Gold Basin Resources (TSXV:GXX) has reported preliminary results from their extensive 2,224-metre follow-up drill program. The investigation is taking place at the company’s fully-owned Gold Basin oxide gold project, located in north-western Arizona.

Colin Smith, CEO of Gold Basin, commented in a press release: “Preliminary assays from drilling in the Gap Zone between the Stealth and Red Cloud Deposits are very encouraging, with drillhole CM23-057, located dead-centre of the Gap, intercepting a broad zone of near-surface oxide gold comparable in grade and thickness to typical holes in the neighboring deposits. This suggests the presence of a contiguous 1.5-km-long oxide gold system throughout the Stealth-Red Cloud trend, situated only 900 metres from the 1.7-km-long Cyclopic Deposit.”

Significant near-surface oxide gold intercepts were reported at the Red Cloud Deposit, with several over 60 metres in thickness. For example, one intercept included 69.08 metres with 1.03 g/t Au from 6.10 metres in hole CM23-022A. Within this intercept, there was a section of 48.77 metres with 1.31 g/t Au from 10.67 metres.

Moreover, a substantial oxide gold intercept was discovered in the central Gap Zone, a region between Stealth Deposit and Red Cloud. This intercept comprised 60.96 metres with 0.46 g/t Au from 32.00 metres in hole CM23-057, including a part of 28.86 metres with 0.74 g/t Au from 33.53 metres. These results indicate a continuous oxide gold system along the entire 1.5-kilometre trend.

Another remarkable discovery was an anomalous oxide gold intercept, 1,700 metres step-out along strike to southeast from Red Cloud. This find, located in drillhole CM23-047, indicates that the mineralized detachment fault gold system remains intact and is promising throughout the entire open strike length. It has been identified as a priority drill target for Q3/Q4 2023.

In total, the drilling operation saw 18 RC holes and covered a distance of 2,224 metres. The results of the assays for 7 holes are still awaited. Additionally, preparations are underway for follow-up fieldwork on the 3.25-km-long, 1.7-km-long and 1.0-km-long gold trends north and east of the Cyclopic Deposit. This upcoming work will also cover the seven new visible gold occurrences discovered during Q2 2023 soil and rock sampling.

The 2023 Phase 2 Resource Definition Drill Program is focusing on examining the Gap Zone between Red Cloud and Stealth, the southeast strike of Red Cloud, and select reconnaissance targets distal to the main deposit areas. Of the 11 holes with complete results, six returned near-surface intervals of oxide gold mineralization, predominantly located from the surface to a vertical depth of 60 metres.

The regional reconnaissance drillhole CM23-047, 1.7 km along strike to the southeast from Red Cloud, offered significant findings. The results show the gold-bearing detachment fault hosting both Stealth and Red Cloud remains intact and gold-rich at least 1.7 km southeast and along the strike from Red Cloud. The extension to the trend represents a high-priority drill target for later in 2023.

Highlights from the results are as follows:

• Multiple at- or near-surface oxide gold intercepts at the Red Cloud Deposit (“Red Cloud”) over 60 metres (“m”) in thickness, including:
  • 69.08 m @ 1.03 g/t Au from 6.10 m in hole CM23-022A
    • incl. 48.77 m @ 1.31 g/t Au from 10.67 m
  • 64.01 m @ 0.56 g/t Au from 0.00 m CM23-046
    • incl. 30.48 m @ 1.00 g/t Au from 0.00 m;
• Key near-surface oxide gold intercept in the central “Gap Zone” between Stealth Deposit (“Stealth”) and Red Cloud:
  • 60.96 m @ 0.46 g/t Au from 32.00 m in hole CM23-057
    • incl. 28.86 m @ 0.74 g/t Au from 33.53 m
    • Suggests continuity of an oxide gold system along full 1.5-km-long trend;
• Entire trend is largely open at depth and along strike;
• Anomalous oxide gold intercept 1,700 m step-out along strike to southeast from Red Cloud, 3.04 m @ 0.13 g/t Au from 67.06 m in drillhole CM23-047:
  • Indicates the mineralized detachment fault gold system is intact and highly prospective along entire open strike length – priority drill target for Q3/Q4 2023;
• Total of 2,224 m drilled in 18 RC holes, with assays pending for 7 holes;
• Follow-up fieldwork is under preparation for the 3.25-km-long, 1.7-km-long and 1.0-km-long gold trends north and east of the Cyclopic Deposit, as well as the 7 new visible gold occurrences discovered during Q2 2023 soil and rock sampling.

Table 1: Significant drillhole intersections from the Q2 2023 follow-up Drill program. All intersections are interpreted to be true width.

Gold Basin Resources (TSXV:GXX) announced on April 27 significant progress in their 2023 Phase 2 Resource Definition Drill Program at the company’s wholly-owned Gold Basin oxide gold project located in northwestern Arizona. The second phase saw the completion of 41 RC drill holes, amounting to a total of 5,004.8 meters, focusing on resource definition at the Red Cloud (24 holes), PLM (10 holes), Stealth (7 holes) sites, and portions of the undrilled gap between Red Cloud and Stealth.

Colin Smith, CEO of Gold Basin commented in a press release: “Results from Gold Basin’s first drill program at Red Cloud confirm the presence of an at-surface, high-grade oxide gold system analogous to Stealth which remains largely open for expansion. We are currently mobilizing a highly portable track-mounted RC rig back to site for 2,000 metres of follow-up drilling, testing the open southeasterly strike. This trend is supported by favorable geophysical and geochemical signatures, including 25.3 g/t Au and 16.6 g/t Au rock samples, located 150 metres and 950 metres along-strike, respectively, from Red Cloud.”

Out of the 41 holes drilled, 36 have yielded near-surface oxide gold intercepts, with 13 holes showing gram*metre values exceeding 20 and 7 holes surpassing 50. A comprehensive summary of significant Phase 2 oxide gold assays can be found in Table 1.

In addition to the drilling program, a 2 km by 2 km ground gravity survey was conducted in March 2023, encompassing the Cyclopic, Red Cloud, and Stealth Deposits. The survey aimed to assess the density signature of established gold systems at Gold Basin and detect the presence of proximal untested analogues. Distinct density (gravity) anomalies were observed at all three gold deposits, leading to the identification of two highly prospective drill targets – a Cyclopic analogue (“G1”) and a deeper IOG target (“GM1”) (see Figure 1).

The G1 target, positioned equidistant between the Cyclopic and Stealth Deposits, showcases a similar exploration signature and structural model to the known gold deposits at Gold Basin. The identification of new high-angle feeder structures intersecting the gold-bearing Cyclopic Detachment Fault, together with a strong 300-m-long density anomaly akin to the Cyclopic Deposit, signal potential at the G1 target. While shallow alluvial cover masked these structures and associated surficial geochemical response, a historical drill hole near the southeastern margin of G1 encountered up to 2.40 g/t Au at 47.2 meters down-hole. The G1 target is scheduled for testing in the upcoming 2,000-meter follow-up RC drill program.

The GM1 target, a deeper untested IOG target, is associated with a 500-meter-diameter density anomaly and a strongly magnetic zone detected in the 2021 droneborne magnetics survey. The magnetic anomaly is believed to signify disseminated magnetite alteration since the 2022 IP survey indicated a low pyrite concentration. All these physical traits are characteristic of IOG systems, making the GM1 target a suitable candidate for a deeper core drilling program planned for Q3 or Q4 2023.

Highlights from the program are as follows:

• All assays received from Phase 2 reverse-circulation (“RC”) drill program, with 11 of the final 12 drill holes at the Red Cloud and Stealth targets intercepting oxide gold at vertical depths ranging from 4.6 metres (“m”) to 182.9 m down-hole;
• Multiple holes, including the deepest hole in the program (CM-23-040 drilled to 182.9 m 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 1.40 g/t Au over 4.6 m from 45.7 m in drill hole CM23-040, suggesting mineralized continuity along the entire 1.2 kilometre (“km”) strike extent drilled to date;
• Track-mounted “Grasshopper” RC drill rig currently mobilizing to Gold Basin for 2,000 metres of priority follow-up drilling given the highly successful Phase 2 program, 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 2,000 metre follow-up program
  • Deeper Iron Oxide Gold (“IOG”) target underneath Cyclopic which hosts strong coincident density and magnetic anomalies – to be tested later in Q3 or Q4 2023 by deeper core drilling.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.