Gold Basin Resources Begins Drilling at Gold Basin


Gold Basin Resources Corp. has started an approximately 10,000-metre drilling program at the company's 100-per-cent-owned Gold Basin oxide gold project in northwestern Arizona.

Drilling will target the Cyclopic, Stealth and PLM deposits, following up on the shallow, continuous, gold-bearing mineralization identified in the first 10,000 m program in 2021 and historical drilling that showed significant potential at the Stealth and PLM deposits.


Michael Povey, chief executive officer, commented: "We are excited by the potential of the new drill program, especially with the inclusion of the Stealth and PLM deposits. The 2021 exploration program provided a better understanding of the mineralization at Cyclopic, which in turn showed us how that correlated with what we can see in the historic drilling results at these nearby deposits. Consequently, we are of the opinion that Stealth and PLM have excellent potential to add significant mineralization to what is being identified at Cyclopic.


"We have also been active with detailed geophysical surveys at the Gold Basin project. High-resolution magnetic and hyperspectral surveys have been completed and we have just commenced the final piece of the geophysical 'jigsaw', an IP [induced polarization] survey which we will have a news release on shortly. This information has already generated additional targets and a better picture of the Gold Basin project geology.


" Lastly, metallurgical heap leach test work continues. We just received the results of the initial bottle roll tests on drill composites and will report on the result soon. KCA have started work on the PQ core supplied to their laboratories before Christmas.


"We move into 2022 with a solid foundation of exploration work and look forward to an exciting year."


Two thousand twenty-two drill program


The 2020/2021 reverse circulation drill program at the Cyclopic deposit identified oxide gold mineralization from surface to an average drill hole depth of 90 metres, along approximately 1.7 kilometres of strike length. The current drill program aims to expand the Cyclopic mineralization and assess several of the known nearby historic gold zones for the first time in decades.


The 2022 drill program includes three main targets:


  1. Cyclopic deposit:

  • a. North toward the Fry mine;

  • b. East of the Cyclopic fault;

  1. Stealth deposit -- one km west of Cyclopic;

  2. PLM target -- 3.3 km south of Cyclopic.


Cyclopic deposit drilling program


Background


Modelling of the drilling data shows that the deposit consists of numerous mineralized flat-lying layers that pinch and swell, blending into each other in many zones. The drilling density along the 1.7 km long north-south axis is greater than that of the 800 m east-west orientation and clearly shows the continuity of these mineralized structures both along strike and within their repetitions at depth.


Gold mineralized structures -- Cyclopic deposit (north-south axis)

On the east-west axis, where there is less drill coverage, analysis of historical drilling intercepts 300 m east and north of the current drilling also show similar gold mineralization layering.


The 2022 drilling program will target these gaps, where little to no historical drilling was done, aiming to confirm the continuity of the mineralization and expand the boundaries of the known mineralization.


Stealth deposit drilling program


Background


The Stealth deposit lies along the Stealth fault, a parallel structure to the Cyclopic fault that continues both north and south of the Stealth deposit.


Historical drilling at Stealth identified a significant zone of gold mineralization where similar layering is present. The company confirmed the historical results by drilling two diamond drill holes in 2021, which included the following results (see NR21-15, Oct. 7, 2021):


  • STDD001 intersected a broad zone of 55.8 m at 0.7 gram per tonne gold from 18.3 m;

  • Including 23.2 m at 1.01 g/t Au from 18.3 m;

  • 16.8 m at 0.5 g/t Au from 133.5 m;

  • STDD002 intersected 35.1 m at 0.56 g/t Au from 74.4 m;

  • Including 9.1 m at 0.97 g/t Au from 91.1 m.


The 2022 drill program at Stealth will include coverage of the historical drilled areas and the extension northward toward the Gold Basin shear.


Qualified person


Charles Straw, BSc, a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Straw has verified the data disclosed in this news release, and has reviewed the applicable assay databases and assay certificates. Mr. Straw is not independent of the company as he is the president and a director of the company and holds securities of the company.


About Gold Basin Resources Corp.


Gold Basin Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America, including the Gold Basin project located in the Gold Basin mining district, Mohave county, Arizona, which comprises five mineral rights (2,389.34 acres) and 290 unpatented mining claims (5,280 acres), totalling 7,669.34 acres. Its objective is to locate and develop economic precious and base metal properties of merit. Gold Basin is led by a team with a record of success in mineral exploration, project development, capital markets and significant transactions.