 18,552 m in 210 holes 2021 and 2022 at Cyclopic, extending at- to near-surface mineralization from ~800 m to ~1,700 m in strike length. The gold-bearing Cyclopic Fault remains mostly undrilled outside of the main deposit area, presenting further exploration potential.
Insight: The extensive drilling at the Cyclopic Deposit highlights the Company’s dedication to thorough exploration, emphasizing the vast district-scale potential of the Gold Basin Project.
Maiden Gold Basin NI 43-101 Oxide Gold Resource Estimate Timeline
The Company plans to release its maiden NI 43-101 oxide gold resource estimate in Q4 2024, incorporating all drilling conducted to-date. The ongoing exploration will primarily focus on expanding resources along known trends, with the possibility of discovering new high-priority targets.
Insight: The upcoming resource estimate signifies a significant milestone for the Company, showcasing the culmination of extensive exploration efforts and setting the stage for future growth and development at the Gold Basin Project.
