Gold Basin Resources Corporation provided an exploration update, which includes the announcement of a fully-funded 3,000-meter ("m") second quarter reverse-circulation ("RC") drill program at the Company's 100%-owned Gold Basin oxide gold project in northwestern Arizona. Two successful drill campaigns totaling 7,228 m were conducted in 2023, largely focused on the
Stealth­Gap­Red Cloud trend. Thick intersections of shallow, high grade oxide gold mineralization were returned throughout the corridor, with the Red Cloud target advancing to a bonafide at-surface high grade oxide gold deposit, located 600 m to the east-southeast of the outcropping Stealth Deposit. In addition, numerous auriferous intercepts were drilled in the Gap, a sparsely drilled 600 m zone that separates the Stealth and Red Cloud Deposits. These hits suggest the presence of a contiguous 1.5-kilometer-long oxide gold deposit throughout the full trend, which remains open along strike in both directions, and at depth, and is strategically located 800 m southwest of the 1.7- km-long at-surface Cyclopic Deposit. The first phase of 2024 RC drilling will total 3,000 m and commence in late April or Early May, with a focus on resource expansion and delineation at the Stealth­Gap­Red Cloud trend, and the Cyclopic Deposit. Gold Basin intends on drilling the Gap Zone to a ~50-meter hole or pierce point spacing, as well as testing open-ended mineralization at the adjacent deposits. The Company has its full 5 acres of allowable disturbance remaining and intends on using existing accesses to complete this round of drilling to best assess where to construct new roads for subsequent drilling in 2024. Geological Mapping and Prospecting: A variable-scale geologic mapping and prospecting program is ongoing at the Gold Basin Project, focused on understanding the structural geometry of and the controls on gold mineralization. The area of interest includes the main Cyclopic and Stealth­Gap­Red Cloud trends, and highly prospective exploration ground to the east and west of these oxide gold deposits, which hosts multiple strong undrilled gold-in-soil anomalies. To date, a total of 12 square kilometers have been mapped at a scale of 1:10,000, and within this region, the key zones of mineralization were mapped at a scale of 1:5,000, totaling approximately 5.5 square kilometers of higher resolution mapping to aid with resource definition and expansion. A digital synthesis of the program is underway. 2024 Metallurgy: To date, the Company has conducted two rounds of metallurgical testwork at Kappes, Cassiday & Associates ("KCA") in Reno, Nevada in 2021 and 2022 on composite samples from the Cyclopic Deposit. Results to date demonstrate strong recoveries that are akin to a broad range of operating heap-leach projects in the southwestern USA, demonstrating that there are no metallurgical barriers
to a heap-leach gold extraction operation at Gold Basin. Leach tests on samples from Cyclopic returned an average extraction of 72% gold and a maximum extraction of 86% gold, across the range of head grades and at varying depths and locations to
ensure representativeness. Results to date show a low sodium cyanide and reagent consumption, extremely low preg-robbing, and favorable agglomeration and compaction tests, with agglomerated samples passing percolation tests up to 100 metres dump height (KCA standard height recommendation is 40 metres). The growing gold endowment and unconstrained mineralized envelope present at the Stealth­Gap Red Cloud trend warrants an additional round of metallurgical testwork in 2024 to ensure
amenability to the current processing circuit. Gold Basin anticipates similar or improved results, based on the analogous style of mineralization, host rocks, and higher-grade nature of the Stealth Gap­Red Cloud trend. 2024 Plan of Operations: The Company will initiate a Plan of Operations in 2024, to further derisk and advance the oxide gold deposits towards development. Cedar Creek Associates, based in Ft. Collins, Colorado, has been engaged to quarterback this permitting initiative.