Mr. Colin Smith reports

GOLD BASIN REPORTS ADDITIONAL BROAD HIGH-GRADE SHALLOW OXIDE GOLD INTERCEPT FROM RESOURCE EXPANSION DRILLING AT STEALTH DEPOSIT

Gold Basin Resources Corp. has released additional reverse circulation (RC) drill assay results from the continuing resource expansion and delineation drill program at the company's 100-per-cent-owned Gold Basin oxide gold project in northwestern Arizona.

Highlights:

• Drill hole ST24-031 returned a broad, near-surface, high-grade oxide gold intercept at the Stealth deposit:
  • 51.8 metres of 1.31 grams per tonne gold from 82.3 m (approximately 43-metre vertical depth);
    • Including 38.0 m of 1.69 g/t Au from 94.5 m.
• ST24-031 aimed to test for downdip extensions of gold mineralization from a collar location 75 metres to the north of hole ST22-023 (drilled in 2022: 29.0 m of 1.40 g/t Au from 45.7 m).
• The high-grade gold intercept indicates that mineralization continues and remains open at depth, and additional drilling is warranted to further extend the mineralized envelope.
• Assays results for drill hole ST24-029 indicate that the hole was terminated at the onset of a mineralized zone, with the final three samples (approximately 4.6 m) grading 0.44 g/t Au at the terminus of a 53.3-metre interval of anomalous gold (averaging 0.01 g/t Au).
• Two additional broad, near-surface intercepts were released July 10, 2024:
  • 138.7 m of 0.93 g/t Au from 30.5 m (approximately 25-metre vertical depth) in hole ST24-026;
  • 82.3 m of 0.94 g/t Au from 36.6 m (approximately 22-metre vertical depth) in hole ST24-027.
• Reportable oxide gold intercepts to date are shallow and broad, with an average vertical depth of approximately 38 m to the top of mineralized zones and an average drill interval thickness of approximately 90 m.
• Fourteen holes totalling 2,470 m have been drilled, with results expected for two more holes this week, and eight additional holes are in the lab, with results anticipated in four weeks.

Colin Smith, chief executive officer of the company, commented: "The Stealth deposit continues to deliver impressive near-surface oxide gold intercepts from stepout collar locations, with an average vertical depth of [approximately] 38 m to the top of mineralization and an average drill interval thickness of [approximately] 90 m. The rig has now moved to the Gap zone, a 600-metre-wide trend which separates the Stealth and Red Cloud oxide gold deposits to drill eight final holes. The objective of these holes is to further establish mineralized continuity for potential resource estimation along the full 1.5-kilometre-long trend, which is supported by correlative gold intercepts in four Gap holes along strike from 2023."

Q2 2024 drill program update

All planned resource expansion holes at Stealth have been completed, with a total of 14 holes and 2,470 metres drilled. The Foremost Explorer 1500 drill rig has mobilized to the Gap zone, where a program of planned eight holes totalling 1,175 metres has commenced.

The Gap zone is a 600-metre-wide zone that separates the at-surface Stealth and Red Cloud oxide gold deposits. Four RC drill holes drilled along strike at the Gap zone in 2023 intercepted correlative near-surface oxide gold, strongly suggesting mineralized continuity along the full 1.5-kilometre-long Stealth/Gap/Red Cloud corridor.

Drill hole ST24-031

ST24-031 was drilled to test for downdip extensions of gold mineralization to the north for hole ST22-023 (drilled in 2022: 29.0 m of 1.40 g/t Au from 45.7 m), which was collared approximately 75 metres to the south of ST24-031. A broad high-grade auriferous zone of 51.8 m of 1.31 g/t Au from 82.3 m (approximately 43-metre vertical depth), including 38.0 m of 1.69 g/t Au from 94.5 m, was intercepted, indicating that mineralization continues and remains open at depth, down dip to the north. Additional drilling is warranted to further extend the mineralized envelope at depth.

Drill hole ST24-029

ST24-029 was designed to test for downdip extensions of gold mineralization to the north of hole ST22-021 (drilled in 2022: 47.2 m of 1.0 g/t Au from surface) and CM22-022 (drilled in 2023: 60.7 m of 0.90 g/t Au from 73.2 m). Assay results for ST24-029 indicate that the drill hole was terminated at the onset of a mineralized zone, with the final three samples (approximately 4.6 m) grading 0.44 g/t Au (0.73 g/t Au, 0.24 g/t Au and 0.34 g/t Au in sequence), located at the terminus of a broad anomalous zone of 53.3 m averaging 0.01 g/t Au. Follow-up drilling at depth is warranted to fully test the auriferous zone in which the hole was terminated.

Quality control/quality assurance (QA/QC)

RC drilling samples are collected every five feet (1.52 m) and are reduced on site using a triple-tier Gilson splitter, producing an approximately two-to-three-kilogram assay sample and an approximately three-to-five-kilogram twin sample that can be used for metallurgical testing or reassay work. Coarse blank material and standard reference pulps are inserted into the sample stream on a one-in-20 sample basis, and field duplicates are collected every 50 samples. Three standard reference pulps at three different gold grades are being used: 0.154 part per million, 0.778 ppm and 2.58 ppm. All 1.52-metre drill intervals are monitored for recovery.

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

Upon arrival in ALS Tucson, the samples are prepared using ALS codes CRU-31, SPL-31 and PUL-32 procedures (pulverize one-kilogram split to 85 per cent passing 75 microns) and fire assayed for gold using ALS code Au-AA25 procedure (30-gram fire assay with AA 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 advancing the 42-square-kilometre Gold basin project, located in the Tier 1 mining jurisdiction of Mohave county, Arizona. Gold Basin is accessible year-round through a 1.5-hour drive on the I-93 highway southeast of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern project area. The immediate focus of Gold Basin's highly experienced technical team is to expand and delineate multiple at-surface oxide gold deposits and prove the project's district-scale potential.

Qualified persons

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 not independent of the company as he is an executive director of the company and owns securities of the company.

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