Mr. Colin Smith reports

GOLD BASIN REPORTS BROAD, SHALLOW OXIDE GOLD DRILL INTERCEPT FROM GAP ZONE BETWEEN STEALTH AND RED CLOUD, SUGGESTING 1.5-KM-LONG GOLD SYSTEM, AND ADDITIONAL STRONG NEAR-SURFACE DRILLING RESULTS FROM RED CLOUD

Gold Basin Resources Corp. has released preliminary results from the 2,224-metre follow-up reverse circulation (RC) drill program at the company's 100-per-cent-owned Gold Basin oxide gold project in northwestern Arizona.

• Multiple at- or near-surface oxide gold intercepts at the Red Cloud deposit over 60 metres in thickness, including:
• • 69.08 m at 1.03 grams per tonne Au from 6.10 m in hole CM23-022A;
    • Including 48.77 m at 1.31 g/t Au from 10.67 m;
  • 64.01 m at 0.56 g/t Au from zero m CM23-046;
    • Including 30.48 m at one g/t Au from zero m;
• Key near-surface oxide gold intercept in the central Gap zone between the Stealth deposit and Red Cloud:
  • 60.96 m at 0.46 g/t Au from 32 m in hole CM23-057;
    • Including 28.86 m at 0.74 g/t Au from 33.53 m;
    • Suggests continuity of an oxide gold system along full 1.5-kilometre-long trend;
• Entire trend is largely open at depth and along strike;
• Anomalous oxide gold intercept 1,700 m stepout along strike to southeast from Red Cloud, 3.04 m at 0.13 g/t Au from 67.06 m in drill hole CM23-047:
  • Indicates the mineralized detachment fault gold system is intact and highly prospective along entire open-strike length -- priority drill target for Q3/Q4 2023;
• Total of 2,224 m drilled in 18 RC holes, with assays pending for seven holes;
• Follow-up fieldwork is under preparation for the 3.25 km long, 1.7 km long and one km long gold trends north and east of the Cyclopic deposit, as well as the seven new visible gold occurrences discovered during Q2 2023 soil and rock sampling.

Colin Smith, chief executive officer of Gold Basin, commented: "Preliminary assays from drilling in the Gap zone between the Stealth and Red Cloud deposits are very encouraging, with drill hole CM23-057, located dead-centre of the Gap, intercepting a broad zone of near-surface oxide gold comparable in grade and thickness to typical holes in the neighbouring deposits. This suggests the presence of a contiguous 1.5 km long oxide gold system throughout the Stealth-Red Cloud trend, situated only 900 metres from the 1.7 km long Cyclopic deposit."

2023 phase 2 resource definition drill program

A total of 2,224 metres were drilled in 18 RC holes in the follow-up program, with a focus on testing the Gap zone between Red Cloud and Stealth, the southeast strike of Red Cloud, and select reconnaissance targets distal to the main deposit areas. Of the 11 holes with results received in full, six holes returned near-surface intervals of oxide gold mineralization, hosted dominantly from surface to 60 metres vertical depth.

Drill hole CM23-057, located in the central portion of the Gap zone between Stealth and Red Cloud, returned a shallow oxide gold intercept comparable in thickness, grade and gram times metre to that of the neighbouring deposits, suggesting the presence of a 1.5 km long gold system, spanning the Stealth-Red Cloud trend. Of the seven drill holes with assays pending, three are from the Gap zone.

Regional reconnaissance drill hole CM23-047, located 1.7 km along strike (to the southeast) from Red Cloud, returned a significant result from a regional prospectivity point of view. The hole cut 30 metres of strongly oxidized detachment fault zone (iron-oxide-rich polylithic breccia, gouge, oxidized quartz fragments) which returned locally anomalous gold, including 3.04 m at 0.13 g/t Au from 67.06 m. This indicates that the gold-bearing detachment fault that hosts both Stealth and Red Cloud is intact and auriferous at least 1.7 km southeast of and along strike from Red Cloud. The extension to the trend represents a high-priority drill target for Q3/Q4 2023.

Quality assurance/quality control

Gold Basin completed the follow-up RC drill program at the Gold Basin property in April and May, 2023, which totalled 2,224 metres in 18 holes, with hole depths ranging from 59.4 to 219.5 metres. Holes were drilled at dip angles ranging from minus 45 degrees to minus 90 degrees, with dry air (no injected water or other fluid) using a centre-return hammer.

Samples were collected every five feet (1.52 m) and are reduced on site using a triple-tier Gilson splitter, producing a two-to-three-kilogram assay sample and a three to five kg twin sample that can be used for met testing or reassay work. Coarse blank material, standard reference pulps and split duplicates are inserted into the sample stream on a one-in-20 sample basis such that each 23-sample group contains one blank, one duplicate and one reference pulp. Three standard reference pulps at three different gold grades (0.154 part per million, 0.778 ppm and 2.58 ppm) are being used. One 1.52 m drill interval in every four intervals is weighed in order to monitor recovery.

Assay samples are placed in shipping sacks together with the field inserts upon completion of each hole. After four holes are completed, all assay samples are transported in their respective shipping sacks to ALS in Tucson, Ariz., by a Gold Basin contractor. Prior to shipping, all samples are maintained under the direct control and supervision of the on-site geological staff.

Upon arrival in Tucson, Ariz., at ALS, the samples are prepared using ALS codes CRU-31, SPL-31 and PUL-32 procedures (pulverize one kg split to 85 per cent passing 75 microns) and fire assayed for gold using ALS code Au-AA25 procedure (30-gram fire assay with atomic absorption finish). ALS also inserts its own certified reference materials plus blanks and duplicates. All QA/QC results associated with the assays reported herein are within expectation.

ALS is accredited to ISO/IEC 17025:2017 standards for specific preparation and analytical procedures.

About Gold Basin Resources Corp.

Gold Basin Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America, including the Gold Basin property located in the Gold Basin mining district, Mohave county, Arizona, which comprises five mineral rights and 294 unpatented mining claims totalling 30.8 square kilometres. A total of 74 new unpatented claims and an option to acquire additional claims has expanded the total land footprint to 42 square kilometres.

Qualified person

Charles Straw, BSc, Geo, a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Straw is an executive director of the company.

We seek Safe Harbor.