Gold Basin sees high-grade potential in Arizona
Gold Basin Resources Corp. [GXX-CSE, GXXFF-OTC] on Wednesday released an update on its maiden drill program at the company’s 100% owned Stealth deposit at the Gold Basin oxide gold project in Mohave County, northwest Arizona.
Drilling highlights include multiple intersections over 20 metres in thickness and grades exceeding 1.0 g/t gold. Results to date include 51.8 metres of 1.4 g/t gold from 13.7 metres in hole ST22-003.
Gold Basin is the company’s flagship project. It is situated in a transition zone between the highly-productive gold mineralization of the Walker Lane and Arizona copper belts. Located 90 kilometres southeast of Las Vegas, it is accessible via pave roads, and has ready access to hydro electric power from the Hoover Dam.
It is worth noting that the project was fully-permitted as a heap leach gold operation in the mid-1990s.
Highly-positive drill results and well-defined targets across the 30 square kilometre land holding, convinced Gold Basin to acquire a 100% interest in the project two years ago from former owners Centric Minerals Corp. and Aurum Exploration Inc. Gold Basin issued 15 million shares in return for Aurum’s project interest.
A February, 2021, technical report says that while the site contains a number of former mines, the only documented production is from the old Cyclopic mine, which produced over 4,000 ounces between the 1890s and 1938.
The major features of the project are two sub-parallel regional-scale northwest trending structures approximately 1.0 kilometre apart, that host the Cyclopic and Stealth deposits, the two major historical gold deposits on the property.
The current 110-hole (12,000 metres) drilling program follows up on the excellent results from the 100-hole, 10,000-metre, Phase 1 program completed in 2020-21. The current program is testing multiple targets at the Cyclopic and Stealth deposits.
The Stealth Deposit lies 900 metres south-west of the Cyclopic Deposit, on a north-west trending structure (the Stealth Fault) sub-parallel to the Cyclopic Fault. The Stealth Fault has been mapped for over 8.0 kilometres, a similar length to the main Cyclopic Fault.
The current drilling at the Stealth deposit is the maiden program for the company in this part of the project, designed to test previous gold intersections in historical drilling as well as extensions of known gold mineralization.
“These first results from our maiden drill program at Stealth are outstanding and exceed any expectations we had based on historic exploration data,” said Gold Basin CEO Mike Povey.
“In addition to excellent grades, the multiple thick intersections are extremely encouraging and indicative that the potential for a higher-grade, near-surface resource at Stealth is very high.”
The 2022 drill program at Stealth has tested a relatively small area (350 metres x 150 metres) of the mapped Stealth Fault, which remains largely undrilled for most of its extent. The company said 25 reverse circulation holes (3,741 metres) have been completed at Stealth, including 20 vertical and five high-angle holes.
Gold Basin shares were unchanged at 20 cents in early morning trading Wednesday. The shares currently trade in a 52-week range of 46 cents and 18 cents.