Gold Basin Resources Corp. [GXX-CSE; GXXFF-OTCQB] provided an update on the continuing phase II drilling program at the Cyclopic deposit, and on the company’s maiden drill program at the Stealth deposit on its 100%-owned Gold Basin oxide gold project in northwest Arizona.
Highlights include 60 reverse circulation (RC) holes, totalling 7,018 metres completed since February, 2022, 35 holes at the Cyclopic deposit for 3,277 metres and 25 holes at the Stealth deposit for 3,741 metres.
Samples have been sent to ALS for analysis with a continuous flow of results expected over the next three months. Drilling is continuing with an additional 60 holes planned at various high-priority targets across the property, with a focus on extensions to the Cyclopic and Stealth deposits.
Charles Straw, president, commented: “The phase II drill program at the Cyclopic oxide gold deposit builds on the success of the phase I program drilled in 2020 and 2021. It is focused on expanding the gold mineralization across strike in undrilled areas and filling in data gaps to improve drill data density. These initial results are very promising and continue to demonstrate the deposit still remains open in all directions.”
Drilling highlights included hole CM20-55 that returned 6.1 metres from surface grading 7.9 g/t gold. Hole CM20-58 returned 4.6 metres from surface grading 2.4 g/t gold. Hole CN20-52 returned 15.2 metres of 0.94 g/t gold, including 1.5 metres of 7.6 g/t gold. Intersections are true widths as holes are vertical.
The results to date at the Cyclopic oxide gold deposit are focused in the southeastern portion of the main northwest Cyclopic fault and follow up on the excellent high-grade results received on the 2020/2021 program in the same area. These latest results continue to deliver high-grade gold mineralization from surface and demonstrate the potential of the Cyclopic deposit to deliver a sizeable near-surface, flat-lying resource. The Cyclopic has continuous gold mineralization over a minimum strike-length of 1.5 kilometres and to a minimum depth of 90 metres from surface based on current drilling, still remaining open in all directions. Drilling will continue at the Cyclopic and other high-priority targets over the coming months.
Additional assays are expected in the coming weeks and will be released on a continuing basis for the coming several weeks.
Access and infrastructure at Gold Basin are excellent, with high-voltage powerlines running directly from the Hoover dam hydroelectric plant through the property. Abundant water, labour and contractors are located nearby.
The current 110-hole, approximately 12,000-metre drilling program follows up on the excellent results from the 100-hole, approximately 10,000-metre, phase I program conducted in 2020-21.
Phase I drilling established broad zones of flat-lying gold mineralization over a 1,500-metre-long by 650-metre-wide area at the Cyclopic in subhorizontal detachment faults, with higher-grade gold mineralization in cross-cutting vertical structures.
Gold Basin Resources is located in the Gold Basin mining district, Mohave County, Arizona, which comprises five mineral rights and 294 unpatented mining claims totalling 30.8 km2.