Phase 2 Resource Definition Drill Program At Gold Basin Project

VANCOUVER - Gold Basin Resources Corporation reported that a 5,000m minimum Phase 2 resource definition drill program will be commencing immediately at the Gold Basin oxide gold project in north-western Arizona. Following up on the highly successful drilling at the Stealth Deposit in 2022, which intersected thick intervals of high grade, near-surface oxide gold mineralization, this year’s Phase 2 reverse-circulation (RC) drill program of a minimum 5,000m will concentrate on resource definition at the Stealth and Red Cloud Deposits and the largely undrilled strike gap between the two deposits, as identified in the Company’s news release dated October 6th, 2022. Drilling is then planned to extend further along strike to the east-southeast of Red Cloud, towards the PLM Deposit.

The Stealth, Red Cloud and PLM Deposits lie along the Stealth Fault which is a major auriferous structural feature that extends for at least 5km in both directions from the Stealth Deposit. The Red Cloud Deposit lies approximately 600m to the southeast along strike, and the PLM Deposit is located 3.5km in the same direction (2.9km southeast of the Red Cloud Deposit).

The first 35 holes of Phase 2 are designed to define a NI 43-101 oxide gold resource at the Red Cloud Deposit. Subsequent drilling will test the 600m gap between the Red Cloud and Stealth Deposits. The program will then expand to the PLM Deposit, where historical drilling intersected significant gold mineralization.

The Company intends to begin drilling immediately at the PLM and Red Cloud Deposits. As the Phase 2 resource definition drill program continues, more details of the subsequent drill targets will be included in future news releases. A significant portion of the Stealth Deposit lies on ground where the Company holds both the private mineral and surface rights. Permitting for those portions that lie on BLM claim areas has been approved.