Gold Basin Announces Signing of Option Agreement to Acquire New Pass Gold Property, Nevada and Grants Stock Options

May 6, 202411:30 UTC

(TheNewswire)

Vancouver, British Columbia - May6, 2024 - TheNewswire: Gold Basin Resources Corporation (the"Company","Gold Basin" or the "Optionee") –(TSX-V GXX, OTCQB: GXXFF) today announced the signing of aproperty option agreement made as of May 3, 2024 (the "Agreement" or the "Option Agreement") with IconicMinerals Ltd. (TSXV:ICM; OTCQB: ICMFF) ("Iconic") and a wholly ownedsubsidiary of Iconic (together with Iconic, the "Vendors"), whereby Gold Basin can acquire from the Vendors a 50%interest in and to the New Pass gold property ("New Pass" or the "Property") consisting of 107unpatented mineral claims (2,140 hectares) located three hours east ofReno, just off Highway US-50E in Churchill County, Nevada.

Highlights

New Pass hosts the Carlin-type New Pass Gold-Silver("Au-Ag") deposit, with a historical (2010) NI 43-101 InferredMineral Resource of 341,750 ounces ("oz") of goldequivalent ("AuEq"), and separate estimates ofgold-only ("Au") and silver-only ("Ag") of 282,986oz Au and 3,134,129 oz Ag;

The NI 43-101 report includes a "PotentialExploration Target" (the "Target") of 12to 17 million short tons (~11 to 16 metric tonnes) at potential gradesof 0.015 to 0.025 ounces per short ton ("opt") AuEq(~0.51 to 0.86 grams per metric tonne "g/t" AuEq) whichcould contain 180,000 to 425,000 oz AuEq;

Mineralization comes to surface with 75% of the depositestimated to be oxidized, amenable to heap leaching from previousmetallurgical testwork;

Mineralization is open in all directions, providing anexcellent opportunity for resource expansion and conversion;

Highlight historical drill hole interceptsinclude:
- 51.82 meters ("") @3.67 g/t Au from 24.38 m (hole NP-92-1)
- 32.00 m @ 3.94 g/t Au from 22.86 m (holeNP-28)
- 42.67 m @ 1.98 g/t Au from 109.73 m (holeNP-54)
- 47.24 m @ 1.95 g/t Au from 7.62 m (holeNP-88-24);

New Pass has an active Plan of Operations, permittingup to 25 acres of exploration-associated allowable disturbance;and

New Pass is located in Nevada’s prolificmulti-million-ounce Sulfur-Lovestock-Austinstructural gold trend, and is only 75 kilometres("km") south-southwest of the past-producing McCoy-Cove Mine(produced 3.3 Moz Au and over 100 Moz of Ag). McCoy-Cove is poised toresume production with i-80 Gold Corp.

Colin Smith, Chief Executive Officer of the Company,commented, "Gold Basinhas substantially increased its endowment of bulk mineable,near-surface, heap leachable oxide gold with the acquisition of NewPass. This Carlin-type gold system remains open in all directions, andis located within the core of one of Nevada’s fertile gold trends,proximal to strategic development infrastructure. We greatlyanticipate getting boots-on-the-ground and rapidly advancing thisasset in conjunction with the Gold Basin Project, leveraging ourtechnical team’s extensive experience exploring oxide gold systemsin the SW USA."

New Pass Property

New Pass is located within the Basin and Rangeprovince, along Nevada’s prolific Sulfur-Lovestock-Austin structuralgold trend (Figures 1 and 2). The Property was first explored in 1980,when a stream sediment arsenic anomaly led to the discovery of agold-bearing jasperoid. Since then, over 40,000 m in 329 holes havebeen drilled, many of which intercepted significant intervals ofCarlin-type Au-Ag mineralization, establishing what is known as theNew Pass Au-Ag deposit (Figures 3 and Figure 4).

The New Pass Au-Ag deposit represents a classicCarlin-type system, with mineralization largely contained withinsilicified host rocks and jasperoid which developed in decalcifiedlimestone of the Triassic Lower Augusta Mountain Formation. A majornorth-northwest – south-southeast trending, west-dippingstructure separates Triassic calcareous rocksfrom younger Tertiary volcanic rocks, and served as a major conduitfor hydrothermal circulation, alteration, and gold-silverprecipitation.

The deposit outcrops at surface, and has been drilledapproximately 1.25 km along strike, with the deepest pierce point at avertical depth of approximately 295 m. The tabular deposit has ashallow (~30°) dip to the west and remains open along strike in bothdirections, and at depth, offering an excellent opportunity forfurther exploration.

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Figure 1: Map of Nevadashowing major gold mines, deposits, trends, and the locations of NewPass (Nevada) and Gold Basin (Arizona).

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Figure 2: New Pass Propertymap.

Historical NI 43-101 New Pass MineralResource Estimate

A revised technical report entitled "NI 43-101Technical Report and Revised Resource Estimation on the New PassProperty, Churchill County, Nevada" dated September 3, 2010 (the"Report") was prepared for Iconic (then called BonaventureEnterprises Inc.) and an Inferred Mineral Resource Estimate (the"HistoricalResource") was completed on New Pass,authored by independent consulting geologist Paul Noland (Report available onwww.sedarplus.ca). The Historical Resourcetotals 341,750 oz AuEq at a grade of 0.022 optAuEq (~0.69 grams per metric tonne "g/t" AuEq) in 15,515,488short tons (14,075,414 metric tonnes). The Resource also includesseparate estimates of Au-only and Ag-only from the Historical Resourcevolume of 282,986 oz Au and 3,134,129 oz Ag.Note: AuEq equals gold in ounces per short ton (opt) plus silver (opt)valued at a 60:1 Au:Ag ratio, as defined in the Report.

The Report also includes a "Potential ExplorationTarget" of 12 to 17 million short tons (~11 to 16 metric tonnes)at potential grades of 0.015 to 0.025 opt AuEq (~0.51-0.86 g/t Au).The Potential Exploration Target does not extend beyond the limits ofthe existing drill holes and ignores possible strike extensions of theHistorical Resource. Using these figures, the Potential ExplorationTarget could contain 180,000 to 425,000 ounces of AuEq (Table2).

The drilling database used to calculate the HistoricalResource included 266 holes totalling 30,546 meters, with 236 of the266 holes containing sufficient mineral intercepts (≥0.01 opt AuEq)to be included in the Historical Resource calculation (Figures 3 and4).

Table 1: Historical NI 43-101Inferred Mineral Resource (Noland, 2010)

INFERRED	AuEq	AuEq	Au	Au	Ag	Ag
short tons	opt	oz	opt	oz	opt	oz
15,515,488	0.022	341,750	0.018	282,986	0.202	3,134,129

The Mineral Resource estimate was prepared inaccordance with the CIM Standards, and the CIM Guidelines, usinggeostatistical, plus economic and mining parameters appropriate to thedeposit.
This estimate is considered to be a "historicalestimate" under National Instrument 43-101 – Standards of Disclosure for MineralProjects
Gold Equivalent ("AuEq") is derived from goldvalue in ounces per ton (opt) combined with the silver value in opt ata 60:1 Au:Ag ratio.
The cutoff grade used was 0.01 AuEq opt (equivalentgold expressed in troy ounces per short ton).
The isolated intercepts of 5 feet with cutoff gradesabove 0.01 AuEq opt were ignored unless the combined weighted averagegrade of that interval and any two adjacent intervals was greater than0.01 AuEq opt.
Where data was missing for alternating intervals thatwere assayed, the missing data reflects the values of the lower of thetwo adjacent values. Where multiple adjacent intervals are missingdata, each missing interval was assigned a zero value.
The Historical Resource was reported with an effectivedate September 3, 2010. The qualified person for the HistoricalResource was Paul D. Noland, CPG.

Table 2: Historical NI 43-101Potential Exploration Target (Noland, 2010)

POTENTIAL EXPLORATION TARGET	AuEq	AuEq
short tons	opt	oz
12,000,000 - 17,000,000	0.015 - 0.025	180,000 - 425,000

Consists of the area between the two main inferredresource outlines plus down-dip extensions to the most westerly drillholes and up-dip extensions to the surface. Even though the InferredResource remains open-ended, the Potential Exploration Target was notextended beyond the limits of drilling along strike.
After determining the surface area of the Target, theaverage thickness and grade of the Inferred Resource was noted andbracketed as 60 to 70 feet with a potential grade of 0.015 to 0.025opt AuEq, and a bracketed tonnage of 12 to 17 million shorttons.
The Target’s quantity and grade described isconceptual. There has been insufficient exploration to define amineral resource and it is uncertain if further exploration willresult in the target being delineated as a mineral resource.

A qualified person has not done sufficient work toclassify the Historical Resource as current, and the Company is nottreating the Historical Resource as current mineral resources.

Click Image To View Full SizeFigure 3: New Pass Au-Ag deposit drill holes in gram x metervalues.

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Figure 4: New Pass Au-Agdeposit 3D long section and oblique aerial view showing goldassays.

Metallurgical Testwork (McClellandLaboratories Inc.)

In 1988, Westmont Gold submitted 6 drill hole compositesamples to McClelland Labs in Sparks, Nevada, for preliminary bottleroll and shake metallurgical testwork. Samples submitted includedoxidized, reduced and mixed mineralization types. The oxidized samplesdemonstrated leach recoveries of gold between 75% and 77%.

Transaction Details

Pursuant to the OptionAgreement, the Vendors granted to Gold Basin the exclusive option(the "Option") to acquire an undivided 50% right, title and interestin and to the unpatented mineral claims comprising the Property, inconsideration of the payment of an aggregate of CAD $750,000 in cashand the delivery of an aggregate of CAD $750,000 in common shares inthe capital of the Company (the "Consideration Shares"), to be paid and delivered as follows (collectively,the "Option ExerciseConditions"):

(i)within five business daysafter the Commencement Date (as defined in the Option Agreement), aninitial cash payment of CAD $100,000;
(ii)on or before the later offive business days after the Commencement Date and May 15, 2024, afurther cash payment of CAD $300,000;
(iii)on or before the later of five business days after the Commencement Dateand May 31, 2024, CAD $750,000 in ConsiderationShares;
(iv)on or before the later of five business days after the Commencement Dateand July 31, 2024, a further cash payment of CAD$150,000; and
(v)on or before the later of fivebusiness days after the Commencement Date and December 31, 2024, afurther cash payment of CAD $200,000.

Additionally, within five business days of the earlierof the date that (i): Gold Basin (or its Affiliate) enters into ajoint venture agreement with White Knight Gold (U.S.) Inc.("WKG") and White Knight Resources Inc. ("WKR"), or McEwenMining Nevada Inc. ("McEwan") (or their permitted assigns),for the continued development of the Property; (ii) Gold Basinacquires the 50% interest in the Property currently held by WKR, WKGand McEwan; and (iii) Gold Basin disposes of all or any of its 50%interest in the Property, Gold Basin shall deliver a further $750,000in Consideration Shares to the Vendors. Upon the satisfaction of theOption Exercise Conditions, Gold Basin shall be deemed to haveexercised the Option in full and earned an undivided 50% legal andbeneficial interest in the Property. With the exception of the cashpayment set forth in item (a) above, all of the foregoing cashpayments and share issuances are optional and Gold Basin will not beobligated to make any such cash payments or share issuances. However, if Gold Basin fails to do so asrequired, the Option may be terminated upon notice by the Vendors toGold Basin and, following such termination, Gold Basin will not retainany interest in the Property.

The Option Agreement was entered into by the partiespursuant to a letter of intent ("LOI") originallyentered into between 1470906 B.C. LTD. (the "Assignor"), aprivate British Columbia corporation, and the Vendors. Gold Basin andthe Assignor entered into an assignment and assumption agreementwhereby the Assignor assigned all of its right, title and interestunder the LOI to Gold Basin in consideration for the delivery of anaggregate of 5,000,000 common shares in the capital of the Company ata deemed issuance price equal to the Market Price (within the meaningof TSX Venture Exchange policies) on the date of this news release.All securities issued pursuant to the assignment of the LOI and theOption will be subject to a four month and a day regulatory holdperiod in Canada.

Stock Options Grant

Gold Basin also announces that it has granted, pursuantto its 10% rolling stock option plan, as approved by shareholders atthe annual general meeting of shareholders on January 12, 2023, stockoptions to certain eligible directors, officersand consultants of the Company or its subsidiaries to purchase a totalof 10,300,000 common shares in the capital of the Company, subject toany regulatory approval. The stock options are exercisable on orbefore May 6, 2027 at an exercise price of $0.075 per share. All stockoptions other than the Unvested Options (as defined below) vestimmediately. 400,000 stock options (the "Unvested Options") granted to a consultant of the Company will vest overa period of 12 months, as to 25% on the date that is three months fromthe grant date, and an additional 25% every three monthsthereafter.

ABOUT GOLD BASIN RESOURCES CORPORATION

Gold Basin Resources Corporation isadvancing the 42 km2 GoldBasin Project, located in the tier one mining jurisdiction of MohaveCounty, Arizona. Gold Basin is accessible year-round via a1.5-hour-drive on Highway I-93 southeast of Las Vegas, and high-powerelectrical lines from the Hoover Dam crosscut the southern Projectarea. The immediate focus of Gold Basin's highly experiencedtechnical team is to expand and delineate multiple at-surface oxidegold deposits and prove the project's district-scale potential. Forfurther information, please visit the Company's web site at: www.goldbasincorp.com.

QUALIFIED PERSONS

Charles Straw, BSc. Geo, a qualified person as defined by NationalInstrument 43-101, has reviewed the scientific and technicalinformation that forms the basis for this news release and hasapproved the disclosure herein. Mr. Straw is not independent of theCompany as he is an Executive Director of the Company and ownssecurities of the Company.

On Behalf of the Board of Directors

Colin Smith

Chief Executive Officer

For further information, pleasecontact:

Colin Smith

Phone: 1-604-499-1820

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this news release.

FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statementsand forward-looking information (collectively, "forward-lookingstatements") within the meaning of applicable Canadian and U.S.securities legislation. All statements, other than statements ofhistorical fact, included herein including, without limitation,statements with respect to the exercise of the Option in full, futureexploration activities at New Pass, the discovery and delineation ofmineral deposits/resources/reserves and the anticipated business plansand timing of future activities of Gold Basin are forward-lookingstatements. Although Gold Basin believes that such statements arereasonable, it can give no assurance that such expectations will proveto be correct. Forward-looking statements are typically identifiedby words such as: "believes", "expects","anticipates", "intends", "estimates","plans", "may", "should","would", "will", "potential","scheduled" or variations of such words and phrases andsimilar expressions, which, by their nature, refer to future events orresults that may, could, would, might or will occur or be taken orachieved. In making the forward-looking statements in this newsrelease, Gold Basin has applied several material assumptions,including without limitation, market fundamentals will result insustained gold demand and prices, the receipt of any necessarypermits, licenses and regulatory approvals in connection with thefuture development of Gold Basin's properties in a timely manner, theavailability of financing on suitable terms for the development,construction and continued operation of Gold Basin's projects and itsability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance or achievements of Gold Basin to differmaterially from any future results, performance or achievementsexpressed or implied by the forward-looking information. Such risksand other factors include, among others, operating and technicaldifficulties in connection with mineral exploration and developmentactivities, actual results of exploration activities, including on NewPass and the Gold Basin project, the estimation or realization ofmineral reserves and mineral resources, the timing and amount ofestimated future production, the costs of production, capitalexpenditures, the costs and timing of the development of new deposits,requirements for additional capital, future prices of copper, changesin general economic conditions, changes in the financial markets andin the demand and market price for commodities, lack of investorinterest in future financings, accidents, labour disputes and otherrisks of the mining industry, delays in obtaining governmentalapprovals, permits or financing or in the completion of development orconstruction activities, risks relating to epidemics or pandemics suchas COVID–19, including the impact of COVID–19 on Gold Basin'sbusiness, financial condition and results of operations, changes inlaws, regulations and policies affecting mining operations, titledisputes, the inability of Gold Basin to obtain any necessary permits,consents, approvals or authorizations, the timing and possible outcomeof any pending litigation, environmental issues and liabilities, andrisks related to joint venture operations, and other risks anduncertainties disclosed in Gold Basin's continuous disclosuredocuments. All of Gold Basin's Canadian public disclosure filingsmay be accessed via www.sedarplus.ca and readers are urged to reviewthese materials.

Readers are cautioned not to place undue reliance onforward-looking statements. Gold Basin does not undertake anyobligation to update any of the forward-looking statements in thisnews release or incorporated by reference herein, except as otherwiserequired by law.

Cautionary Note to United StatesInvestors

Gold Basin prepares its disclosure in accordance withthe requirements of securities laws in effect in Canada, which differfrom the requirements of U.S. securities laws. Terms relating tomineral resources in this news release are defined in accordance withNI 43-101 under the guidelines set out in CIM Standards. The U.S.Securities and Exchange Commission (the "SEC") has adoptedamendments effective February 25, 2019 (the "SEC ModernizationRules") to its disclosure rules to modernize the mineral propertydisclosure requirements for issuers whose securities are registeredwith the SEC under the U.S. Securities Exchange Act of 1934.

As a result of the adoption of the SEC ModernizationRules, the SEC will now recognize estimates of "measured mineralresources", "indicated mineral resources" and"inferred mineral resources", which are defined insubstantially similar terms to the corresponding CIM Standards. Inaddition, the SEC has amended its definitions of "proven mineralreserves" and "probable mineral reserves" to besubstantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoingterms are "substantially similar" to correspondingdefinitions under the CIM Standards, there are differences in thedefinitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that GoldBasin may report as "measured mineral resources","indicated mineral resources" and "inferred mineralresources" under NI 43-101 would be the same had Gold Basinprepared the resource estimates under the standards adopted under theSEC Modernization Rules.

In accordance with Canadian securities laws, estimatesof "inferred mineral resources" cannot form the basis offeasibility or other economic studies, except in limited circumstanceswhere permitted under NI 43‑101.