Multiple High-Grade Surface Oxide Gold Intercepts At Red Cloud And PLM Targets

VANCOUVER - Gold Basin Resources Corporation reported on the Phase 2 resource definition reverse-circulation (RC) 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 target over 40 meters (m) in thickness with grades exceeding 1 g/t Au, containing:  57.9 m @ 1.82 g/t Au from 4.6m in hole CM23-022, and 15.2 m @ 4.12 g/t Au from 10.7 m; 42.7 m @ 2.44 g/t Au from surface in hole CM23-029, and 18.3 m @ 5.53 g/t Au and 6.1 m @ 11.72 g/t Au from 2.13 m; 53.3 m @ 1.37 g/t Au from surface in hole CM23-018, and 22.9 m @ 2.44 g/t Au from 9.1 m ; 50.3 m @ 1.35 g/t Au from surface in hole CM23-025, and incl. 19.8 m @ 2.55 g/t Au from 16.8 m; 47.2 m @ 1.07 g/t Au from surface in hole CM23-015, and 18.2 m @ 1.41 g/t Au from 29.0 m.

Red Cloud remains open in all directions, with 18 of 19 holes received to date returning broad, shallow intervals of oxide gold mineralization.

Seven of ten holes at the PLM target (PLM) returned near-surface oxide gold, including: 24.4 m @ 2.22 g/t Au from surface in hole CM23-002, and 7.6m @ 4.33 g/t Au from 16.8 m, and 4.6 m @ 1.12 g/t Au from surface in hole CM23-004.

The PLM remains open to the south, and locally at depth and the assay results received in full for 29 holes, with 12 holes pending. RC drill rig has been secured for priority Q2 follow-up drilling (2,000 m proposed).

Colin Smith, CEO, said “Preliminary assays from Gold Basin’s first drill program at Red Cloud represent some of the best oxide gold results to date for the Company at the Project and are comparable with the Stealth Deposit drill intervals. The geology, grade, thickness, and shallow nature of the gold endowment suggests a potentially analogous and contiguous system to the high-grade Stealth Deposit, located 650 m along strike to the northwest. We eagerly await the results for nine holes drilled between Red Cloud and Stealth, testing for the presence of a continuous 1.5-km-long oxide gold deposit situated on a parallel structure to the 1.7-km-long Cyclopic Deposit.”