Gold Basin Resources Corporation announced preliminary results from the 2,224-metre follow-up reverse-circulation ("RC") drill program at the Company's 100%-owned Gold Basin oxide gold project in north-western Arizona (the "Gold Basin Project " or the "Project"). Multiple at- or near-surface oxide gold intercepts at the Red Cloud Deposit ("Red Cloud") over 60 metres ("m") in thickness, including: 69.08 m @ 1.03 g/t Au from 6.10 m in hole CM23-022A. incl.

48.77 m @ 1.31 g/t Au from 10.67 m. 64.01 m @ 0.56 g/t Au from 0.00 m CM23-046. incl. 30.48 m @ 1.00 g/t Au from 0.,00 m; Key near-surface oxide gold intercept in the central "Gap Zone" between Stealth Deposit ("Stealth") and Red Cloud: 60.96 m @ 0.46 g/t Au from 32.00 m in hole CM23-057.

incl. 28.86 m @ 0.74 g/t Au from 33.53 m. Suggests continuity of an oxide gold system along full 1.5-km-long trend; 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." 2023 Phase 2 Resource Definition Drill Program. A total of 2,224 metres were drilled in 18 RC holes in the follow-up program, with a focus on testing the Gap Zone between Red Cloud and Stealth, the southeast strike of Red Cloud, and select reconnaissance targets distal to the main deposit areas Of the 11 holes with results received in full, 6 holes returned near-surface intervals of oxide gold mineralization, hosted dominantly from surface to 60 metres vertical depth.

Drillhole CM23-057, located in the central portion of the Gap Zone between Stealth and Red Cloud, returned a shallow oxide gold intercept comparable in thickness, grade and gram metre to that of the neighbouring deposits, suggesting the presence of a 1.5-km-long gold system, spanning the Stealth- Red Cloud trend. Of the 7 drillholes with assays pending, 3 are from the Gap Zone. Regional reconnaissance drillhole CM23-047, located 1.7 km along strike (to the southeast) from Red Cloud, returned a significant result from a regional prospectivity point of view.

The hole cut 30 metres of strongly oxidized detachment fault zone (Fe-oxide rich polylithic breccia, gouge, oxidized quartz fragments) which returned locally anomalous gold, including 3.04 m @ 0.13 g/t Au from 67.06 m. This indicates that the gold-bearing detachment fault that hosts both Stealth and Red Cloud is intact and auriferous at least 1.7 km southeast of and along strike from Red Cloud.