Gold Basin Resources Corporation (TSX-V:GXX) said it plans to immediately commence a phase two resource definition drill program of at least 5,000 meters at its Gold Basin oxide gold project in Arizona.
The reverse circulation RC drill program will concentrate on resource definition at the Stealth and Red Cloud deposits, as well as the largely undrilled strike gap between the two deposits. Drilling is then planned to extend further along strike to the east-southeast of Red Cloud, towards the PLM Deposit.
This builds upon drilling at the Stealth deposit in 2022, which intersected thick intervals of high-grade, near-surface oxide gold mineralization, the company said.
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Notably, the first 35 holes of phase two are designed to define a NI 43-101 oxide gold resource at the Red Cloud deposit. From there, drilling will test the 600 m gap between the Red Cloud and Stealth deposits and ultimately expand to the PLM Deposit, where historical drilling intersected significant gold mineralization.
Meanwhile, Gold Basin Resources said that the first tranche of its previously announced private placement is over-subscribed, with an initial amount of more than C$1.3 million arranged to date. As a result, the company upsized the financing to up to 16.6 million shares at a price of $0.15 each for aggregate gross proceeds of up to $2.5 million.
The proceeds are expected to fund ongoing exploration at the company's mineral projects and for general working capital.
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 totaling 30.8 square kilometers.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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