Gold Basin Resources Corporation (TSX-V:GXX) has unveiled positive results from the first phase resource definition drill program at the Cyclopic deposit on its Gold Basin oxide gold project in Arizona, USA, ahead of a planned NI 43- 101 resource estimate to be completed next year.
The latest assays come from 44 reverse circulation (RC) holes, which were sunk in April and May of this year, and standout intersections included 6.4 metres (m) from surface, hitting 7.6 grams per ton (g/t) gold in one hole.
Another hit 8.8 g/t of the yellow metal over 1.5m from 100.6m depth, within a wider length of 4.6m at 2.3 g/t gold.
"The Phase 1 Resource Definition drill program at the Cyclopic iron oxide gold deposit builds on the success of the previous drill programs in 2020 and 2021," Charles Straw, the president of Gold Basin told investors in a statement.
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"It was focused on increasing drill hole density in the south-eastern portion of the Cyclopic deposit to enable an NI 43-101 compliant resource estimate to be completed in 2023 as well as expanding the gold mineralisation to the north-west and north-east of the deposit," he added.
In total, 67 RC holes were drilled at the Cyclopic deposit for 6,361m and assays from 23 holes were reported previously.
The majority of the latest intersections lie within the main or central zone of gold mineralisation that forms a 200m wide "corridor" astride the Cyclopic fault, which has a current strike of 1.6 kilometres (km), the company noted.
Cyclopic continues to provide gold intercepts that expand the deposit characterised by higher grade intersections particularly close to surface in the north and southern sections, it added.
A further 19 holes were targeted outside this central zone and were designed to scout for resource extensions and exploration data in three main areas. - West Cyclopic, East Cyclopic and northwest towards the Fry mine
A review of the geophysical data has shown that the detachment fault that underlies Cyclopic is slightly deeper dipping than previously surmised and that coupled to the down-throw of the Cyclopic fault to the west has "likely meant the mineralisation in this western zone is deeper than the near-surface mineralisation drilled to date".
The company's Gold Basin project spans 30.8 square kilometres (sq km) and sits within a 1.5 hour drive over major highways and paved roads from Las Vegas, Nevada.
The property lies in the Gold Basin mining district, Mohave County, Arizona. A total of 74 new unpatented claims and an option to acquire more claims has expanded the total land footprint to 42 sq km.
Contact the author at giles@proactiveinvestors.com