Gold Basin Resources Corporation (the 'Company' or 'Gold Basin') - (TSX-V GXX, OTCQB: GXXFF) today announced final results from the 2,224-metre follow-up reversecirculation ('RC') drill program at the Company's 100%-owned Gold Basin oxide gold project in northwestern Arizona (the 'Gold Basin Project' or the 'Project').
Multiple broad gold zones intersected in the Gap Zone up to 70 metres ('m') wide downhole, covering a strike length of approximately 250 m; Notable gold intersections from the final batch of seven drillholes include: o CM23-056 (angled hole) - 53.0 m @ 0.41 g/t Au from 94.5 m, including 21.3 m @ 0.61 g/t Au from 97.5 m o CM23-053 (angled hole) - 50.3 m @ 0.41 g/t Au from 27.4 m, including 25.9 m @ 0.57 g/t Au from 50.3 m o CM23-055 (angled hole) - 15.2 m @ 0.55 g/t Au from 73.2 m Mineralization remains open at depth, along strike, and in width on the Stealth-Red Cloud trend.
Colin Smith, CEO of Gold Basin commented: 'Final results from drilling in the Gap Zone between the Stealth and Red Cloud Deposits are highly encouraging, with the majority of holes intercepting broad intervals of near-surface oxide gold, providing further evidence of a contiguous 1.5-km-long oxide gold system throughout the Stealth-Red Cloud trend. We look forward to the next round of drilling to further delineate and expand the envelope of mineralization, which remains open in all directions.'
2023 Phase 2 Follow-Up Drill Program
The follow-up drill program primarily targeted the Gap Zone between the Stealth and Red Cloud oxide gold deposits, which had been historically tested by a small number of widely spaced drillholes. Exploration holes drilled by Gold Basin in this program intersected near-surface gold in four of six holes drilled along the main Gap Zone trend over a strike length of approximately 250 metres, demonstrating continuity of mineralization between the Red Cloud and Stealth deposits. Additional holes are under preparation in the Gap Zone to determine deposit geometry. Both down-dip holes at the Stealth Deposit reported herein (CM23-052 and CM23-053) returned oxide gold intercepts, demonstrating that the auriferous structure continues at depth. Most of the 1.5-kmlong Stealth-Red Cloud trend remains open down-dip and along strike, warranting additional drilling to extend the envelope of mineralization
ABOUT GOLD BASIN RESOURCES CORPORATION
Gold Basin Resources is advancing the 42 km2 Gold Basin Project, located in the tier-one mining jurisdiction of Mohave County, Arizona. The Project hosts multiple at-surface oxide gold deposits which remain largely open for expansion, and district-scale exploration potential which has been vastly underexplored by modern technologies. Gold Basin is accessible year-round via a 1.5-hour-drive on I93 Highway southwest of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern Project area.
Contact:
Tel: 1-604-331-5093
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (collectively, 'forward looking statements') within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, future assay results from further programs, future plans for drilling at the Stealth Deposit, the Company's expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: 'believes', 'will', 'expects', 'anticipates', 'intends', 'estimates', 'plans', 'may', 'should', 'potential', 'scheduled', or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changesin the financialmarkets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the TSX Venture Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risksrelated to joint venture operations, and otherrisks and uncertainties disclosed in the Company's latest Management's Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
GOLD BASIN RESOURCES CORPORATION 