(TheNewswire)
Vancouver,BritishColumbia – TheNewswire - October 6th, 2022:GoldBasinResourcesCorporation(the"Company"or"Gold Basin") – (TSXV:GXX), (OTC:GXXFF)is pleased to report the Company’s review and analysis of historical drill data on the Red Cloud deposit claims has highlighted the exciting potential of over 1 kilometre of potential strike extension of the mineralisation of the Stealth deposit at its 100%-owned Gold Basin project in Mohave County, Northern Arizona, USA.
Red Cloud Historical Drilling
Further to the Company’s Option Agreement (News Release dated May 10, 2022) whereby the company took an option to purchase an additional forty (40) unpatented BLM minerals claims that lie primarily in the area situated between the Cyclopic and Stealth deposits. The Company has been able to further assess historical drill data within these claim areas where the largest concentration of historical drill holes consisting of 39 holes (with an average depth of less than 70 metres) were in an area known as the Red Cloud deposit. Whilst gold intersections at this location were previously known by the Company a new analysis of the data has enabled an accurate geo location of the holes in relation to the major structural features and the Stealth deposit.
The position of the Red Cloud mineralisation correlates with a position along and straddling the Stealth fault, a major structural feature that the Company’s recent geophysical interpretation has shown to extend several kilometres on an approximate NW-SE trend. The Stealth deposit lies along this fault and the historical Red Cloud drilling clearly suggests over 1 kilometre of potential strike extension of the oxide gold mineralisation between the two deposits. (Figure 1)
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Figure 1: Stealth-Red Cloud Mineralization Zones
The mineralisation intersected historically at Red Cloud starts from near surface and corresponds closely with the form and grade intersected with the Company’s drilling at Stealth in its last drill program. These consistencies provide a great deal of optimism for future drilling.
The current gap in drilling apart from 3 holes situated almost midway between the Stealth and Red Cloud deposits is over 600 metres in length and both deposits remain open both to the NW and SE along the Stealth Fault and at depth. The Company’s next phase of drilling is designed to test the drilling data gap between the Stealth and Red Cloud deposits and also extend the drilling SE along the fault zone through Red Cloud .
The Company is also in the process of further evaluating a number of historical drillholes drilled on an East-West line between Cyclopic and Stealth in the northern section of the new claim areas that have also intersected gold mineralisation
Figure 2 shows the Stealth and Red Cloud deposits in relation to the Stealth Fault and the Cyclopic Deposit that sits on the parallel Cyclopic Fault approximately 900 metres east. It is also noteworthy that mineralisation at the PLM deposit about 3.5km SE of Red Cloud also lies on the same trend of the Stealth Fault.
Figure 2: Gold Basin Deposits and Main Faults
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Similar to the situation with Stealth and Red Cloud, no drilling data is available for the large distance interval in between the Red Cloud and PLM deposit areas and provides another compelling future exploration target.
ABOUTGOLDBASINRESOURCESCORPORATION
Gold Basin Resources is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America, including the Gold Basin Property located in the Gold Basin Mining District, Mohave County, Arizona, which comprises five mineral rights and 294 unpatented mining claims totalling 30.8 square kilometres. A total of 74 new unpatented claims and an Option to acquire additional claims has expanded the total land footprint to 42 square kilometres.
For further information, please visit the Company’s web site at: www.goldbasincorp.com
Gold Basin is a member of Discovery Group, an alliance of public companies focused on the advancement of mineral exploration and mining projects. For more information please visit: discoverygroup.ca.
OnBehalfoftheBoardofDirectors
MichaelPovey
ChiefExecutiveOfficerandDirector
Forfurtherinformation,pleasecontact:
Michael Rapsch, Investor Relations
Phone:1-604-331-5093
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
QUALIFIEDPERSON
Michael Povey M.Sc BSc.( Hons) M.Aus IMM a qualified person as defined by NI 43-101, has reviewed the scientific and technicalinformationthatformsthebasisforthisnewsreleaseandhasapprovedthedisclosureherein. Mr. Povey has verified the data disclosed in this news release, and has reviewed the applicable report (KCA0210118_CYC01_03 dated 30/12/2021). Mr. Povey is not independent of the Company as he is the CEO and a director of the Company and holdssecuritiesofthe Company.
FORWARD-LOOKINGSTATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, future results from the comprehensive work program on PQ core from the Cyclopic deposit, the Company's expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
TheCompanycautionsinvestorsthatanyforward-lookingstatementsbytheCompanyarenotguaranteesoffutureresultsorperformance,andthatactualresultsmaydiffermateriallyfromthoseinforward-lookingstatementsasaresult of various factors, including, operating and technical difficulties in connection with mineral exploration anddevelopmentactivities,actualresultsofexplorationactivities,theestimationorrealizationofmineralreservesandmineral resources, the inability of the Company to obtain the necessary financing required to conduct its businessand affairs, as currently contemplated, the timing and amount of estimated futureproduction, the costs ofproduction, capital expenditures, the costs and timing of the development of new deposits, requirements foradditionalcapital,futurepricesofpreciousmetals,changesingeneraleconomicconditions,changesinthefinancialmarkets and in the demand and market price for commodities, lack of investor interest in future financings,accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals,permits or financing or in the completion of development or construction activities, risks relating to epidemics orpandemicssuchasCOVID–19,includingtheimpactofCOVID–19ontheCompany'sbusiness,financialconditionandresults of operations, changes in laws, regulations and policies affecting mining operations, title disputes, theinability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of theTSX VentureExchange,thetimingandpossibleoutcomeofanypendinglitigation,environmentalissuesandliabilities,andrisksrelatedtojointventureoperations,andotherrisksanduncertaintiesdisclosedintheCompany'slatest Management's Discussion and Analysis and filed with certain securities commissions in Canada. All of theCompany'sCanadianpublicdisclosurefilingsmaybeaccessedviawww.sedar.comandreadersareurgedtoreviewthesematerials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes noobligation to update any of the forward-looking statements in this news release or incorporated by referenceherein,except as otherwise requiredbylaw.
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