Gold Basin Oxide Gold Project Final Soil Assays Collected

VANCOUVER - Gold Basin Resources Corporation reported final soil assays collected during a 530-sample second quarter (Q2) geochemistry and prospecting program at the Gold Basin oxide gold project in northwestern Arizona. Delineation of multiple regional undrilled gold anomalies. Major gold trends remain open at margin of soils grid, and expansion to soil sampling coverage to the northwest and southeast is planned to commence shortly. Clear zonation of key elements in soil geochemistry (Au, Ag, As, Bi, Cu, Mo, Pb, Sb, Te, W, Zn, HREE), demonstrating distinct temperature gradients of a regional hydrothermal system. Extremely low concentrations of sulfur (average of 0.018% or 180 ppm in 530 soils), suggesting Iron Oxide Gold (“IOG”) model. Detailed (1:5,000 scale) geological and structural mapping completed throughout the area of soil sampling coverage, with synthesis and interpretation ongoing.

Colin Smith, CEO, said, “Assays from this geochemical program further substantiate the presence of a regional gold-mineralizing event at the Gold Basin district, with the delineation of several undrilled high-tenor gold anomalies proximal to known surface oxide gold deposits. The new rare earth element, trace element and multielement data demonstrate distinct zonations of key elements, signifying a major kilometre-scale temperature gradient typical of major hydrothermal gold systems, with a geochemical affinity to an Iron Oxide Gold system.”

Two phases of sampling were completed in Q2 2023, including 530 soils on northeast-southwest trending lines, and 110 rocks from a regional prospecting initiative. The goal was to evaluate a defined area of highly prospective ground which hosts >125 sites of small-scale historical mining immediately northeast of the 1.7-kilometre-long Cyclopic oxide gold deposit.

Multiple high-tenor undrilled gold anomalies over several kilometres of trend were returned from the Q2 2023 sampling campaign. Viewing the 2023 data in conjunction with historical geochemical data demonstrates that several of these anomalies remain open and unexplored along trend. A total of 110 rock samples were collected within a 2.7 x 1.4 kilometre area, with 28 samples returning assays of =1 g/t Au, 11 returning assays of >5 g/t Au, and 6 returned assays of >10 g/t Au. In addition, in-situ and subcrop-hosted visible gold was discovered and sampled at 7 separate undrilled sites.

Distinct zonations of key elements were present in the 2023 data, suggesting a kilometre-scale temperature gradient likely associated with hydrothermal circulation, potentially driven by a buried intrusive body at depth. In addition, the geochemical data exhibited extremely low concentrations of sulfur (average of 0.018% or 180 ppm in 530 soils), further suggesting the affinity to an Iron Oxide Gold (IOG) system.

An expansion to soil and rock sampling coverage is under preparation, and 1:5,000 scale geological and structural mapping has been completed over the full grid area, with synthesis and interpretation ongoing.