Gold Basin Resources Corporation (TSXV:GXX) has obtained high-grade preliminary results from the Phase 2 resource definition reverse-circulation (RC) drill programme at the company’s 100%-owned Gold Basin oxide gold project in north-western Arizona, USA.
Multiple at- or near-surface oxide gold intercepts at the Red Cloud target over 40 metres (m) in thickness with grades exceeding 1.0 g/t Au, including:
- 57.9 m @1.82g/t Au from 4.6m in hole CM23-022, incl. 15.2m @4.12g/t Au from 10.7m
- 42.7 m @2.44g/t Au from surface in hole CM23-029, incl. 18.3m @5.53g/t Au and 6.1m @11.72g/t Au from 2.13m
- 53.3 m @1.37g/t Au from surface in hole CM23-018, incl. 22.9m @2.44g/t Au from 9.1m
- 50.3 m @1.35g/t Au from surface in hole CM23-025, incl. 19.8m @2.55g/t Au from 16.8m
- 47.2 m @1.07g/t Au from surface in hole CM23-015, Incl. 18.2m @1.41g/t Au from 29.0m
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 (PLM) returned near-surface oxide gold, including:
- 24.4m @2.22g/t Au from surface in hole CM23-002, incl. 7.6m @4.33g/t Au from 16.8m
- 4.6m @1.12g/t Au from surface in hole CM23-004
PLM remains open to the south, and locally at depth;
- Assay results received in full for 29 holes, with 12 holes pending;
- RC drill rig has been secured for priority Q2 follow-up drilling (2,000m proposed).
“Preliminary assays from Gold Basin’s first drill programme 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,” CEO, Colin Smith, said.
“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 m 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 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 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 ~70m depth. At PLM, seven of 10 holes returned intermittent auriferous intervals from surface to ~87m depth.
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