(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 11, 2023 - Gold Basin Resources Corporation (the "Company" or "GoldBasin") ( TSX-V:GXX ) ( OTC:GXXFF) today announced final soil assays collected during a530-sample second quarter (“Q2”) geochemistry and prospectingprogram at the Company's 100%-owned Gold Basin oxide gold project innorthwestern Arizona (the " Gold Basin Project " or the" Project ").
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Delineation of multiple regional undrilled goldanomalies;
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Major gold trends remain open at margin of soilsgrid , and expansion to soil sampling coverage tothe northwest and southeast is planned to commence shortly;
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Clear zonation of key elements in soil geochemistry(Au, Ag, As, Bi, Cu, Mo, Pb, Sb, Te, W, Zn, HREE), demonstratingdistinct temperature gradients of a regional hydrothermalsystem;
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Extremely low concentrations of sulfur (average of0.018% or 180 ppm in 530 soils), suggesting Iron Oxide Gold(“IOG”) model;
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Detailed (1:5,000 scale) geological and structuralmapping completed throughout the area of soil sampling coverage, withsynthesis and interpretation ongoing.
Colin Smith, CEO of Gold Basin commented: “Assays from this geochemical programfurther substantiate the presence of a regional gold-mineralizingevent at the Gold Basin district, with the delineation of severalundrilled high-tenor gold anomalies proximal to known surface oxidegold deposits. The new rare earth element, trace element andmultielement data demonstrate distinct zonations of key elements,signifying a major kilometre-scale temperature gradient typical ofmajor hydrothermal gold systems, with a geochemical affinity to an Iron Oxide Goldsystem .”
2023 Program
Two phases of sampling were completed in Q2 2023,including 530 soils on northeast-southwest trending lines, and 110rocks from a regional prospecting initiative. The goal was to evaluatea defined area of highly prospective ground which hosts >125 sitesof small-scale historical mining (identified from a March 2023 LiDARsurvey) immediately northeast of the 1.7-kilometre-long Cyclopic oxidegold deposit. For more information regarding survey design andspecifications, please see Gold Basin news releases dated May 9, 2023and July 18, 2023.
2023 Results
Multiple high-tenor undrilled gold anomalies overseveral kilometres of trend were returned from the Q2 2023 samplingcampaign (Figure 1A). Viewing the 2023 data in conjunction withhistorical geochemical data demonstrates that several of theseanomalies remain open and unexplored along trend (Figure 1B).
A total of 110 rock samples were collected within a 2.7x 1.4 kilometre area, with 28 samples returning assays of ?1 g/t Au,11 returning assays of >5 g/t Au, and 6 returned assays of >10g/t Au. In addition, in-situ and subcrop-hosted visible gold wasdiscovered and sampled at 7 separate undrilled sites.
Distinct zonations of key elements were present in the2023 data, suggesting a kilometre-scale temperature gradient likelyassociated with hydrothermal circulation, potentially driven by aburied intrusive body at depth (Figures 2 and 3). In addition, thegeochemical data exhibited extremely low concentrations of sulfur(average of 0.018% or 180 ppm in 530 soils), further suggesting theaffinity to an Iron Oxide Gold (“IOG”) system.
An expansion to soil and rock sampling coverage isunder preparation, and 1:5,000 scale geological and structural mappinghas been completed over the full grid area, with synthesis andinterpretation ongoing.
Figures 1A and 1B: Gold assay resultsfor 2023 soils and rocks (1A) and all soils and rocks (1B).
Figure 2: Gold assay results for 2023soils and rocks, with zonations of key elements, gold anomalism, andsuggested temperature gradient of the mineralizing system.
Figure 3: Gold assay results for 2023soils and rocks, with additional zonations of key elements, goldanomalism, and suggested temperature gradient of the mineralizingsystem.
ABOUT GOLD BASIN RESOURCES CORPORATION
Gold Basin Resources Corporation is advancing the 42 km 2 Gold Basin Project, located inthe tier one mining jurisdiction of Mohave County, Arizona. Gold Basinis accessible year-round via a 1.5-hour-drive on I-93 Highwaysouthwest of Las Vegas, and high-power electrical lines from theHoover Dam crosscut the southern Project area. The immediate focus ofGold Basin’s highly experienced technical team is to expand anddelineate multiple at-surface oxide gold deposits and prove theproject’s district-scale potential. For further information, pleasevisit the Company’s web site at: www.goldbasincorp.com .
Gold Basin is a member of Discovery Group, an alliance of publiccompanies focused on the advancement of mineral exploration and miningprojects. For more information please visit: 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 futurefinancings, accidents, labour disputes and otherrisks of the mining industry, delays in obtaining governmentalapprovals, permits or financing or in thecompletion of development or construction activities, risks relatingto 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 inlaws, regulations and policies affecting mining operations, titledisputes, the inability of the Company to obtainany 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's Discussion and Analysis and filed withcertain securities commissions in 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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