(TheNewswire)
May 29, 2024 – TheNewswire - Vancouver, British Columbia: Gold BasinResources Corporation (the "Company" or "GoldBasin") – (TSX-V GXX, OTCQB: GXXFF) today announced thatit has engaged Harris Exploration Drilling Co. Ltd. and will begin rigmobilization imminently for a June commencement of its fully-funded Q2reverse-circulation (“RC”) drill program, focusing on resourceexpansion and delineation at the Stealth Deposit and Gap Zone, at theCompany's 100%-owned Gold Basin oxide gold project in northwesternArizona (the " Gold BasinProject " or the " Project ").
Highlights of 2022 and 2023 Drillingat the Stealth Deposit and Gap Zone:
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Stealth Deposit:
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115.9 meters (“m”) @ 1.0 g/t Au from 22.9 m(ST22-009)
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33.5 m @ 2.5 g/t Au from 97.5 m (ST22-002)
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70.1 m @ 1.0 g/t Au from 13.7 m (ST22-013)
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51.8 m @ 1.4 g/t Au from 13.7 m (ST22-003)
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47.2 m @ 1.0 g/t Au from surface (ST22-012)
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32.0 m @ 1.3 g/t Au from 42.7 m (ST22-017)
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30.5 m @ 1.2 g/t Au from 18.3 m (ST22-005)
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25.9 m @ 1.7 g/t Au from 13.7 m (ST22-004);
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Stealth Deposit is open in both directions of strike,down-dip, down-plunge, and in breadth;
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Gap Zone:
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60.7 m @ 0.46 g/t Au from 32.0 m (CM23-057)
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53.0 m @ 0.41 g/t Au from 94.5 m (CM23-056)
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15.2 m @ 0.55 g/t Au from 73.2 m (CM23-055);
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Gap Zone remains sparsely drilled and fully open in alldirections, interstitial to the high-grade Stealth and Red Cloud oxidegold deposits;
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The northwest-trending Stealth Fault, which hosts theStealth Deposit (“Stealth”), Gap Zone (the “Gap”) and RedCloud Deposit (“Red Cloud”), lies 500 to 900 m southwest of andsub-parallel to the Cyclopic Deposit, and has been mapped for over 8kilometers (“km”) to the northwest, and 3 km to the southeast,offering significant opportunity for growth.
Colin Smith, Chief Executive Officer of the Company,commented: "GoldBasin’s Q2 resource expansion and delineation drill program is soonto kick off in northwest Arizona. The primary focus will be expanding the high grade,shallow mineralized envelopes at the Stealth Deposit and GapZone , as we work towards theProject’s maiden NI 43-101 oxide gold resource, to be released thisyear. With the auriferous Stealth Fault extending for over 8 km andlargely undrilled, the potential for a substantial endowment of oxidegold is compelling."
Stealth Oxide Gold Deposit
Gold Basin has drilled a total of 5,201 m in 35 holesat Stealth in 2022 and 2023 over a strike length of approximately 350m, with the majority of holes returning thick intervals (> 20 m) ofat- to near-surface, high-grade (> 1 g/t Au) oxide gold, and up toa thickness of 115.9 m @ 1.0 g/t Au from 22.9 m in drill holeST22-009. Stealth remains open in both directions of strike, down-dipto the south, and a high-grade down-plunge shoot remains fully open tothe west (Figure 1). Sparse historical drilling to the west andnorthwest of the deposit suggests that the Stealth Fault remainsgold-bearing along strike, with the prospective structure extendingfor over 8 km, largely undrilled.
In addition, the Stealth Deposit is located entirelywithin a land parcel which Gold Basin strategically owns both thesurface and mineral rights to. This private minerals ground extends anadditional 1.6 km along strike to the northwest of the deposit.
The open-ended mineralization to the east-southeast ofStealth heads into the ~600 m wide Gap Zone, which separates theStealth and Red Cloud oxide gold deposits. The Gap was historicallydrill-tested by a small number of widely spaced holes, and was mostrecently drilled by Gold Basin in 2023, with results suggestingcontinuity along the full 1.5-km-long Stealth-Gap-Red Cloudtrend.
Figure 1: 3D long-section of StealthDeposit, showing all drilling to-date conducted by Gold Basin.
Gap Zone Target
The Company drilled 6 holes totaling 995 m last year inthe Gap Zone, testing for continuity between the Stealth and Red Cloudoxide gold deposits. Near-surface gold was intercepted in 4 of 6 holesdrilled along the main Gap Zone trend, demonstrating a strongpotential for connecting the Red Cloud and Stealth Deposits (Figure2). The Gap remains open in both directions of strike, down-dip to thesouth, and down-plunge to the west.
Figure 2: 3D long-section of Gap ZoneTarget, showing all drilling to-date conducted by Gold Basin.
Red Cloud Oxide Gold Deposit
Gold Basin drilled 3,526 m in 29 holes in 2023, andsuccessfully advanced the Red Cloud target to a bonafide at-surface,high grade oxide gold deposit, with multiple at-surface oxide goldintercepts exceeding 40 m in thickness with grades over 1 g/t Au(Figure 3). Mineralization is open along strike in both directions,and in breadth to the north and south of existing drilling.
Figure 3: 3D long-section of RedCloud Deposit, showing all drilling to-date conducted by GoldBasin.
Cyclopic Oxide Gold Deposit
The Company drilled 18,552 m in 210 holes 2021 and 2022at Cyclopic, which served to extend at- to near-surface mineralizationfrom ~800 m to ~1,700 m in strike length (Figure 4). The gold-bearingCyclopic Fault extends an additional ~8 km to the northwest, and ~3 kmto the southeast, and remains almost entirely undrilled outside of themain deposit area. Mineralization is open along strike in bothdirections, in breadth to the north and south of existing drilling,and locally at depth.
Figure 4: 3D long-section of CyclopicDeposit, showing all drilling to-date conducted by Gold Basin.
Maiden Gold Basin NI 43-101 OxideGold Resource Estimate Timeline
All drilling conducted by the Company to-date (29,458 min 294 holes), and up until a determined cut-off date this year, willbe considered in the Project’s maiden NI 43-101 oxide gold resourceestimate, planned for Q4 2024.
Approximately 95% of drilling at Gold Basin since 2021has focused on delineation and expansion of mineralized envelopes atCyclopic, Stealth, Red Cloud and the Gap (Figure 5). The Q2 andsubsequent drill programs this year will primarily focus on expandingresources along known trends, with possible inclusion of selecthigh-priority new discovery style targets currently being advanced byGold Basin geologists.
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 theforward-looking statements in this news release or incorporated byreference herein, except as otherwise required by law.
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