Gold Basin Resources Corporation announced that a 5,000m minimum Phase 2 resource definition drill program will be commencing immediately at the Company's 100%-owned Gold Basin oxide gold project in north-western Arizona. Phase 2 Resource Definition Drill Program: Following up on the highly successful drilling at the Stealth Deposit in 2022, which intersected thick intervals of high grade, near-surface oxide gold mineralisation, this year's Phase 2 reverse-circulation (RC) drill program of a minimum 5,000m will concentrate on resource definition at the Stealth and Red Cloud Deposits and the largely undrilled strike gap between the two deposits, as identified in the Company's news release dated October 6, 2022. Drilling is then planned to extend further along strike to the east-southeast of Red Cloud, towards the PLM Deposit.

The Stealth, Red Cloud and PLM Deposits lie along the Stealth Fault which is a major auriferous structural feature that extends for at least 5km in both directions from the Stealth Deposit. The Red Cloud Deposit lies approximately 600m to the southeast along strike, and the PLM Deposit is located 3.5km in the same direction (2.9km southeast of the Red Cloud Deposit). Historical drilling at both the Red Cloud and PLM Deposits has shown significant near-surface oxide gold potential with intersections at the Red Cloud Deposit that include the following: 19.8m @ 1.4 g/t Au from 6.0m in T-23; 18.3m @ 1.0 g/t Au from surface in T-19;12.2m @ 1.3 g/t Au from 29.0m in GB90-03; 10.7m @ 1.3 g/t Au from 10.7m in GB90-02; and 7.6m @ 1.1 g/t Au from 56.4m in T-20.

The first 35 holes of Phase 2 are designed to define a NI 43-101 oxide gold resource at the Red Cloud Deposit. Subsequent drilling will test the 600m gap between the Red Cloud and Stealth Deposits. The program will then expand to the PLM Deposit, where historical drilling intersected significant gold mineralisation, including the following intercepts: 24.4m @ 0.9 g/t Au from surface in SFGB-17;16.8m @ 6.45 g/t Au from 3.1m in RMBG90-01;16.8m @ 1.1 g/t Au from 18.3m in RMBG90-04; 22.9m @ 1.23 g/t Au from surface in LM-01; and 18.3m @ 2.53 g/t Au from surface in GBR-07.

As noted previously, the PLM Deposit lies almost 3.5km southeast of the Stealth Deposit along the Stealth Fault and no drilling has yet tested the gap between these deposits. If the historically reported oxide gold mineralisation at the PLM Deposit is confirmed in Phase 2, the entire 5km strike distance from the Stealth Deposit to the PLM Deposit would be established as a high-priority mineralised target zone. Start Date and Permitting of the Phase 2 Drill Program: The Company intends to begin drilling immediately at the PLM and Red Cloud Deposits.

As the Phase 2 resource definition drill program continues, more details of the subsequent drill targets will be included in future news releases. A significant portion of the Stealth Deposit lies on ground where the Company holds both the private mineral and surface rights. Permitting for those portions that lie on BLM claim areas has been approved.