Diamond drilling at Stealth deposit provides large areas of gold mineralization, including 23m downhole at 1g / t gold

Vancouver, British Columbia –News Direct– Gold Basin Resources Corporation

October 7, 2021 – TheNewswire – Vancouver, British Columbia – Gold Basin Resources Corporation (the “Company” or “Gold Basin”) (CNSX: GXX.CN) OTC: GXXFF) is pleased to announce that the analytical results were received for two of the diamond drill holes from the Stealth deposit (the “Stealth Deposit”) located in the Company’s 100% -owned Gold Basin oxide project in northwestern Arizona (the “ Gold Basin Project ”or the“ Project ”), approximately 900 m west of the Cyclopic Depot.

STRONG POINTS

  • – STDD001 was drilled at a high angle (70 degree dip) perpendicular to the main Stealth fault to a depth of 164 m.

    – STDD002 was drilled on a subvertical dip (83 degrees) to a total depth of 110m.

    – The two holes intersected the two zones of mineralized detachment faults as expected.

    – STDD001 intersected a large zone of 55.8 m at 0.7 g / t gold from 18.3 m.

Michael Povey, CEO of Gold Basin, commented: “This drilling provides strong evidence that the two zones of mineralized detachment are intact at the Stealth deposit and occur at an elevation similar to the mineralized detachments at the Cyclopic deposit.”

FUTURE DEPT

The two diamond drill holes were drilled in the southern portion of the Stealth deposit. The holes were primarily designed to confirm and supplement the structural information available from historical drilling done by previous owners in the 1990s. See Table 1 for hole details.

The two holes drilled by the Company have delivered encouraging results, confirming the mineral structures and gold mineralization present at the Stealth deposit, making it an attractive target that warrants high priority drilling in the next exploration program.

This drilling provides strong evidence that the two zones of mineralized detachment are intact at the Stealth deposit and lie at a similar elevation to the mineralized detachments at the Cyclopic deposit (see Map 1).

Some of the gold mineralization intersected at the Stealth deposit occurs in weakly weathered basement gneiss that has fine hematite dust. This style of gold mineralization is very interesting because it suggests that the basement gneiss unit may be preferentially mineralized rather than associated with hydrothermal alteration. Breaches were also noted which may be related to faults. Further drilling is planned for later in the fall of 2021 to test the lateral and depth extensions of the Stealth deposit. Map 2 below shows the location of the Stealth deposit in relation to the entire Cyclopic deposit and other mineralized targets of the Gold Basin project.

Map 1: Historic locations of the Stealth Gold deposit and gold basin holes (GXX)

Click on the image to view it in full size

Map 2: Regional characteristics of the gold basin and gold deposits

Click on the image to view it in full size

Table 1: Information on drill holes and gold intersections

NECKLACE INFORMATION

GOLD QUALITY

Hole ID

East (UTM)

North (UTM

Azimuth (GN)

Soak

Depth m

From m

To M

Width

At ppm

STDD21-001

747462

3962877

29

-68.10

164.00

18.3

74.1

55.8

0.70

18.3

41.5

23.2

1.01

133.5

150.3

16.8

0.5

STDD21-002

747468

3962930

80

-83.00

110.90

74.4

110.9

36.5

0.56

91.1

100.3

9.2

0.97

QUALITY CONTROL AND QUALITY ASSURANCE

The Company drilled both diamond drill holes using HQ Core. The carrot was transported to a cutting facility in Nevada where it was cut and saved by contractors from Gold Basin. The cut core was sampled at 5 foot intervals and half of the core was retained.

Coarse virgin material, standard reference pastes are inserted into the sample stream. Three standard reference pastes with three different gold grades (0.154 ppm, 0.778 ppm and 2.58 ppm) are used. A drill interval of 1.52 m every four intervals is weighed to monitor recovery.

The samples were transported to American Assay Lab (“AAL”) in Reno, Nevada. Prior to shipment, all analytical samples are maintained under the direct control and supervision of on-site geological personnel.

Upon arrival in Reno, Nevada at AAL, samples are prepared using AAL code PV03 (spray 0.3 kg divided at 85% passing 75 microns) and fire tested for gold using AAL code FA procedure -PB30-ICP (30g light with ICP -OES finish). AAL also inserts its own certified reference materials as well as blanks and duplicates.

QUALIFIED PERSON

Charles Straw BSc., A Qualified Person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis of this press release and has approved the disclosure in this document. Mr. Straw has verified the data disclosed in this press release and reviewed the applicable analysis databases and certificates of analysis. Mr. Straw is not independent of the Company as he is President and Director of the Company and holds securities of the Company.

ABOUT GOLD BASIN RESOURCES CORPORATION

Gold Basin Resources is engaged in mineral exploration and the acquisition of mining assets in North America, including the Gold Basin project located in the Gold Basin mining district in Mohave County, Arizona, which includes five mineral rights (2,389.34 acres) and 290 unpatented mining claims (5,280 acres), totaling 7,669.34 acres. Its objective is to locate and develop valuable economic properties of precious and base metals. Gold Basin is led by a team with a proven track record in mineral exploration, project development, capital markets and major transactions.

Gold Basin is proud to be a member of the Discovery Group.

On behalf of the board of directors

Michel Povey

Chairman and CEO and Director

For more information, please contact:

Andrew Mendelawitz, Investor Relations Phone: 1-778-650-5457

FORWARD-LOOKING STATEMENTS:

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, 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 assay results of other programs, future plans for drilling at the Stealth deposit, expectations of the Company that it will successfully implement its business plans, and the expected business plans and schedule of future activities of the Company, are forward-looking statements. While the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “believe”, “will”, “expects”, “anticipates”, “intend”, “believes”, “plans”, “may” , “Should”, “”, “planned”, or variations of such words and expressions and similar expressions, which by their nature refer to future events or results which could, could, could, could or will occur or be caught or achieved.In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, without limitation, that there will be an investor interest in future fundings, market fundamentals will result in sustained demand and prices for precious metals, receipt of all necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company’s projects in a timely manner, availability financing on appropriate terms for the exploration and development of the Company’s projects and the Company’s ability to comply with environmental standards, health and safety laws.

The Company cautions investors that the Company’s forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those of forward-looking statements due to various factors, including operational and technical difficulties in related to mineral exploration and development activities, the actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing to carry out its activities and affairs, as currently envisioned, the timing and amount of estimated future production, production costs, capital expenditures, costs and timing of new field development, additional capital requirements, prices futures of precious metals, changes in general economic conditions, changes in nts in the financial markets and in the market demand and prices for raw materials, lack of investor interest in future financing, accidents, labor disputes and other risks of the mining industry, delays in the obtaining government approvals, permits or funding or in the completion of development or construction activities, risks related to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, the situation financial and operating results of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, inability of the Company to obtain the necessary permits, consents, approvals or authorizations, including understood by the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and responsibilities and risks related to joint venture activities, and other risks and uncertainties disclosed in the Company’s latest MD&A and filed with certain securities commissions in Canada. All of the Company’s Canadian public information materials can be found at www.sedar.com and readers are urged to consult these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update any forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.

See the source version on newsdirect.com: https://newsdirect.com/news/diamond-drilling-at-stealth-deposit-delivers-broad-zones-of-gold-mineralisation-include-23m-downhole-at-1g – t-or-732648557

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Kristina McManus

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