Gold Basin Resources Corporation (TSX-V:GXX) has announced preliminary results from the Phase 2 resource definition reverse-circulation (RC) drill program at the company's 100%-owned Gold Basin oxide gold project in north-western Arizona, which show multiple at- or near-surface oxide gold intercepts at the Red Cloud target over 40 metres (m) in thickness with grades exceeding 1 grams per ton (g/t) gold (Au).
In a statement, Colin Smith, CEO of Gold Basin commented: “Preliminary assays from Gold Basin’s first drill program 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. The geology, grade, thickness, and shallow nature of the gold endowment suggest 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.”
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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 (7 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 around 70m depth. At PLM, 7 of 10 holes returned intermittent auriferous intervals from surface to around 87m depth.
Highlights from the drill program included:
- 57.9m @ 1.82 g/t Au from 4.6m in hole CM23-022, including 15.2 m @ 4.12 g/t Au from 10.7m
- 42.7m @ 2.44 g/t Au from surface in hole CM23-029, including 18.3m @ 5.53 g/t Au and 6.1m @ 11.72 g/t Au from 2.13m
- 53.3m @ 1.37 g/t Au from surface in hole CM23-018, including 22.9m @ 2.44 g/t Au from 9.m
- 50.3m @ 1.35 g/t Au from surface in hole CM23-025, including 19.8m @ 2.55 g/t Au from 16.8m
- 47.2m @ 1.07 g/t Au from surface in hole CM23-015, including 18.2m @ 1.41 g/t Au from 29.0m
The company said Red Cloud remains open in all directions, with 18 of the 19 holes received to date returning broad, shallow intervals of oxide gold mineralization.
It noted that seven of ten holes at the PLM target (PLM) returned near-surface oxide gold, including:
- 24.4m @ 2.22 g/t Au from surface in hole CM23-002, including 7.6m @ 4.33 g/t Au from 16.8m
- 4.6m @ 1.12 g/t Au from surface in hole CM23-004
Gold Basin said PLM remains open to the south, and locally at depth, and assay results have been received in full for 29 holes, with 12 holes pending.
An RC drill rig has been secured for priority Q2 follow-up drilling, with 2,000m proposed, it added.
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 totalling 30.8 square kilometres. A total of 74 new unpatented claims and an option to acquire additional claims has expanded the total land footprint to 42 square kilometres. The company is a member of Discovery Group, an alliance of public companies focused on the advancement of mineral exploration and mining project.
Contact the author at jon.hopkins@proactiveinvestors.com