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Gold Basin geologists haveidentified over 230 sites of historical, small-scale mining from 2023 LiDAR survey data
Approximately 70% (160+ sites) are undrilled and have no evidence of evaluation by modern exploration techniques;
Discovery of visible gold (“VG”) during preliminary prospecting traverse at one of the undrilled sites 850 metres (“m”) east of the Cyclopic Deposit (“Cyclopic”);
An initial 500-sample soil geochemistry program has commenced, with the ultimate goal of advancing multiple greenfields targets to drill-ready stage by Q3, 2023.
2023 LiDAR Survey Data Interpretation and Visible Gold Discovery
Gold Basin completed a property-wide LiDAR and aerial photography survey in
An initial prospecting traverse led to the discovery of a visible gold-bearing grab sample at an undrilled historical mining site 850 metres east of the Cyclopic Deposit (Figures 2 and 3). The prospect hosts strongly sheared quartz and hematite veins, with multiple blebs of visible gold up to 0.25 millimeters (“mm”) in grab samples.
Spatial accuracy of the LiDAR data is less than ±15 centimetres (“cm”) vertical and ±30 cm horizontal, and the colour aerial photography has been orthorectified to the LiDAR bare earth model to produce an orthophoto with a 20 cm pixel resolution.
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Figure 1: Property map of
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Figure 2: A. Location map of visible gold-bearing grab sample;
Phase 1 Soil Sampling Program
An initial 500-sample soil geochemistry program has commenced to evaluate a defined area of highly prospective ground northeast of the Cyclopic which hosts approximately 100 sites of small-scale historical mining, multiple high-grade rock samples, and zero drill holes (Figure 3). Many of these sites are situated along gold-bearing structures which tie directly into Cyclopic, and host magnetic signatures comparable to the known at-surface oxide gold deposits at Gold Basin.
The first phase of soil sampling consists of 50-metre-spaced sites along 100-metre-spaced lines, with the goal of sampling C-horizon material below the caliche (calcrete) horizon, pursuing geochemical data representative of underlying bedrock.
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Figure 3: Plan map of the proposed 500-sample soils program (black), showing location of drill holes (white), rock samples (squares) and undrilled sites of small-scale historical mining.
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FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of thedevelopment of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the TSX Venture Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest Management's Discussion and Analysis and filed with certain securities commissions in
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