Gold Basin Resources (TSXV:GXX) Reports Preliminary Results from Arizona Oxide Gold Project Drill Program; Intercepts Broad, Shallow Oxide Gold

Gold Basin Resources (TSXV:GXX) has reported preliminary results from their extensive 2,224-metre follow-up drill program. The investigation is taking place at the company’s fully-owned Gold Basin oxide gold project, located in north-western Arizona.

Colin Smith, CEO of Gold Basin, commented in a press release: “Preliminary assays from drilling in the Gap Zone between the Stealth and Red Cloud Deposits are very encouraging, with drillhole CM23-057, located dead-centre of the Gap, intercepting a broad zone of near-surface oxide gold comparable in grade and thickness to typical holes in the neighboring deposits. This suggests the presence of a contiguous 1.5-km-long oxide gold system throughout the Stealth-Red Cloud trend, situated only 900 metres from the 1.7-km-long Cyclopic Deposit.”

Significant near-surface oxide gold intercepts were reported at the Red Cloud Deposit, with several over 60 metres in thickness. For example, one intercept included 69.08 metres with 1.03 g/t Au from 6.10 metres in hole CM23-022A. Within this intercept, there was a section of 48.77 metres with 1.31 g/t Au from 10.67 metres.

Moreover, a substantial oxide gold intercept was discovered in the central Gap Zone, a region between Stealth Deposit and Red Cloud. This intercept comprised 60.96 metres with 0.46 g/t Au from 32.00 metres in hole CM23-057, including a part of 28.86 metres with 0.74 g/t Au from 33.53 metres. These results indicate a continuous oxide gold system along the entire 1.5-kilometre trend.

Another remarkable discovery was an anomalous oxide gold intercept, 1,700 metres step-out along strike to southeast from Red Cloud. This find, located in drillhole CM23-047, indicates that the mineralized detachment fault gold system remains intact and is promising throughout the entire open strike length. It has been identified as a priority drill target for Q3/Q4 2023.

In total, the drilling operation saw 18 RC holes and covered a distance of 2,224 metres. The results of the assays for 7 holes are still awaited. Additionally, preparations are underway for follow-up fieldwork on the 3.25-km-long, 1.7-km-long and 1.0-km-long gold trends north and east of the Cyclopic Deposit. This upcoming work will also cover the seven new visible gold occurrences discovered during Q2 2023 soil and rock sampling.

The 2023 Phase 2 Resource Definition Drill Program is focusing on examining the Gap Zone between Red Cloud and Stealth, the southeast strike of Red Cloud, and select reconnaissance targets distal to the main deposit areas. Of the 11 holes with complete results, six returned near-surface intervals of oxide gold mineralization, predominantly located from the surface to a vertical depth of 60 metres.

The regional reconnaissance drillhole CM23-047, 1.7 km along strike to the southeast from Red Cloud, offered significant findings. The results show the gold-bearing detachment fault hosting both Stealth and Red Cloud remains intact and gold-rich at least 1.7 km southeast and along the strike from Red Cloud. The extension to the trend represents a high-priority drill target for later in 2023.

Highlights from the results are as follows:

• Multiple at- or near-surface oxide gold intercepts at the Red Cloud Deposit (“Red Cloud”) over 60 metres (“m”) in thickness, including:
  • 69.08 m @ 1.03 g/t Au from 6.10 m in hole CM23-022A
    • incl. 48.77 m @ 1.31 g/t Au from 10.67 m
  • 64.01 m @ 0.56 g/t Au from 0.00 m CM23-046
    • incl. 30.48 m @ 1.00 g/t Au from 0.00 m;
• Key near-surface oxide gold intercept in the central “Gap Zone” between Stealth Deposit (“Stealth”) and Red Cloud:
  • 60.96 m @ 0.46 g/t Au from 32.00 m in hole CM23-057
    • incl. 28.86 m @ 0.74 g/t Au from 33.53 m
    • Suggests continuity of an oxide gold system along full 1.5-km-long trend;
• Entire trend is largely open at depth and along strike;
• Anomalous oxide gold intercept 1,700 m step-out along strike to southeast from Red Cloud, 3.04 m @ 0.13 g/t Au from 67.06 m in drillhole CM23-047:
  • Indicates the mineralized detachment fault gold system is intact and highly prospective along entire open strike length – priority drill target for Q3/Q4 2023;
• Total of 2,224 m drilled in 18 RC holes, with assays pending for 7 holes;
• Follow-up fieldwork is under preparation for the 3.25-km-long, 1.7-km-long and 1.0-km-long gold trends north and east of the Cyclopic Deposit, as well as the 7 new visible gold occurrences discovered during Q2 2023 soil and rock sampling.

Table 1: Significant drillhole intersections from the Q2 2023 follow-up Drill program. All intersections are interpreted to be true width.

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