Gold Basin Resources Corporation announced assay results for the first two reverse-circulation ("RC") drill holes from the Company's ongoing resource expansion and delineation drill campaign at the Company's 100%-owned Gold Basin oxide gold project in northwestern Arizona. Highlights: Both drill holes produced broad, near-surface, high-grade oxide gold intercepts at the Stealth Deposit ("Stealth"): 138.7 meters ("m") @ 0.93 g/t Au from 30.5 m in hole ST24-026 incl. 6.1 m @ 4.83 g/t Au from 36.6 m; and 74.7 m @ 1.16 g/t Au from 94.5 m; 82.3 m @ 0.94 g/t Au from 36.6 in hole ST24-027; incl.

41.2 m @ 1.07 g/t Au from 38.1 m; Multiple 0.25 to 0.50 millimeter ("mm") occurrences of visible gold ("VG") identified in RC chip trays; As shown by previous drilling, the system remains in oxide from surface through the deepest gold intercept to date; Both holes collared into Quaternary-Tertiary gravel cover before entering thick mineralized sequences, demonstrating the potential for significant mineralized systems hidden under shallow cover along the ~10-kilometer-long Stealth and Cyclopic gold trends; Five holes totaling 1,027 m have been completed out of the planned 3000 m program, with the next batch of results anticipated in three weeks. Second Quarter 2024 Drill Program Update: Drilling has commenced from west to east along a road running subparallel to and north of the Stealth oxide gold deposit. This road hosts only one historical drill hole, and offers an excellent opportunity to extend the mineralized envelope in breadth, down-dip, and along plunge.

Five drill holes have been completed to date (ST24-026 to ST24-030) and ST24-031 is ongoing, with a total production of 1027 meters. The remaining eight holes at Stealth will be drilled in planned sequence, before the rig mobilizes to the Gap Zone for the program's final eight holes. Drill Hole ST24-026: Lithologic observations from drill hole ST24-026, which noted multiple 0.25 to 0.50 mm visible gold occurrences in the RC chips, are consistent with assay results announced above and are strongly supported by field observations, with gold mineralization first occurring immediately below known Quaternary-Tertiary gravels at 30.5 meters.

Gold mineralization is coincident with pervasive hematitic staining, especially where visible gold is observed. At least three basement stratigraphic units are present in ST24-026, a relation consistent with local field relations. Drill Hole ST24-027: As with drill hole ST24-026, lithologic observations from ST24-027 are in concert with the assay results presented herein and local field mapping interpretations.

Gold mineralization occurs below Quaternary-Tertiary gravels at a depth of 36.6 meters and continues to 82.3 meters. All three basement stratigraphic units are oxidized, with notable zones of hematitic staining coincident with gold mineralization in the assay data. The relationship between basement stratigraphic units amongst drill holes is ongoing.