(TheNewswire)
Vancouver, British Columbia - TheNewswire - September 28, 2023 - Gold Basin Resources Corporation (the "Company" or "Gold Basin")– ( TSX-V : GXX ) ( OTC:GXXFF) today announced final results from the 2,224-metre follow-up reverse-circulation ("RC") drill program at the Company's 100%-owned Gold Basin oxidegold project in north-western Arizona (the " Gold Basin Project " or the " Project ").
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Multiple broad gold zones intersected in the Gap Zoneup to 70 metres (“m”) wide downhole, covering a strike length ofapproximately 250 m;
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Notable gold intersections from the final batch ofseven drillholes include:
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CM23-056 (angled hole) – 53.0 m @ 0.41 g/t Au from94.5 m, including 21.3 m @ 0.61 g/t Au from 97.5 m
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CM23-053 (angled hole) – 50.3 m @ 0.41 g/t Au from27.4 m, including 25.9 m @ 0.57 g/t Au from 50.3 m
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CM23-055 (angled hole) – 15.2 m @ 0.55 g/t Au from73.2 m
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Mineralization remains open at depth, along strike, andin width on the Stealth-Red Cloud trend.
Colin Smith, CEO of Gold Basin commented: “Final results from drilling in the GapZone between the Stealth and Red Cloud Deposits are highlyencouraging, with the majority of holes intercepting broad intervalsof near-surface oxide gold, providing further evidence of a contiguous1.5-km-long oxide gold system throughout the Stealth-Red Cloud trend.We look forward to the next round of drilling to further delineate andexpand the envelope of mineralization, which remains open in alldirections.”
2023 Phase 2 Follow-Up DrillProgram
The follow-up drill program primarily targeted the GapZone between the Stealth and Red Cloud oxide gold deposits, which hadbeen historically tested by a small number of widely spaced drillholes(Figure 1). Exploration holes drilled by Gold Basin in this programintersected near-surface gold in four of six holes drilled along themain Gap Zone trend over a strike length of approximately 250 metres,demonstrating continuity of mineralization between the Red Cloud andStealth deposits. Additional holes are under preparation in the GapZone to determine deposit geometry. Table 1 details the specificationsof all holes drilled in the Phase 2 follow-up program , andTable 2 includes noteworthy oxide gold drill intercepts.
Both down-dip holes at the Stealth Deposit reportedherein (CM23-052 and CM23-053) returned oxide gold intercepts,demonstrating that the auriferous structure continues at depth. Mostof the 1.5-km-long Stealth-Red Cloud trend remains open down-dip andalong strike, warranting additional drilling to extend the envelope ofmineralization (Figure 2).
Drillhole | Target | Release Date | Easting | Northing | Azimuth | Dip | Length (m) |
CM23-022A | Red Cloud | July 26, 2023 | 748354 | 3962724 | 0 | -90 | 80.8 |
CM23-042 | Red Cloud | July 26, 2023 | 748556 | 3962701 | 215 | -45 | 99.1 |
CM23-043 | Red Cloud | July 26, 2023 | 748587 | 3962681 | 215 | -45 | 100.6 |
CM23-044 | Red Cloud | July 26, 2023 | 748485 | 3962630 | 35 | -45 | 103.6 |
CM23-045 | Gap Zone | July 26, 2023 | 747871 | 3962767 | 35 | -45 | 59.4 |
CM23-046 | Red Cloud | July 26, 2023 | 748241 | 3962745 | 0 | -90 | 76.2 |
CM23-047 | Recon | July 26, 2023 | 750018 | 3961904 | 0 | -90 | 76.2 |
CM23-048 | Recon | July 26, 2023 | 749820 | 3963350 | 0 | -90 | 68.6 |
CM23-049 | Recon | July 26, 2023 | 749590 | 3963701 | 0 | -90 | 67.1 |
CM23-050 | Recon | July 26, 2023 | 749373 | 3963859 | 0 | -90 | 68.6 |
CM23-051 | Gap Zone | September 28, 2023 | 747717 | 3962728 | 0 | -45 | 182.9 |
CM23-052 | Stealth | September 28, 2023 | 747380 | 3962904 | 0 | -90 | 158.5 |
CM23-053 | Stealth | September 28, 2023 | 747443 | 3962894 | 190 | -60 | 201.2 |
CM23-054 | Stealth | September 28, 2023 | 747741 | 3962864 | 355 | -60 | 128.0 |
CM23-055 | Gap Zone | September 28, 2023 | 747870 | 3962808 | 200 | -60 | 201.2 |
CM23-056 | Gap Zone | September 28, 2023 | 747799 | 3962831 | 160 | -60 | 219.5 |
CM23-057 | Gap Zone | July 26, 2023 | 747945 | 3962788 | 200 | -60 | 219.5 |
CM23-058 | Gap Zone | September 28, 2023 | 747873 | 3962817 | 020 | -55 | 112.8 |
Table 1: Collar details for Phase 2follow-up drill program.
Drillhole | Target | From (m) | To (m) | Length (m) | Au (g/t) | Interval Summary |
CM23-022A | Red Cloud | 6.10 | 71.63 | 67.07 | 1.03 | 69.08 m @ 1.03 g/t Au from 6.10 m |
incl. | Red Cloud | 10.67 | 57.91 | 48.77 | 1.31 | 48.77 m @ 1.31 g/t Au from 10.67 m |
CM23-044 | Red Cloud | 9.14 | 18.29 | 9.15 | 1.03 | 9.15 m @ 1.03 g/t Au from 9.14 m |
CM23-044 | Red Cloud | 16.76 | 18.29 | 1.52 | 5.73 | 1.52 m @ 5.73 g/t Au from 16.76 m |
CM23-046 | Red Cloud | 0.00 | 64.01 | 64.01 | 0.56 | 64.01 m @ 0.56 g/t Au from 0.00 m |
incl. | Red Cloud | 0.00 | 28.96 | 30.48 | 1.00 | 30.48 m @ 1.00 g/t Au from 0.00 m |
CM23-047 | Recon | 67.06 | 70.10 | 3.04 | 0.13 | 3.04 m @ 0.13 g/t Au from 67.06 m |
CM23-048 | Recon | 0.00 | 21.34 | 21.34 | 0.10 | 21.34 m @ 0.10 g/t Au from 0.00 m |
incl. | Recon | 13.72 | 16.76 | 3.04 | 0.51 | 3.04 m @ 0.51 g/t Au from 13.72 m |
CM23-052* | Stealth | 117.35 | 150.88 | 33.53 | 0.23 | 33.53 m @ 0.23 g/t Au from 117.35 m |
CM23-053* | Stealth | 27.40 | 77.70 | 50.30 | 0.41 | 50.30 m @ 0.41 g/t Au from 27.40 m |
CM23-055* | Gap Zone | 73.20 | 88.40 | 15.20 | 0.55 | 15.20 m @ 0.55 g/t Au from 73.20 m |
CM23-056* | Gap Zone | 94.50 | 147.50 | 53.00 | 0.41 | 53.00 m @ 0.41 g/t Au from 94.50 m |
CM23-057 | Gap Zone | 32.00 | 91.44 | 60.96 | 0.46 | 60.96 m @ 0.46 g/t Au from 32.00 m |
incl. | Gap Zone | 33.53 | 56.39 | 28.86 | 0.74 | 28.86 m @ 0.74 g/t Au from 33.53 m |
Table 2: Highlight oxide goldintercepts in Phase 2 follow-up drill program. Reported intersectionsfor -90° holes are interpreted to be true width. Angled holes are RCdrilling interval lengths, and true widths are yet to be determined.*Reported in this news release.
Figure 1: Plan map with Q2 2023follow-up drill program hole locations.
Figure 2: Long-sections of oxide golddrilling assays of (A) Cyclopic and (B) Stealth – Gap Zone – RedCloud, showing drill targets and potential extensions, and (C) planmap of drillhole collars.
Quality Control/QualityAssurance (“QA/QC”)
GoldBasin Resources Corp. completed the follow-up RC drill program at theGold Basin Property in April and May 2023, which totaled 2,224 metresin 18 holes, with hole depths ranging from 59.4 to 219.5 metres. Holeswere drilled at dip angles ranging from -45° to -90°, with dry air(no injected water or other fluid) using a centre-return hammer.
Samples were collected every 5 feet (1.52 m) and are reduced on-siteusing a triple-tier Gilson splitter, producing a 2 kg-3 kg assaysample and a 3 kg-5 kg twin sample that can be used for met testing orre-assay work. Coarse blank material, standard reference pulps, andsplit duplicates are inserted into the sample stream on a 1-in-20sample basis such that each 23-sample group contains one blank, oneduplicate, and one reference pulp. Three standard reference pulps atthree different gold grades (0.154 ppm, 0.778 ppm, and 2.58 ppm) arebeing used. One 1.52 m drill interval in every four intervals isweighed in order to monitor recovery.
Assay samples are placed in shipping sacks together with the fieldinserts upon completion of each hole. After four holes are completed,all assay samples are transported in their respective shipping sacksALS in Tucson, Arizona by a Gold Basin contractor. Prior to shipping,all samples are maintained under the direct control and supervision ofthe on-site geological staff.
Uponarrival in Tucson, AZ at ALS (ALS), the samples are prepared using ALScodes CRU-31, SPL-31 and PUL-32 procedures (pulverize 1kg split to 85%passing 75 micron) and fire-assayed for gold using ALS Code Au-AA25procedure (30gm fire assay with AA finish). ALS also inserts its owncertified reference materials plus blanks and duplicates. All QA/QCresults associated with the assays reported herein are withinexpectation.
ALSis accredited to ISO/IEC 17025:2017 standards for specific preparationand analytical procedures. For more information about ALSGeochemistry, please visit the company’s webpage at: https://www.alsglobal.com/geochemistry .
ABOUT GOLD BASIN RESOURCES CORPORATION
Gold Basin Resources is advancingthe 42 km 2 Gold Basin Project,located in the tier-one mining jurisdiction of Mohave County, Arizona.The Project hosts multiple at-surface oxide gold deposits which remainlargely open for expansion, and district-scale exploration potentialwhich has been vastly underexplored by modern technologies. Gold Basinis accessible year-round via a 1.5-hour-drive on I93 Highway southwestof Las Vegas, and high-power electrical lines from the Hoover Damcrosscut the southern Project area. For further information, pleasevisit the Company’s web site at: www.goldbasincorp.com .
Gold Basin is a member of DiscoveryGroup, an alliance of public companies focused on the advancement ofmineral exploration and mining projects. For more information pleasevisit: www.discoverygroup.ca .
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 an Executive Director ofthe Company.
On Behalf of the Board of Directors
Colin Smith
Chief Executive Officer
For further information, pleasecontact:
Michael Rapsch
VP, Corporate Development
Phone: 1-604-331-5093
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 Securities Litigation Reform Actof 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-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including,operating and technical difficulties in connection with mineralexploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain thenecessary financing required to conduct its business and affairs, as currently contemplated, the timing and amountof estimated future production, the costsof production, capital expenditures, the costsand timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities,lack of investor interest in future financings, accidents, labour disputes and other risks of the miningindustry, delays in obtaining governmental approvals, permits or financing or in the completion of development orconstruction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company's business, financial condition and results of operations, changes in laws, regulations andpolicies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits,consents, approvals or authorizations, including by the TSX Venture Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest Management'sDiscussion and Analysis and filed with certain securities commissionsin Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance onforward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements inthis news release or incorporated by reference herein, except as otherwiserequired by law.
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