Gold Basin Resources Corporation (TSXV:GXX) has obtained promising exploration results at the company’s wholly-owned Gold Basin oxide gold project in north-western Arizona.
Highlights
- All assays received from Phase 2 reverse-circulation (RC) drill programme, with 11 of the final 12 drill holes at the Red Cloud and Stealth targets intercepting oxide gold at vertical depths ranging from 4.6m to 182.9m down-hole;
- Multiple holes, including the deepest hole in the program (CM-23-040 drilled to 182.9m 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 1.40g/t Au over 4.6m from 45.7m in drill hole CM23-040, suggesting mineralized continuity along the entire 1.2km strike extent drilled to date;
- Track-mounted “Grasshopper” RC drill rig currently mobilizing to Gold Basin for 2,000m of priority follow-up drilling given the highly successful Phase 2 programme, 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 2,000m follow-up programme
- Deeper Iron Oxide Gold (“OG) target underneath Cyclopic which hosts strong coincident density and magnetic anomalies – to be tested later in Q3 or Q4 2023 by deeper core drilling.
“Results from Gold Basin’s first drill programme at Red Cloud confirm the presence of an at-surface, high-grade oxide gold system analogous to Stealth which remains largely open for expansion,” CEO, Colin Smith, said.
“We are currently mobilizing a highly portable track-mounted RC rig back to site for 2,000m of follow-up drilling, testing the open southeasterly strike. This trend is supported by favourable geophysical and geochemical signatures, including 25.3g/t Au and 16.6 g/t Au rock samples, located 150m and 950m along-strike, respectively, from Red Cloud.”
2023 Phase 2 Resource Definition Drill Programme
A total of 5,004.8m 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 (seven holes), and portions of the undrilled gap in between Red Cloud and Stealth.
Of the 41 holes drilled, 36 returned near-surface oxide gold intercepts, including 13 holes with gram metre values exceeding 20, and seven holes with grammetre values exceeding 50.
For further information please visit: https://goldbasincorp.com/
