Gold Basin Resources announces fully funded drill program for gold exploration in Arizona
Gold Basin Resources Corporation (TSX-V:GXX) unveiled plans for a fully funded 3,000-meter drill program at its Gold Basin oxide gold project in northwestern Arizona. The drill program will focus on expanding and delineating the resource at the Gap Zone, Stealth Deposit, and Cyclopic Deposit, CEO Colin Smith told investors.
Gold Basin's strategic approach leverages insights gained from previous drilling campaigns, particularly in the Stealth–Gap–Red Cloud trend. Thick intersections of shallow, high-grade oxide gold mineralization were discovered, hinting at the presence of significant gold deposits within the project area.
The upcoming drill program aims to build upon these findings and further define the extent of mineralization across various target zones. “Drilling in 2021-2023 established Red Cloud and Stealth as at-surface, high-grade oxide gold systems that remain open in all directions, with the interstitial 600-meter-long Gap Zone returning near-surface intercepts last year, suggesting the presence of a contiguous 1.5-kilometer-long deposit,” Smith said in a statement.
With nearly 30,000 meters of drilling completed since 2020, the upcoming program will be included in a maiden NI 43-101 oxide gold resource to be released in 2024, Smith added. Geological mapping and prospecting efforts are also ongoing, aimed at understanding the structural geometry and controls on gold mineralization within the Gold Basin project. Additionally, ground geophysics surveys have identified promising targets for future exploration, including areas with the potential for buried porphyry centers and Iron Oxide Copper-Gold (IOCG) mineralization.
Gold Basin also noted that metallurgical testing has demonstrated strong gold recoveries, indicating favorable conditions for heap-leach gold extraction operations. Further metallurgical testing is planned for 2024 to assess the amenability of the current processing circuit to the unique characteristics of the Stealth–Gap–Red Cloud trend. A plan of operations will start in 2024 to facilitate the permitting process, the company added.
The Gold Basin Project, spanning 42 square kilometers in Mohave County, Arizona, represents a promising asset within a prime mining jurisdiction. Accessible year-round and supported by essential infrastructure, the project holds potential for further exploration and development.
Source: https://www.proactiveinvestors.com/