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Gold Basin Resources Corp
Symbol GXX
Shares Issued 130,130,486
Close 2024-08-20 C$ 0.05
Market Cap C$ 6,506,524
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Gold Basin drills 89.9 m of 0.49 g/t Au at Gold Basin

2024-08-20 18:07 ET - News Release

Mr. Colin Smith reports

GOLD BASIN COMPLETES RESOURCE EXPANSION DRILL PROGRAM AT GOLD BASIN PROJECT, AND REPORTS ADDITIONAL OXIDE GOLD INTERCEPTS FROM STEALTH DEPOSIT

Gold Basin Resources Corp. has completed its Q2/Q3 resource expansion and delineation reverse circulation (RC) drill program, and had additional broad oxide gold intercepts at the company's 100-per-cent-owned Gold Basin oxide-gold project in northwestern Arizona.

Highlights:

  • RC drill program is complete, with a total 22 holes in 3,640 metres (m) drilled at the Stealth deposit and Gap zone;
  • Assays received for two additional holes from Stealth:
    • 89.9 metres at 0.49 g/t Au from 73.2 m (approximately 64 m vertical) in drill hole ST24-028:
      • Including 48.8 m at 0.76 g/t Au from 96.0 m;
      • Including 13.7 m at 1.36 g/t Au from 131.1 m.
    • 29.0 m at 0.58 g/t Au from 94.5 m (approximately 85 m vertical) in drill hole ST24-030:
      • Including 18.3 m at 0.78 g/t Au.
  • The reported gold intercepts indicate that mineralization continues and remains open at depth, and additional drilling is warranted to further extend the mineralized envelopes;
  • Reportable oxide gold intercepts to date are shallow and broad, with an average vertical depth of approximately 49 m to the top of mineralized zones, and an average drill interval thickness of approximately 91 m;
  • Assays received in full for six holes, with results for the next three holes expected this week, and the remaining 13 holes within four to six weeks.

Colin Smith, chief executive officer of the company, commented: "The Q2/Q3 resource expansion and delineation drill program at Gold Basin concluded last week, and we continue to receive broad intervals of near-surface oxide from stepout collar locations at Stealth, with an average vertical depth of approximately 49 metres to the top of reportable mineralized zones, and an average drill interval thickness of approximately 91 metres. Consistent news flow will continue for the next four to six weeks, with the next results anticipated this week."

Q2/Q3 2024 drill program

The Q2/Q3 2024 drill program concluded last week, with a total of 22 holes drilled in 3,640 metres (14 holes in 2,470 metres at Stealth, and eight holes in 1,170 metres at the Gap), and an average end-of-hole (EOH) length of approximately 165 metres. All drill holes have been sampled and samples have been submitted to ALS Geochemistry for fire assay gold analysis.

Drill hole ST24-028

ST24-028 tested for down-dip extensions of gold mineralization from a collar location 80 metres to the north of hole CM23-053 (drilled in 2023: 50.3 m at 0.41 g/t Au from 27.4 m), and 70 metres to the north of hole ST22-025 (drilled in 2022: 70.1 m at 1.00 g/ t Au from 13.7 m).

A broad auriferous zone of 89.9 m at 0.49 g/t Au from 73.2 m (approximately 64 m vertical), including 48.8 m at 0.76 g/t Au from 96.0 m was intercepted, indicating that mineralization continues and remains open at depth, down dip to the north.

Drill hole ST24-030

ST24-030 tested for down-dip extensions of gold mineralization from a collar location 85 m to the north of hole ST22-021 (drilled in 2022: 47.2 m at 1.00 g/t Au) and 65 m to the north of hole ST22-022 (drilled in 2022: 73.2 m at 0.90 g/t Au). An auriferous intercept of 29.0 m at 0.58 g/t Au from 94.5 m (approximately 85 m vertical), including 18.3 m at 0.78 g/t Au was returned.

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 a approximately two-to-three-kilogram (kg) assay sample and an approximately three to five kg 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 (ppm), 0.778 ppm and 2.58 ppm. All 1.52 m 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 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 kg split to 85 per cent passing 75 micrometres) 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. For more information about ALS Geochemistry, please visit the company's website..

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

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