Geophysical Review Identifies Multiple New Targets At Gold Basin Property A

VANCOUVER - Gold Basin Resources Corporation reported on an extensive review of multiple sets of geophysical data collected over the previous 18 months, interpreting Airborne/UAV Magnetic, Radiometric and Induced Polarization and Electrical Resistivity (IP/ER) surveys on the Gold Basin Property in Mohave County, Northern Arizona. The geophysical targeting is dependent on geological deposit models. The geophysical targets were taken from three individual reports and are described in detail for two areas of the GXX property: Cyclopic-Stealth Targets and the Senator-Owens targets. Within the Cyclopic and Stealth area, the most detailed geophysics was acquired including an IP/Resistivity survey. As a result, this target area has the most targets.

East of the Cyclopic Fault consists of the daylighting of the Cyclopic Detachment Fault (DTF) and a wedge of Cretaceous Km/Kg Monzogranite. The IP chargeability layer SC1, appears to be a broad phyllic alteration zone, with the likely fluid up-flow at the Cyclopic and Cyclopic 2 normal faults. Limited drilling has been completed at this target. Previous magnetic interpretation (Logan and Tsetsegbayar, 2022) of the southern end of the Cyclopic Fault, has it veering to the east. The IP chargeability and resistivity models clearly have the fault continuing to the south-east. This southeast extension remains completely undrilled.

The IP/ER survey inferred a 3km strike of the proposed Stealth DTF - Detachment-style gold mineralization is likely from Stealth and Red Cloud to the east along this proposed DTF. A Stealth to Cyclopic resistivity cross-section which clearly defines the DTF, including the new Stealth DTF which was not previously known. West Cyclopic contains a deep chargeability zone between Cyclopic and Stealth/Red Cloud. This is a potential porphyry Cu-Au centre. It is also anomalous in AZ composite Au rockchip geochemistry.

The 12 targets in the Senator and Owens area are on the northern portion of the GXX Gold Basin Property and remain largely untested with drilling. These targets are from the Phase 2 UAV Magnetics and Radiometric data.

The Owens Deposit was a small underground mine that, based on historical records, produced copper, iron and possibly gold. Previous exploration in the 1980s was limited to mapping and some shallow drilling, with many drill holes not assayed for gold. Copper grades in historical rock chip sampling are highly encouraging with waste dump samples returning high grade copper up to 6% with gold up to 11 g/t in a single sample. The occurrence of copper and gold at Owens is highly encouraging and further work is planned in the coming months.