Broad Shallow Oxide Gold Drill Intercept From Gap Zone Between Stealth And Red Cloud

VANCOUVER - Gold Basin Resources Corporation reported on the drill program at the Gold Basin oxide gold project in north-western Arizona. Multiple at- or near-surface oxide gold intercepts at the Red Cloud Deposit over 60 metres (m) in thickness, including: 69.08 m @ 1.03 g/t Au from 6.10 m in hole CM23-022A; 48.77 m @ 1.31 g/t Au from 10.67 m ; 64.01 m @ 0.56 g/t Au from 0.00 m CM23-046; and 30.48 m @ 1.00 g/t Au from 0.00 m. Key near-surface oxide gold intercept in the central “Gap Zone” between Stealth Deposit (“Stealth”) and Red Cloud: 60.96 m @ 0.46 g/t Au from 32.00 m in hole CM23-057; 28.86 m @ 0.74 g/t Au from 33.53 m ; Suggests continuity of an oxide gold system along full 1.5-km-long trend. Entire trend is largely open at depth and along strike and an anomalous oxide gold intercept 1,700 m step-out along strike to southeast from Red Cloud, 3.04 m @ 0.13 g/t Au from 67.06 m in drillhole CM23-047 - indicates the mineralized detachment fault gold system is intact and highly prospective along entire open strike length – priority drill target for Q3/Q4 2023. Total of 2,224 m drilled in 18 RC holes, with assays pending for 7 holes. Follow-up fieldwork is under preparation for the 3.25-km-long, 1.7-km-long and 1.0-km-long gold trends north and east of the Cyclopic Deposit, as well as the 7 new visible gold occurrences discovered during Q2 2023 soil and rock sampling.

Colin Smith, CEO, said “Preliminary assays from drilling in the Gap Zone between the Stealth and Red Cloud Deposits are very encouraging, with drillhole CM23-057, located dead-centre of the Gap, intercepting a broad zone of near-surface oxide gold comparable in grade and thickness to typical holes in the neighboring deposits. This suggests the presence of a contiguous 1.5-km-long oxide gold system throughout the Stealth-Red Cloud trend, situated only 900 metres from the 1.7-km-long Cyclopic Deposit.”

A total of 2,224 metres were drilled in 18 RC holes in the follow-up program, with a focus on testing the Gap Zone between Red Cloud and Stealth, the southeast strike of Red Cloud, and select reconnaissance targets distal to the main deposit areas. Of the 11 holes with results received in full, 6 holes returned near-surface intervals of oxide gold mineralization, hosted dominantly from surface to 60 metres vertical depth.

Drillhole CM23-057, located in the central portion of the Gap Zone between Stealth and Red Cloud, returned a shallow oxide gold intercept comparable in thickness, grade and gram metre to that of the neighbouring deposits, suggesting the presence of a 1.5-km-long gold system, spanning the Stealth-Red Cloud trend. Of the 7 drillholes with assays pending, 3 are from the Gap Zone.

Regional reconnaissance drillhole CM23-047, located 1.7 km along strike (to the southeast) from Red Cloud, returned a significant result from a regional prospectivity point of view. The hole cut 30 metres of strongly oxidized detachment fault zone (Fe-oxide rich polylithic breccia, gouge, oxidized quartz fragments) which returned locally anomalous gold, including 3.04 m @ 0.13 g/t Au from 67.06 m. This indicates that the gold-bearing detachment fault that hosts both Stealth and Red Cloud is intact and auriferous at least 1.7 km southeast of and along strike from Red Cloud. The extension to the trend represents a high-priority drill target for Q3/Q4 2023.