Gold Basin intersects 8.83 g/t gold over 1.5 metres at Gold Basin, Arizona

Gold Basin Resources Corp. [GXX-TSXV; GXXFF-OTCQB] provided an update of the results from the phase 1 resource definition drill program at the Cyclopic deposit on its 100%-owned Gold Basin oxide gold project in northwest Arizona.

Highlights: Results are reported from the final 44 holes at Cyclopic Deposit in the 2022 drill program (23 holes were previously announced). A total of 67 reverse circulation (RC) holes drilled at the Cyclopic Deposit for 6,361 metres.

The program was designed to increase drill hole density (50m x 50m to a depth of 90m) through the south-eastern portion of the 1.6km long Cyclopic iron oxide gold deposit (covering an 850m x 600m envelope) to enable the planned completion of a resource estimate in 2023 to be completed plus test for extensions to gold mineralisation to the north-west, towards the historic Fry Mine, and to the East of the historic Cyclopic open pit area.

Samples were analysed at ALS with all assays now received and incorporated into the Cyclopic deposit model. Holes in the main south-eastern portion of the deposit continued to intersect flat lying oxide gold mineralization in line with interpretation of sub horizontal detachment planes.

Charles Straw, president, commented, “The Phase 1 Resource Definition drill program at the Cyclopic iron oxide gold deposit builds on the success of the previous drill programs in 2020 and 2021. It was focused on increasing drill hole density in the south-eastern portion of the Cyclopic deposit to enable an NI 43-101 compliant resource estimate to be completed in 2023 as well as expanding the gold mineralization to the north-west and north-east of the deposit.”

Hole CM20 returned 6.4 metres (from surface) grading 7.6 g/t gold. CM20 returned 4.6 g/t gold (from surface) grading 2.4 g/t gold. CM20-52 returned 15.2 metres of 0.9 g/t gold, including 1.5 metres of 7.6 g/t gold. CM20-60 returned 13.7 metres (from surface) of 2.2 g/t gold, including 6.0 metres of 4.4 g/t gold. Refer to original press release for complete drill results.

These results comprise intersections from 44 RC drill holes completed in April and May 2022 and complement the initial Cyclopic drill results announced on April 12, 2022. All but 3 holes encountered gold mineralization with 37 holes returning the significant intersections.

The majority of these intersections lie within the main or central zone of gold mineralization that forms an approximately 200m wide “corridor” astride the Cyclopic Fault that has a current strike extent of 1.6km.

The new gold intersections at Cyclopic continue to show the sub-horizontal layering of mineralization with varying thickness and the previously identified “pinch and swell” variability. Cyclopic continues to provide gold intercepts that expand the deposit that are characterized with higher grade intersections particularly close to surface in the north and southern sections of the deposit.

In addition to these holes that in-filled gaps in drill coverage in the main Cyclopic zone a total of 19 drill holes were targeted outside this central zone and were designed to scout for resource extensions and exploration data in three main areas: West Cyclopic, East Cyclopic and NW towards the Fry Mine.

Cyclopic West and North-West: 11 drill holes were staggered along strike on the western side of Cyclopic with an approximate 100-metre spacing. Of these, the holes within the northerly section: CM22-013, from 100.58m, returned 4.6m of 2.3g/t Au, including 1.5m at 8.83g/t Au. CM22-012 from 68.6m, returned 25.5m of 0.3g/t Au, including 6m at 0.72g/t Au. CM22-033, from surface, returned 10.5m of 0.3g/t Au. CM22-037, from 18.3m, returned 13.5m of 0.3g/t Au, and returned 6.1m of 1.2g/t Au from 79.2m. CM22-009, from 35m, returned 6.1m of 0.6g/t Au.

Of particular note are holes CM22- 013 and CM22-009, the latter hole drilled in the NW of Cyclopic showing near surface mineralization 75 metres west of previous drilling and CM22-013 encountering higher grade gold at 100.6 metres depth to its end depth of 106 metres.

Cyclopic East: A total of 8 drill holes were drilled on the eastern side of a topographic high that is situated on the eastern flank of the central Cyclopic zone. These holes were drilled where access was readily available and formed an arc trending NE on approximate 100 metres spacing. The most significant intersections were those on the NW end of the arc where CM22-130 returned, from 57.9 metres, 4.5 metres of1.14 g/t gold and lies within the NE target area HC1 identified in the geophysical analysis.

Access and infrastructure at the Gold Basin Project 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.