Gold Basin Resources (TSXV:GXX) Advances Exploration at Gold Basin Project and Announces a 2000-Metre Follow-Up RC Drill Program

Figure 1: Ground gravity survey, with G1 (Cyclopic analogue) and GM1 (IOG signature) targets. Source: Gold Basin Resources

Gold Basin Resources (TSXV:GXX) announced on April 27 significant progress in their 2023 Phase 2 Resource Definition Drill Program at the company’s wholly-owned Gold Basin oxide gold project located in northwestern Arizona. The second phase saw the completion of 41 RC drill holes, amounting to a total of 5,004.8 meters, focusing on resource definition at the Red Cloud (24 holes), PLM (10 holes), Stealth (7 holes) sites, and portions of the undrilled gap between Red Cloud and Stealth.

Colin Smith, CEO of Gold Basin commented in a press release: “Results from Gold Basin’s first drill program at Red Cloud confirm the presence of an at-surface, high-grade oxide gold system analogous to Stealth which remains largely open for expansion. We are currently mobilizing a highly portable track-mounted RC rig back to site for 2,000 metres of follow-up drilling, testing the open southeasterly strike. This trend is supported by favorable geophysical and geochemical signatures, including 25.3 g/t Au and 16.6 g/t Au rock samples, located 150 metres and 950 metres along-strike, respectively, from Red Cloud.”

Out of the 41 holes drilled, 36 have yielded near-surface oxide gold intercepts, with 13 holes showing gram*metre values exceeding 20 and 7 holes surpassing 50. A comprehensive summary of significant Phase 2 oxide gold assays can be found in Table 1.

In addition to the drilling program, a 2 km by 2 km ground gravity survey was conducted in March 2023, encompassing the Cyclopic, Red Cloud, and Stealth Deposits. The survey aimed to assess the density signature of established gold systems at Gold Basin and detect the presence of proximal untested analogues. Distinct density (gravity) anomalies were observed at all three gold deposits, leading to the identification of two highly prospective drill targets – a Cyclopic analogue (“G1”) and a deeper IOG target (“GM1”) (see Figure 1).

The G1 target, positioned equidistant between the Cyclopic and Stealth Deposits, showcases a similar exploration signature and structural model to the known gold deposits at Gold Basin. The identification of new high-angle feeder structures intersecting the gold-bearing Cyclopic Detachment Fault, together with a strong 300-m-long density anomaly akin to the Cyclopic Deposit, signal potential at the G1 target. While shallow alluvial cover masked these structures and associated surficial geochemical response, a historical drill hole near the southeastern margin of G1 encountered up to 2.40 g/t Au at 47.2 meters down-hole. The G1 target is scheduled for testing in the upcoming 2,000-meter follow-up RC drill program.

The GM1 target, a deeper untested IOG target, is associated with a 500-meter-diameter density anomaly and a strongly magnetic zone detected in the 2021 droneborne magnetics survey. The magnetic anomaly is believed to signify disseminated magnetite alteration since the 2022 IP survey indicated a low pyrite concentration. All these physical traits are characteristic of IOG systems, making the GM1 target a suitable candidate for a deeper core drilling program planned for Q3 or Q4 2023.

Highlights from the program are as follows:

  • All assays received from Phase 2 reverse-circulation (“RC”) drill program, with 11 of the final 12 drill holes at the Red Cloud and Stealth targets intercepting oxide gold at vertical depths ranging from 4.6 metres (“m”) to 182.9 m down-hole;
  • Multiple holes, including the deepest hole in the program (CM-23-040 drilled to 182.9 m in Gap Zone) ended in oxide gold mineralization, suggesting a second untested mineralized detachment plane is present at depth;
  • Red Cloud and Stealth remain open along strike to the northwest and southeast, and both 2023 drill holes testing the Gap Zone between the two targets returned gold assays, including 1.40 g/t Au over 4.6 m from 45.7 m in drill hole CM23-040, suggesting mineralized continuity along the entire 1.2 kilometre (“km”) strike extent drilled to date;
  • Track-mounted “Grasshopper” RC drill rig currently mobilizing to Gold Basin for 2,000 metres of priority follow-up drilling given the highly successful Phase 2 program, testing the open southeasterly strike at Red Cloud;
  • March 2023 ground gravity survey conducted over Cyclopic, Red Cloud and a portion of Stealth defined two additional high-priority drill targets:
    • Shallow Cyclopic analogue target equidistant between Cyclopic and Stealth, undetected by previous conventional exploration due to shallow alluvial cover – may be tested in the 2,000 metre follow-up program
    • Deeper Iron Oxide Gold (“IOG”) target underneath Cyclopic which hosts strong coincident density and magnetic anomalies – to be tested later in Q3 or Q4 2023 by deeper core drilling.
Table 1: Significant drill hole intersections from the Q1 2023 drill program. All intersections are interpreted to be true width.

Target Released Hole ID From (m) To (m) Intersection (m) Au (g/t)
PLM 2023-03-22 CM23-002 0 24.4 24.4 2.22
PLM 2023-03-22 incl. 19.8 21.3 1.5 14.3
PLM 2023-03-22 CM23-004 0 4.6 4.6 1.12
PLM 2023-03-22 CM23-005 21.3 29.0 7.7 0.43
Red Cloud 2023-03-22 CM23-011 0 24.4 24.4 0.54
Red Cloud 2023-03-22 and 35.1 42.7 7.6 0.6
Red Cloud 2023-03-22 CM23-012 3.0 56.4 53.4 0.48
Red Cloud 2023-03-22 CM23-014 57.9 64.0 6.1 0.56
Red Cloud 2023-03-22 CM23-015 0 47.2 47.2 1.07
Red Cloud 2023-03-22 incl. 29.0 47.2 18.2 1.41
Red Cloud 2023-03-22 and 67.1 86.9 19.8 0.38
Red Cloud 2023-03-22 and 100.6 105.2 4.6 0.69
Red Cloud 2023-03-22 CM23-016 12.2 50.3 38.1 0.67
Red Cloud 2023-03-22 incl. 30.5 42.7 12.2 1.46
Red Cloud 2023-03-22 CM23-017 0 59.4 59.4 0.84
Red Cloud 2023-03-22 incl. 54.9 56.4 1.5 19
Red Cloud 2023-03-22 CM23-018 0 53.3 53.3 1.37
Red Cloud 2023-03-22 incl. 9.1 32.0 22.9 2.44
Red Cloud 2023-03-22 and 77.7 83.8 6.1 0.44
Red Cloud 2023-03-22 CM23-019 0 67.1 67.1 0.59
Red Cloud 2023-03-22 CM23-020 54.9 61.0 6.1 2
Red Cloud 2023-03-22 CM23-022 4.6 62.5 57.9 1.82
Red Cloud 2023-03-22 incl. 10.7 25.9 15.2 4.12
Red Cloud 2023-03-22 incl. 41.1 48.8 7.7 3.52
Red Cloud 2023-03-22 CM23-023 16.8 68.6 51.8 0.45
Red Cloud 2023-03-22 CM23-024 0 44.2 44.2 0.88
Red Cloud 2023-03-22 incl. 25.9 33.5 7.6 1.92
Red Cloud 2023-03-22 CM23-025 0 50.3 50.3 1.35
Red Cloud 2023-03-22 incl. 16.8 36.6 19.8 2.55
Red Cloud 2023-03-22 CM23-026 0 56.4 56.4 0.37
Red Cloud 2023-03-22 CM23-028 10.7 36.6 25.9 0.36
Red Cloud 2023-03-22 CM23-029 0 42.7 42.7 2.44
Red Cloud 2023-03-22 incl. 21.3 39.6 18.3 5.53
Red Cloud 2023-03-22 incl. 21.3 27.4 6.1 11.72
Red Cloud 2023-04-27 CM23-030 16.8 54.9 38.1 0.43
Red Cloud 2023-04-27 incl. 16.8 30.5 13.7 0.95
Red Cloud 2023-04-27 CM23-031 64.0 67.1 3.0 1.84
Red Cloud 2023-04-27 and 88.4 103.6 15.2 0.54
Stealth 2023-04-27 CM23-038 33.5 47.2 13.7 0.50
Gap Zone 2023-04-27 CM23-040 45.7 50.3 4.6 1.40



The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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