New Drill Targets at Red Cloud Deposit From Historical Drill Data Review

VANCOUVER - Gold Basin Resources Corporation reported on the review and analysis of historical drill data on the Red Cloud deposit claims has highlighted the exciting potential of over 1 kilometer of potential strike extension of the mineralization of the Stealth deposit at its Gold Basin project in Mohave County, Northern Arizona. Further to the Company’s Option Agreement whereby the company took an option to purchase an additional forty (40) unpatented BLM minerals claims that lie primarily in the area situated between the Cyclopic and Stealth deposits. The Company has been able to further assess historical drill data within these claim areas where the largest concentration of historical drill holes consisting of 39 holes (with an average depth of less than 70 meters) were in an area known as the Red Cloud deposit. Whilst gold intersections at this location were previously known by the Company a new analysis of the data has enabled an accurate geo location of the holes in relation to the major structural features and the Stealth deposit.

The position of the Red Cloud mineralization correlates with a position along and straddling the Stealth fault, a major structural feature that the Company’s recent geophysical interpretation has shown to extend several kilometers on an approximate NW-SE trend. The Stealth deposit lies along this fault and the historical Red Cloud drilling clearly suggests over 1 kilometer of potential strike extension of the oxide gold mineralization between the two deposits.

The mineralization intersected historically at Red Cloud starts from near surface and corresponds closely with the form and grade intersected with the Company’s drilling at Stealth in its last drill program. These consistencies provide a great deal of optimism for future drilling.

The current gap in drilling apart from 3 holes situated almost midway between the Stealth and Red Cloud deposits is over 600 meters in length and both deposits remain open both to the NW and SE along the Stealth Fault and at depth. The Company’s next phase of drilling is designed to test the drilling data gap between the Stealth and Red Cloud deposits and also extend the drilling SE along the fault zone through Red Cloud .

The Company is also in the process of further evaluating a number of historical drillholes drilled on an East-West line between Cyclopic and Stealth in the northern section of the new claim areas that have also intersected gold mineralization.

The Stealth and Red Cloud deposits in relation to the Stealth Fault and the Cyclopic Deposit that sits on the parallel Cyclopic Fault approximately 900 meters east. It is also noteworthy that mineralization at the PLM deposit about 3.5km SE of Red Cloud also lies on the same trend of the Stealth Fault.

Similar to the situation with Stealth and Red Cloud, no drilling data is available for the large distance interval in between the Red Cloud and PLM deposit areas and provides another compelling future exploration target.