(TheNewswire)
138.7 M @ 0.93 G/T AU FROM 30.5 M,INCL. 74.7 M @ 1.16 G/T AU FROM 94.5 M
82.3 M @ 0.94 G/T AU FROM 36.6 M, INCL. 41.2 M @ 1.07 G/T AU FROM 38.1M
July 10, 2024 – TheNewswire – Vancouver, British Columbia: Gold BasinResources Corporation (the "Company" or "GoldBasin") – (TSX-V GXX, OTCQB: GXXFF) today announcedassay results for the first two reverse-circulation (“RC”) drillholes from the Company’s ongoing resource expansion and delineationdrill campaign at the Company's 100%-owned Gold Basin oxide goldproject in northwestern Arizona (the " Gold Basin Project " or the" Project ").
Highlights:
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Both drill holes produced broad, near-surface,high-grade oxide gold intercepts at the Stealth Deposit(“Stealth”):
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138.7 meters (“m”) @ 0.93 g/t Aufrom 30.5 m in hole ST24-026
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incl. 6.1 m @ 4.83 g/t Au from 36.6m
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and 74.7 m @ 1.16 g/t Au from 94.5 m
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82.3 m @ 0.94 g/t Au from 36.6 inhole ST24-027
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incl. 41.2 m @ 1.07 g/t Au from 38.1m
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Multiple 0.25 to 0.50 millimeter (“mm”) occurrencesof visible gold (“VG”) identified in RC chip trays;
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As shown by previous drilling, the system remains inoxide from surface through the deepest gold intercept todate;
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Both holes collared into Quaternary-Tertiary gravel cover before entering thickmineralized sequences, demonstrating the potential for significantmineralized systems hidden under shallow cover along the~10-kilometer-long Stealth and Cyclopic gold trends;
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Five holes totaling 1,027 m have been completed out ofthe planned 3000 m program, with the next batch of results anticipatedin three weeks.
Colin Smith, Chief Executive Officer of the Company,commented: “Assay resultsfrom resource expansion drilling at Stealth are on par with some ofthe best oxide gold results to date at the Project and showcase therobust nature of the Stealth oxide gold system. In particular, theresult from drill hole ST24-026 is highly encouraging, as it confirmsthe extension of a high-grade oxide gold plunge at depth, whichremains open, and is to be further tested in this drillprogram.”
Q2 2024 Drill Program Update
Drilling has commenced from west to east along a roadrunning subparallel to and north of the Stealth oxide gold deposit(Figure 1). This road hosts only one historical drill hole, and offersan excellent opportunity to extend the mineralized envelope inbreadth, down-dip, and along plunge.
Five drill holes have been completed to date (ST24-026to ST24-030) and ST24-031 is ongoing, with a total production of 1027meters. The remaining eight holes at Stealth will be drilled inplanned sequence, before the rig mobilizes to the Gap Zone for theprogram’s final eight holes.
Drill Hole ST24-026
Lithologic observations from drill hole ST24-026, whichnoted multiple 0.25 to 0.50 mm visible gold occurrences in the RCchips, are consistent with assay results announced above and arestrongly supported by field observations, with gold mineralizationfirst occurring immediately below known Quaternary-Tertiary gravels at30.5 meters (Table 1, Figure 2, Figure 4). Gold mineralization iscoincident with pervasive hematitic staining, especially where visiblegold is observed. At least three basement stratigraphic units arepresent in ST24-026, a relation consistent with local field relations.
Drill Hole ST24-027
As with drill hole ST24-026, lithologic observationsfrom ST24-027 are in concert with the assay results presented hereinand local field mapping interpretations. Gold mineralization occursbelow Quaternary-Tertiary gravels at a depth of 36.6 meters andcontinues to 82.3 meters (Table 1, Figure 3). All three basementstratigraphic units are oxidized, with notable zones of hematiticstaining coincident with gold mineralization in the assay data. Therelationship between basement stratigraphic units amongst drillholes is ongoing.
Table 1: Drill hole intersectionsfrom ST24-026 and ST24-027.
Target | Drill Hole | From (m) | To (m) | Intersection (m) | Au (g/t) |
Stealth | ST24-026 | 30.5 | 169.2 | 138.7 | 0.93 |
Stealth | incl. | 36.6 | 42.7 | 6.1 | 4.83 |
Stealth | and | 94.5 | 169.2 | 74.7 | 1.16 |
Stealth | ST24-027 | 36.6 | 118.9 | 82.3 | 0.94 |
Stealth | incl. | 38.1 | 79.3 | 41.2 | 1.07 |
Intersection lengths are RC drillinginterval lengths, and true widths are yet to be determined.
Table 2: Drill hole collar table for2024 drill program.
Drill Hole | Status | Easting | Northing | Elevation | EOH/Planned | Dip | Azimuth | Target |
ST24-026 | Drilled | 747395 | 3962978 | 1459 | 182.9 | -55 | 275 | Stealth |
ST24-027 | Drilled | 747395 | 3962978 | 1459 | 182.9 | -65 | 220 | Stealth |
ST24-028 | Drilled | 747451 | 3962968 | 1458 | 176.8 | -75 | 170 | Stealth |
ST24-029 | Drilled | 747499 | 3962975 | 1460 | 176.8 | -60 | 175 | Stealth |
ST24_030 | Drilled | 747499 | 3962975 | 1460 | 201.2 | -70 | 155 | Stealth |
ST24_031 | Ongoing | 747550 | 3962973 | 1461 | 175 | -45 | 185 | Stealth |
ST_pdh07 | Planned | 747595 | 3962952 | 1459 | 175 | -50 | 200 | Stealth |
ST_pdh08 | Planned | 747595 | 3962952 | 1459 | 175 | -55 | 175 | Stealth |
ST_pdh09 | Planned | 747549 | 3962898 | 1442 | 175 | -55 | 150 | Stealth |
ST_pdh10 | Planned | 747587 | 3962884 | 1440 | 165 | -60 | 145 | Stealth |
ST_pdh11 | Planned | 747376 | 3962904 | 1443 | 170 | -65 | 215 | Stealth |
ST_pdh12 | Planned | 747300 | 3962934 | 1449 | 150 | -90 | 0 | Stealth |
ST_pdh13 | Planned | 747266 | 3962921 | 1449 | 175 | -75 | 10 | Stealth |
GP_pdh01 | Planned | 748141 | 3962759 | 1404 | 100 | -65 | 180 | Gap Zone |
GP_pdh02 | Planned | 748068 | 3962766 | 1424 | 150 | -60 | 145 | Gap Zone |
GP_pdh03 | Planned | 748025 | 3962764 | 1428 | 130 | -60 | 150 | Gap Zone |
GP_pdh04 | Planned | 748025 | 3962764 | 1428 | 125 | -60 | 205 | Gap Zone |
GP_pdh05 | Planned | 748025 | 3962764 | 1428 | 125 | -50 | 245 | Gap Zone |
GP_pdh06 | Planned | 747799 | 3962831 | 1452 | 175 | -70 | 195 | Gap Zone |
GP_pdh07 | Planned | 747799 | 3962831 | 1452 | 185 | -65 | 245 | Gap Zone |
GP_pdh08 | Planned | 747717 | 3962728 | 1422 | 185 | -45 | 330 | Gap Zone |
Click Image To View Full Size
Figure 1: Progress map of 2024 drillprogram at Stealth and the western Gap Zone.
Figure 2: Cross section of drill holeST24-026, which intercepted and extended high-grade down-plungemineralization, which remains open and is to be further tested in thisdrill program.
Figure 3: Cross section of drill holeST24-027, which intercepted and delineated a high-grade up-plungeinterval from ST22-016 which remains open and is to be further testedin this drill program.
Figure 4: Visible gold (“VG”)identified in Sample 1941108 (109.7-111.3 m, grading 1.67 g/t Au) fromdrill hole ST24-026.
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 metallurgical testing or re-assay work. Coarse blankmaterial and standard reference pulps are inserted into the samplestream on a 1-in-20 sample basis, and field duplicates are collectedevery 50 samples. Three standard reference pulps at three differentgold grades are being used: 0.154 parts per million (“ppm”), 0.778ppm, and 2.58 ppm. All 1.52 m drill intervals aremonitored for recovery.
Assay samples are placed in shipping sacks togetherwith the field inserts upon completion of each hole. After adesignated number of holes are completed, all assay samples aretransported in their respective shipping sacks ALS in Tucson, Arizonaby a Gold Basin contractor under Chain of Custody. Prior to shipping,all samples are maintained under the direct control and supervision ofthe 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 (30 gm fire assay with AA finish). ALS alsoinserts its own certified reference materialsplus blanks and duplicates. All QA/QC results associated with theassays reported herein 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 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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