Gold Basin Secures Key Ground Between Cyclopic and StealthVancouver, British Columbia, May 10, 2022: Gold Basin Resources Corp. (the "Company" or "GXX", TSXV: GXX; OTCQB: GXXFF) is pleased to announce the signing of an option agreement to consolidate its ground position at the Gold Basin oxide gold project in north-west Arizona.
HIGHLIGHTS • Option Agreement signed to acquire 100% interest in forty (40) unpatented mining claims located between the Cyclopic and Stealth deposits, consolidating the entire Gold Basin project area. • New ground has excellent potential to host extensions of both the Cyclopic and Stealth mineralisation. • Historical drilling on the Option claims has previously intercepted gold mineralisation, notably at the Red Cloud deposit, which lies to the south-east of the Stealth Deposit on the same north-west structure. • The Company has also staked 74 new claims adjacent to its existing land package to secure exploration targets identified by geophysical survey data. • Total claim area under the Company’s control will increase to 40 km2 upon grant of these claims. Michael Povey, CEO of Gold Basin commented: “We are extremely pleased to sign this Agreement and acquire security over the entire Gold Basin mineralisation footprint. The new ground, located between the Cyclopic and Stealth Deposits, has been with the current owners for a considerable period of time so the Option Agreement is a particularly welcome development as it enables the Company to finally fit all the key areas at Gold Basin together as one contiguous land “package”. This is the first time that this consolidation of adjacent properties has been achieved so it is a very significant step for the Company. Exploration on these claims has been limited historically, however, previous exploration in the 1980s and 1990s did intercept some promising gold mineralisation at the Red Cloud deposit south of Stealth, with the land between the Cyclopic and Stealth Deposits remaining largely undrilled. Given their location based on the structural geology, these claim areas have excellent potential to host extensions of the known mineralisation of both the Cyclopic and the Stealth deposits so we are looking forward to evaluating these additional targets as we seek to expand the overall resources at Gold Basin.”