(via TheNewswire)
HIGHLIGHTS INCLUDE:
Stealth drilling continues to intersect thick gold intersections with grades exceeding 1g/t Au.
Latest Results include:
80.6m (True Width) @ 1.0g/t Au from 22.9m in hole ST22-009
70.1m @ 1.0g/t Au from 13.7m in hole ST22-013
32m @ 1.3g/t Au from 42.7m in hole ST22-017
47.2m @ 1.0g/t Au from surface in hole ST22-021
29.0m (True Width) @ 1.4g/t Au from 45.7m in hole ST22-023
Drilling intersections show a consistent broad zone of higher-grade (1.0g/t) gold mineralisation along the 350m of strike length drilled to date. The deposit remains open in all directions.
The mineralised trend along the major Stealth fault clearly indicates the potential to extend and join to the Red Cloud deposit south of Stealth.
Gold mineralisation has similar sub-horizontal geometry to the Cyclopic Deposit with high-grade sub-vertical cross cutting gold bearing structures also being evident.
Total metres drilled at Gold Basin during 2022 campaign is11,799m in 109 holeswith 3,714m drilled at Stealth.
The Company owns both the surface and mineral rights of the Stealth deposit.
3000+ assays at ALS laboratory still outstanding
Table 1: Gold Basin - Significant Drillhole Intersections, Stealth Deposit 2022 Drill Program.
HOLE ID | HOLE DIP | FROM (m) | DRILLED WIDTH (m) | TRUE WIDTH EST. (m) | GRADE (g/t Au) |
ST22-009 | -70 | 22.9 | 115.9 | 80.6 | 1.0 |
ST22-013 | -70 | 32 | 12.2 | 12.2 | 2.7 |
ST22-013 | -70 | 99.1 | 7.6 | 7.6 | 0.5 |
ST22-016 | Vertical | 109.7 | 21.3 | 21.3 | 0.3 |
ST22-017 | Vertical | 42.7 | 32.0 | 32.0 | 1.3 |
ST22-018 | Vertical | 25.9 | 9.1 | 9.1 | 0.3 |
ST22-019 | Vertical | 42.7 | 39.6 | 39.6 | 0.5 |
ST22-020 | -60 | 53.3 | 38.1 | 38.1 | 0.6 |
ST22-021 | Vertical | Surface | 47.2 | 47.2 | 1.0 |
ST22-022 | -60 | 4.6 | 73.2 | 60.1 | 0.9 |
ST22-023 | -60 | 45.7 | 29.0 | 29.0 | 1.4 |
Incl. | 68.6 | 6.1 | 6.1 | 2.1 | |
ST22-024 | Vertical | 57.8 | 19.8 | 19.8 | 0.5 |
ST22-025 | Vertical | 13.7 | 70.1 | 70.1 | 1.0 |
The drilling completed at the Stealth oxide gold deposit focussed on confirming historical drilling intercepts and testing both lateral and depth extensions of the known gold mineralisation. Results have exceeded all expectations, with multiple broad intersections of gold mineralisation in 23 of the 25 holes drilled. These intersections include 17 with a grade over 1g/t Au and an average thickness of 38m; in addition to these, multiple significant intersections of mineralisation greater than 0.5g/t Au also contributed to delineate a deep mineralised zone that extends almost from surface along the 350m strike length drilled.
The 2022 drill program at Stealth has tested a relatively small area (350m x 150m) of the mapped Stealth Fault that is over 8km in strike length and remains largely undrilled for most of this extent.
Map 1:Drill hole Collar Locations at Stealth Deposit 2022 Program
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Map 2: Gold Basin Deposits and Target Areas
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Background
The major features of the project are two sub-parallel, regional-scale, north-west-trending structures, approximately 1km apart that host the Cyclopic and Stealth deposits, the two major historical gold deposits on the property.
The current drilling program followed up on the excellent results from the 100-hole, ~10,000m Phase I program completed in 2020-21. The current program is testing multiple targets at the Cyclopic and Stealth deposits.
The Stealth Fault has been mapped for over 8km, a similar length to the main Cyclopic Fault. The 2022 drill program at Stealth has tested a relatively small area (350m x 150m) of the mapped Stealth Fault, which is over 8km in strike length and remains largely undrilled for most of this extent.
Quality Control and Quality Assurance
Samples are collected every 5 feet (1.52m) and are reduced on-site using a triple-tier Gilson splitter, producing a 2kg-3kg assay sample and a 3kg-5kg twin sample that can be used for metallurgical testing or re-assay work. Coarse blank material, standard reference pulps, and split duplicates are inserted into the sample stream on a 1-in-20 sample basis such that each 23-sample group contains one blank, one duplicate, and one reference pulp. Three standard reference pulps at three different gold grades (0.154ppm, 0.778ppm, and 2.58ppm) are being used. One 1.52m drill interval in every four intervals is weighed in order to monitor recovery.
Assay samples are placed in shipping sacks together with the field inserts upon completion of each hole. After four holes are completed, all assay samples are transported in their respective shipping sacks ALS in
Upon arrival in
Qualified Person
About
On Behalf of the Board of Directors
Chief Executive Officer and Director
For further information, please contact:
Phone: 1-778-650-5457
Email: Andrew@goldbasincorp.com
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
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, changes in the financial markets 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 of the
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. 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.
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