Mr. Colin Smith reports

GOLD BASIN REPORTS ADDITIONAL HIGH-GRADE OXIDE GOLD ASSAY RESULTS FROM GOLD BASIN PROJECT, ARIZONA

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

Highlights:

• Additional broad high-grade oxide gold intercepts from Stealth deposit resource expansion drilling:
  • 50.2 metres of 1.29 grams per tonne gold from 85.4 m (approximately 50 m vertical) in drill hole ST24-039:
    • Including 27.4 m of 2.08 g/t Au from 86.9 m;
  • 33.5 m of 1.00 g/t Au from 96.0 m (approximately 63 m vertical) in drill hole ST24-038:
    • Including 12.2 m of 2.08 g/t Au from 96.0 m;
• Drill holes ST24-038 (azimuth of 175 degrees and dip of minus 55 degrees) and ST24-039 (azimuth of 200 degrees and dip of minus 50 degrees) were collared 50 m east-southeast of hole ST24-031, which returned 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 (released Aug. 7, 2024), extending the high-grade interval along strike;
• Reportable oxide gold intercepts to date are shallow and broad, with an average vertical depth of approximately 51 m to the top of mineralized zones, and an average drill interval thickness of approximately 77 m;
• Assays received in full for nine holes, with results for the remaining 13 holes anticipated within four to six weeks.

Colin Smith, chief executive officer of the company, commented: "Drilling results from stepout collar locations along the formerly undrilled northerly road at Stealth continue to yield impressive intervals of near-surface oxide gold. We eagerly await assay results from the remaining five holes drilled at Stealth and all eight holes drilled at the Gap zone. Upon receipt of final assays, the maiden [National Instrument] 43-101 oxide gold mineral resource estimate will commence immediately."

Second quarter/third quarter 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 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 ST24-039

ST24-039 was collared 50 m east-southeast of hole ST24-031, which returned 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 (released Aug. 7, 2024). A broad high-grade oxide gold interval was intersected in ST24-039 of 50.2 m of 1.29 g/t Au from 85.4 m (approximately 50 m vertical), including 27.4 m of 2.08 g/t Au from 86.9 m, with notable zones of hematitic staining coincident with strong gold mineralization in the assay data.

Drill hole ST24-038

ST24-038 was drilled at an azimuth of 175 degrees and dip of minus 55 degrees from the same pad as ST24-039 (drilled at an azimuth of 200 degrees and dip of minus 50 degrees). A broad high-grade oxide gold interval of 33.5 m of 1.00 g/t Au from 96.0 m (approximately 63 m vertical), including 12.2 m of 2.08 g/t Au from 96.0 m, was intersected, with notable zones of hematitic staining coincident with strong gold mineralization in the assay data.

Quality control/quality assurance

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- or 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 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 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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