Gold Basin Resources Corporation (TSX-V:GXX) has announced positive results from the Phase 2 reverse-circulation (RC) drill program at its Gold Basin oxide gold project in northwestern Arizona.
The company said that 11 of the final 12 drill holes at the Red Cloud and Stealth targets intercepted oxide gold at depths ranging from 4.6 metres (m) to 182.9m down-hole.
The company also noted that multiple holes, including the deepest hole in the program, ended in oxide gold mineralization, suggesting the presence of a second untested mineralized detachment plane at depth. Both Red Cloud and Stealth remain open along strike to the northwest and southeast, and the two 2023 drill holes testing the Gap Zone between the two targets returned gold assays.
The company is mobilizing a track-mounted 'Grasshopper' RC drill rig to the site for 2,000m of priority follow-up drilling.
In a statement, Colin Smith, CEO of Gold Basin, commented: “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.”
He added: “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 150m and 950m along-strike, respectively, from Red Cloud.”
Gold Basin also announced that a March 2023 ground gravity survey conducted over Cyclopic, Red Cloud, and a portion of Stealth defined two additional high-priority drill targets.
The company plans to test the shallow Cyclopic analogue target, which was previously undetected due to shallow alluvial cover, in the 2,000m follow-up program. The deeper Iron Oxide Gold target underneath Cyclopic, which hosts strong coincident density and magnetic anomalies, will be tested later in Q3 or Q4 2023 by deeper core drilling.
Contact the author at jon.hopkins@proactiveinvestors.com