Mr. Colin Smith reports

GOLD BASIN REPORTS ADDITIONAL BROAD, SHALLOW OXIDE GOLD DRILL INTERCEPTS FROM GAP ZONE BETWEEN STEALTH AND RED CLOUD, FURTHER SUPPORTING 1.5-KM-LONG GOLD SYSTEM

Gold Basin Resources Corp. has released final 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.

Highlights:

• Multiple broad gold zones intersected in the Gap zone up to 70 metres wide down hole, covering a strike length of approximately 250 m;
• Notable gold intersections from the final batch of seven drill holes include:
  • CM23-056 (angled hole) -- 53.0 m at 0.41 gram per tonne gold from 94.5 m, including 21.3 m at 0.61 g/t Au from 97.5 m;
  • CM23-053 (angled hole) -- 50.3 m at 0.41 g/t Au from 27.4 m, including 25.9 m at 0.57 g/t Au from 50.3 m;
  • CM23-055 (angled hole) -- 15.2 m at 0.55 g/t Au from 73.2 m.
• Mineralization remains open at depth, along strike and in width on the Stealth-Red Cloud trend.

Colin Smith, chief executive officer of Gold Basin, commented: "Final results from drilling in the Gap zone between the Stealth and Red Cloud deposits are highly encouraging, with the majority of holes intercepting broad intervals of near-surface oxide gold, providing further evidence of a contiguous 1.5 km long oxide gold system throughout the Stealth-Red Cloud trend. We look forward to the next round of drilling to further delineate and expand the envelope of mineralization, which remains open in all directions."

2023 phase 2 follow-up drill program

The follow-up drill program primarily targeted the Gap zone between the Stealth and Red Cloud oxide gold deposits, which had been historically tested by a small number of widely spaced drill holes. Exploration holes drilled by Gold Basin in this program intersected near-surface gold in four of six holes drilled along the main Gap zone trend over a strike length of approximately 250 metres, demonstrating continuity of mineralization between the Red Cloud and Stealth deposits. Additional holes are under preparation in the Gap zone to determine deposit geometry. An attached table includes noteworthy oxide gold drill intercepts.

Both down-dip holes at the Stealth deposit reported herein (CM23-052 and CM23-053) returned oxide gold intercepts, demonstrating that the auriferous structure continues at depth. Most of the 1.5 km long Stealth-Red Cloud trend remains open down dip and along strike, warranting additional drilling to extend the envelope of mineralization.

Quality assurance/quality control

Gold Basin Resources 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 kilogram to three kg assay sample and a three kg to five kg twin sample that can be used for metallurgical 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 at ALS in Tucson, Ariz., the samples are prepared using ALS codes CRU-31, SPL-31 and PUL-32 (pulverize one kg split to 85 per cent passing 75 micrometres), and fire assayed for gold using ALS code Au-AA25 (30 g fire assay with AA finish). ALS also inserts its own certified reference materials, blanks and duplicates. All quality assurance/quality control 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 advancing the 42-square-kilometre Gold Basin project, located in the Tier 1 mining jurisdiction of Mohave county, Arizona. The project hosts multiple at-surface oxide gold deposits which remain largely open for expansion, and district-scale exploration potential which has been vastly underexplored by modern technologies. Gold Basin is accessible year-round via a 1.5-hour drive on Interstate 93 southwest of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern project area.

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.