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

VANCOUVER - Gold Basin Resources Corporation reported on the 2,224-metre follow-up reverse-circulation (RC) drill program at the Gold Basin oxide gold project in north-western Arizona. Multiple broad gold zones intersected in the Gap Zone up to 70 metres (“m”) wide downhole, covering a strike length of approximately 250 m. Notable gold intersections from the final batch of seven drillholes include: 1) CM23-056 (angled hole) – 53.0 m @ 0.41 g/t Au from 94.5 m, including 21.3 m @ 0.61 g/t Au from 97.5 m. 2) CM23-053 (angled hole) – 50.3 m @ 0.41 g/t Au from 27.4 m, including 25.9 m @ 0.57 g/t Au from 50.3 m. 3) CM23-055 (angled hole) – 15.2 m @ 0.55 g/t Au from 73.2 m. Mineralization remains open at depth, along strike, and in width on the Stealth-Red Cloud trend.

Colin Smith, CEO, said, “Final results from drilling in the Gap Zone between the Stealth and Red Cloud Deposits are highly encouraging, with the majority of holes intercepting broad intervals of near-surface oxide gold, providing further evidence of a contiguous 1.5-km-long oxide gold system throughout the Stealth-Red Cloud trend. We look forward to the next round of drilling to further delineate and expand the envelope of mineralization, which remains open in all directions.”

The follow-up drill program primarily targeted the Gap Zone between the Stealth and Red Cloud oxide gold deposits, which had been historically tested by a small number of widely spaced drillholes. Exploration holes drilled by Gold Basin in this program intersected near-surface gold in four of six holes drilled along the main Gap Zone trend over a strike length of approximately 250 metres, demonstrating continuity of mineralization between the Red Cloud and Stealth deposits. Additional holes are under preparation in the Gap Zone to determine deposit geometry. Table 1 details the specifications of all holes drilled in the Phase 2 follow-up program. Both down-dip holes at the Stealth Deposit reported herein (CM23-052 and CM23-053) returned oxide gold intercepts, demonstrating that the auriferous structure continues at depth. Most of the 1.5-km-long Stealth-Red Cloud trend remains open down-dip and along strike, warranting additional drilling to extend the envelope of mineralization.