Gold Basin Oxide Gold Project Ongoing Sampling And Prospecting Program

VANCOUVER - Gold Basin Resources Corporation announced preliminary soil and rock assays collected during a Q2 2023 sampling and prospecting program aGold Basin oxide gold project in north-western Arizona. Soil and rock assays define three kilometre-scale (km) gold anomalies, including 3.25-km-long and 1.7-km-long trends north of the Cyclopic oxide gold deposit, and a 1.0-km-long trend located 2.3 km southeast of and along strike from Cyclopic. Gold trends remain open in both directions, and an expansion to sampling to the northwest and southeast is under preparation. Two phases of sampling completed in Q2 2023: Soil and rock sampling grid with northeast-southwest orientated lines running northeast from Cyclopic (179 of 530 soils reported herein, all 43 rocks pending), and Regional rock samples collected while prospecting at undrilled sites of small-scale historical mining. Of the 110 rocks, 28 returned assays of =1 g/t Au, 11 returned assays of 5 g/t Au, and 6 returned assays of 10 g/t Au, including: 12.40, 12.55, 15.70, 17.95, 29.00 and 35.50 g/t Au. Visible gold (in-situ and subcrop) was discovered and sampled at 7 separate locations, all of which are undrilled, and spaced approximately 1 to 2 km apart. Technical team bolstered with the addition of Senior Geologist, Kevin Rafferty, to spearhead geological and structural mapping, target generation, and regional generative work. First assays from Gold Basin’s 2000 m follow-up reverse-circulation ("RC") drill program have been received, with preliminary results anticipated to be released soon.

Colin Smith, CEO, said, “The regional prospectivity at Gold Basin continues to grow, with the delineation of three kilometre-scale gold trends, and 28 regional rocks grading =1 g/t gold within a 2.7 x 1.4 km area directly adjacent to the Cyclopic Deposit. High-grade, undrilled trends remain open at both margins of the grid, and an extension to sampling is under preparation. We are also very pleased to welcome Senior Geologist, Kevin Rafferty, to the team. Kevin will lead property-wide geological and structural mapping and target generation, including detailed follow-up at undrilled sites which returned high-grade oxide gold rock assays from this round of geochemistry.”

Two phases of sampling were completed in Q2 2023, including a 530-soil and 43-rock sample grid northeast from Cyclopic, and a regional rock sampling and prospecting initiative. The goal was to evaluate a defined area of highly prospective ground which hosts >125 undrilled sites of small-scale historical mining (identified from Q1 2023 LiDAR survey), multiple high-grade rock samples, favorable geophysics, and extensions to regional gold-bearing structures.

The first phase of soil sampling consisted of 50-metre-spaced sites along 100-metre-spaced lines, sampling C-horizon material below the caliche (calcrete) horizon. There were 43 sample sites where rock chip samples were substituted for soil samples due to a lack of soil coverage and presence of extensive outcrop. All 43 rocks and 351 of 530 soils from the grid remain pending.

The second phase of geochemistry comprised regional rock chip and grab sampling at select undrilled sites of small-scale historical mining to the northeast and east of Cyclopic. A total of 110 rock samples were collected within a 2.7 x 1.4 km area, with 28 samples returning assays of =1 g/t Au, 11 returning assays of >5 g/t Au, and 6 returned assays of >10 g/t Au, including: 12.40, 12.55, 15.70, 17.95, 29.00 and 35.50 g/t Au (Table 1). In addition, in-situ and subcrop-hosted visible gold was discovered and sampled at 7 separate undrilled targets which are situated within a 1 by 2 km area.

All soil and rock samples were selected for full multielement, rare earth element and trace element analyses to facilitate the identification and interpretation of potential pathfinder elements, ratios and/or other geochemical tracers for application in property-wide greenfields targeting at the Gold Basin project.