Project Drilling Continues To Expand Gold Mineralization At Gold Basin

VANCOUVER - Gold Basin Resources Corporation reported continued strong drilling results for the Phase 1 Drilling Program at the Cyclopic area of its 100%-owned Gold Basin oxide gold project, located in north-western Arizona approximately 1.5 hours’ drive over major highways and paved roads from Las Vegas. The Company has received additional assay results for 18 drill holes from the Phase 1 Drilling Program, with continued broad zones of gold-bearing mineralization identified between surface and 100m depth. Another 900+ samples are currently being  assayed and results will be available.  

Highlights: 86 holes, totaling approximately 7,594m, with hole depths ranging from 67m to 110m have now been drilled by the Company as part of the Phase 1 Drilling Program; Significant intersections from the most recent assays include: 39.6m @ 0.52 g/t Au from 47.24m in hole CM-20-023 incl. 12.2m @ 1.13 g/t Au from 59.44m; 28.7 m @ 0.59 g/t Au from 7.62 m in hole CM-20-078 incl. 13.7 m @ 1.1 g/t Au from 22.86m; 10.67 m @ 0.98 g/t Au from 15.24m in hole CM-20-090; 6.1m @1.02 g/t Au from 45.72m in hole CM-20-045; and 16.8 m @ 0.57 g/t Au from 33.53m in hole CM-20-041 incl. 4.6m @ 1.42 g/t Au from 42.67m.

In addition: Drilling continues to confirm and expand the historical mineralized zones and identify  extensions along strike and at depth; Drilling will resume on the final 16 holes to complete the approximate 100-hole Phase 1 Drilling Program; and Diamond drilling will also commence to collect samples for metallurgical test-work.

The Phase 1 Drilling Program was expanded twice due to the continued positive results received, and the program has confirmed a series of vertically-stacked, laterally-extensive mineralized zones identified in both the historical and current drilling.  The Company will continue to test the Project’s potential below 50m depth and laterally to the east and west of the main Cyclopic structure.

All reverse circulation ("RC") holes drilled in the Phase 1 Drilling Program have validated the gold-mineralization model at the Cyclopic deposit, which consists of a series of vertically-stacked and laterally-extensive sub-horizontal gold-bearing structures.  The gold bearing structures are laterally very extensive, covering an area 1,650m long (NNW) and over 650m wide (East to West), starting at surface and extending to over 90m depth.  The gold-bearing structures pinch and swell in all directions and, in places, are more than 50m thick and contain continuous gold mineralization.  The structures remain open in all directions. The main Cyclopic structure runs in a NNW-SSE direction and has been mapped for more than 10km. It is largely untested outside the current 1,650m strike extent, presenting a high-priority exploration target.