Gold Basin Resources to launch new drill program in Arizona
Wed May 29 2024
Gold Basin Resources Corporation (TSX-V:GXX) is set to start a new drill program in Arizona next month. The company said it has engaged Harris Exploration Drilling to commence its Q2 reverse-circulation (RC) drill program in June.
The fully-funded program aims to expand and delineate resources at the Stealth Deposit and Gap Zone within the company's 100%-owned Gold Basin oxide gold (Au) project in northwestern Arizona.
Key highlights from 2022-2023 drilling include significant gold intercepts at the Stealth Deposit, such as 115.9 meters (m) at 1.0 grams per tonne (g/t) Au and 33.5 m at 2.5 g/t Au.
The Stealth Deposit remains open in multiple directions, indicating substantial potential for further discoveries.
In the sparsely drilled Gap Zone, notable intercepts include 60.7 m at 0.46 g/t Au and 53.0 m at 0.41 g/t Au, suggesting strong potential for continuity between the Stealth and Red Cloud deposits.
The Stealth Fault, hosting the Stealth, Gap, and Red Cloud deposits, extends over 8 kilometers and offers significant growth opportunities.
“The primary focus will be expanding the high grade, shallow mineralized envelopes at the Stealth Deposit and Gap Zone, as we work towards the project’s maiden NI 43-101 oxide gold resource, to be released this year,” CEO Colin Smith told shareholders in a statement.
“With the auriferous Stealth Fault extending for over 8 km and largely undrilled, the potential for a substantial endowment of oxide gold is compelling."
The upcoming Q2 drill program aims to further expand these resources along known trends, contributing to the comprehensive maiden resource estimate planned for Q4 2024.
Source: https://www.proactiveinvestors.com/