(TheNewswire)
June 18, 2024 – TheNewswire - Vancouver, British Columbia: Gold BasinResources Corporation (the "Company" or "GoldBasin") – (TSX-V GXX, OTCQB: GXXFF) today announced thatit has commenced its fully-funded Q2 reverse-circulation (“RC”)drill program, focusing on resource expansion and delineation at theStealth Deposit and Gap Zone, at the Company's 100%-owned Gold Basinoxide gold project in northwestern Arizona (the " Gold Basin Project " or the" Project ").
Highlights of the Q2 2024 RC DrillProgram:
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3000-meter (“m”) program totalling approximately 22drill holes with an average planned length of 160 m;
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Focus of expanding mineralization at the Stealth oxidegold deposit (“Stealth”), and Gap Zone (the “Gap”);
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Stealth and the Gap are open in both directions ofstrike, down-dip, down-plunge, and in breadth;
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Gold Basin anticipates completion of drilling inapproximately 5 weeks based on meterage rates from previouscampaigns;
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Samples will be submitted to ALS Geochemistry(“ALS”) in Tucson, Arizona, for fire-assay gold (“Au”)analyses, with preliminary results are anticipated in 3weeks.
Colin Smith, Chief Executive Officer of the Company,commented: "We arethrilled to be back drilling at Gold Basin, as we steam towards theProject’s maiden NI 43-101 oxide gold resource, to be released thisyear. The first batch of assay results are due back in early July, andwe greatly anticipate getting them to market as soon aspossible.”
Q2 2024 Drill Program
Please refer to news release dated May 29, 2024 for asummary of the on-going RC drill program, and overview of potentialresource-candidate oxide gold deposits at Gold Basin. Figure 1 belowsummarizes planned drill hole sites for the program.
Figure 1: Plan map of planned drillhole locations for Q2 2024 RC drill program, and drill holespreviously drilled by Gold Basin from 2021-2023.
Quality Control/Quality Assurance(“QA/QC”)
RC drilling samples are collected every 5 feet (1.52 m)and are reduced on-site using a triple-tier Gilson splitter, producinga 2-3 kilogram (“kg”) assay sample and a 3-5 kg twin sample thatcan be used for met testing or re-assay work. Coarse blank material,standard reference pulps, and split duplicates are inserted into thesample stream on a 1-in-20 sample basis such that each 23-sample groupcontains one blank, one duplicate, and one reference pulp. Threestandard reference pulps at three different gold grades are beingused: 0.154 parts per million (“ppm”), 0.778 ppm, and 2.58 ppm. One 1.52 m drill interval in every four intervals is weighed inorder to monitor recovery.
Assay samples are placed in shipping sacks togetherwith the field inserts upon completion of each hole. After fourholes are completed, all assay samples are transported in theirrespective shipping sacks ALS in Tucson, Arizona by a Gold Basincontractor. Prior to shipping, all samples are maintained under thedirect control and supervision of the on-site geological staff.
Upon arrival in ALS Tucson, the samples are preparedusing ALS codes CRU-31, SPL-31 and PUL-32 procedures (pulverize 1 kgsplit to 85% passing 75 microns) and fire-assayed for gold using ALSCode Au-AA25 procedure (30gm fire assay with AA finish). ALS alsoinserts its own certified reference materials plus blanks andduplicates. All QA/QC results associated with the assays reportedherein are within expectation.
ALS is accredited to ISO/IEC 17025:2017 standards forspecific preparation and analytical procedures. For more informationabout ALS Geochemistry, please visit the company’s webpage at:https://www.alsglobal.com/geochemistry.
ABOUT GOLD BASIN RESOURCES CORPORATION
Gold Basin Resources Corporation isadvancing the 42 km 2 GoldBasin Project, located in the tier one mining jurisdiction of MohaveCounty, Arizona. Gold Basin is accessible year-round via a1.5-hour-drive on I-93 Highway southeast of Las Vegas, and high-powerelectrical lines from the Hoover Dam crosscut the southern Projectarea. The immediate focus of Gold Basin's highly experiencedtechnical team is to expand and delineate multiple at-surface oxidegold deposits and prove the project's district-scale potential. Forfurther information, please visit the Company's web site at: www.goldbasincorp.com .
Charles Straw, BSc. Geo, a qualified person as defined by NationalInstrument 43-101, has reviewed the scientific and technicalinformation that forms the basis for this news release and hasapproved the disclosure herein. Mr. Straw is not independent of theCompany as he is an Executive Director of the Company and ownssecurities of the Company.
On Behalf of the Board of Directors
Colin Smith
Chief Executive Officer
For further information, pleasecontact:
Colin Smith
Phone: 1-604-499-1820
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking statementsand forward-looking information (collectively, "forward lookingstatements") within the meaning of applicable Canadian and U.S.securities legislation, including the United States Private SecuritiesLitigation Reform Act of 1995. All statements, other than statementsof historical fact, included herein including, without limitation,future assay results from further programs, future plans for drillingat the Stealth Deposit, the Company's expectation that it will besuccessful in enacting its business plans, and the anticipatedbusiness plans and timing of future activities of the Company, areforward looking statements. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Forward-looking statements aretypically identified by words such as: "believes","will", "expects", "anticipates","intends", "estimates", "plans","may", "should", "potential","scheduled", or variations of such words and phrases andsimilar expressions, which, by their nature, refer to future events orresults that may, could, would, might or will occur or be taken orachieved. In making the forward-looking statements in this newsrelease, the Company has applied several material assumptions,including without limitation, that that there will be investorinterest in future financings, market fundamentals will result insustained precious metals demand and prices, the receipt of anynecessary permits, licenses and regulatory approvals in connectionwith the future exploration and development of the Company's projectsin a timely manner, the availability of financing on suitable termsfor the exploration and development of the Company's projects and theCompany's ability to comply with environmental, health and safetylaws. The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future results orperformance, and that actual results may differ materially from thosein forward-looking statements as a result of various factors,including, operating and technical difficulties in connection withmineral exploration and development activities, actual results ofexploration activities, the estimation or realization of mineralreserves and mineral resources, the inability of the Company to obtainthe necessary financing required to conduct its business and affairs,as currently contemplated, the timing and amount of estimated futureproduction, the costs of production, capital expenditures, the costsand timing of the development of new deposits, requirements foradditional capital, future prices of precious metals, changes ingeneral economic conditions, changes in the financial markets and inthe demand and market price for commodities, lack of investor interestin future financings, accidents, labour disputes and other risks ofthe mining industry, delays in obtaining governmental approvals,permits or financing or in the completion of development orconstruction activities, risks relating to epidemics or pandemics suchas COVID–19, including the impact of COVID–19 on the Company'sbusiness, financial condition and results of operations, changes inlaws, regulations and policies affecting mining operations, titledisputes, the inability of the Company to obtain any necessarypermits, consents, approvals or authorizations, including by the TSXVenture Exchange, the timing and possible outcome of any pendinglitigation, environmental issues and liabilities, and risks related tojoint venture operations, and other risks and uncertainties disclosedin the Company's latest Management's Discussion and Analysis and filedwith certain securities commissions in Canada. All of the Company'sCanadian public disclosure filings may be accessed via www.sedar.comand readers are urged to review these materials. Readers are cautionednot to place undue reliance on forward-looking statements. The Companyundertakes no obligation to update any of the forward-lookingstatements in this news release or incorporated by reference herein,except as otherwise required by law.
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