Gold Basin Resources Corporation (TSX-V:GXX) has reported encouraging preliminary results from the 2,224 metre (m) follow-up reverse-circulation drill program at its Gold Basin oxide gold project in Arizona.
The company reported multiple at- or near-surface oxide gold intercepts at the Red Cloud deposit over 60 m of thickness.
This included 69.08 m at 1.03 grams per ton (g/t) gold from 6.10 m in hole CM23-022A, including 48.77 m at 1.31 g/t gold from 10.67 m, and 64.01 m at 0.56 g/t gold from 0 m in hole CM23-046, including 30.48 m at 1 g/t Au from 0 m.
It reported a near-surface oxide gold intercept in the central Gap Zone between the Stealth Deposit and Red Cloud, which the company said suggests the continuity of an oxide gold system along the full 1.5-kilometre (km) trend. The trend is largely open at depth and along strike, the company noted.
“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,” Gold Basin CEO Colin Smith said in a statement.
“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.”
Additionally, it reported an anomalous oxide gold intercept 1.7 km step-out strike to the southeast from Red Cloud, which Gold Basin said indicates that the mineralized detachment fault gold system is intact and highly prospective along the entire open strike length.
This is a priority drill target for the third or fourth quarter of 2023, the company said.
It is preparing for follow-up fieldwork for the 3.25-km-long, 1.7-km-long and 1-km-long gold trends north and east of the Cyclopic Deposit, as well as the seven new visible gold occurrences discovered during the second quarter of 2023 soil and rock sampling program.
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.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie