Gold Basin Resources Corp. [GXX-TSXV; GXXFF-OTCQB] released preliminary results from the phase 2 resource definition reverse circulation drill program at the 100%-owned Gold Basin oxide gold project in northwestern Arizona.
Highlights: Multiple at-surface or near-surface oxide gold intercepts at the Red Cloud target over 40 metres in thickness with grades exceeding 1 g/t gold, including 57.9 metres at 1.82 g/t gold from 4.6 metres in hole CM23-022, including 15.2 metres at 4.12 g/t gold from 10.7 metres.
CM23-029 returned 42.7 metres at 2.44 g/t gold from surface, including 18.3 metres at 5.53 g/t gold and 6.1 metres at 11.72 g/t gold from 2.13 metres. CM23-018 returned 53.3 metres at 1.37 g/t gold from surface, including 22.9 metres at 2.44 g/t gold from 9.1 metres.
CM23-025 returned 50.3 metres at 1.35 g/t gold from surface, including 19.8 metres at 2.55 g/t gold from 16.8 metres. CM23-015 returned 47.2 metres at 1.07 g/t gold from surface, including 18.2 metres at 1.41 g/t gold from 29.0 metres.
Red Cloud remains open in all directions, with 18 of 19 holes received to date returning broad, shallow intervals of oxide gold mineralization.
Seven of ten holes at the PLM target returned near-surface oxide gold, including 24.4 metres at 2.22 g/t gold from surface in hole CM23-002, including 7.6 metres at 4.33 g/t gold from 16.8 metres. CM23-004 returned 4.6 metres at 1.12 g/t gold from surface.
PLM remains open to the south, and locally at depth. Assay results received in full for 29 holes, with 12 holes pending. An RC drill rig has been secured for priority Q2 follow-up drilling (2,000 m proposed).
Colin Smith, CEO, commented: “Preliminary assays from Gold Basin’s first drill program at Red Cloud represent some of the best oxide gold results to date for the company at the project and are comparable with the Stealth Deposit drill intervals. The geology, grade, thickness, and shallow nature of the gold endowment suggests a potentially analogous and contiguous system to the high-grade Stealth Deposit, located 650 metres along strike to the northwest. We eagerly await the results for nine holes drilled between Red Cloud and Stealth, testing for the presence of a continuous 1.5-km-long oxide gold deposit situated on a parallel structure to the 1.7-km-long Cyclopic Deposit.”
2023 Phase 2 resource definition drill program: A total of 5,004.8 metres were drilled in 41 RC drill holes in Phase 2 with a focus on resource definition at the Red Cloud (24 holes), PLM (10 holes), Stealth (7 holes), and portions of the undrilled gaps in between Red Cloud and Stealth.
Of the 29 holes with results received in full, 18 of 19 holes at Red Cloud intercepted broad, near-surface intervals of oxide gold mineralization, hosted dominantly from surface to approximately 70 metres depth. At PLM, 7 of 10 holes returned intermittent auriferous intervals from surface to approximately 87 metres depth. See an attached table for a summary of significant 2023 oxide gold assays received to date.
The Gold Basin property, located in the Gold Basin Mining District, Mohave County, Arizona, comprises five mineral rights and 294 unpatented mining claims totalling 30.8 km2. A total of 74 new unpatented claims and an option to acquire additional claims has expanded the total land footprint to 42 km2.