The Basin Gulch Project

A 100%-owned, near-surface oxide gold-silver project with more than 320 historical drill holes and room to grow in every direction.

Overview

Asset overview

Basin Gulch is a consolidated, near-surface, primarily oxide gold-silver project in western Montana. Most of it sits on patented land.

More than 320 historical drill holes define a high-grade core and support a historical, non-SK1300 / NI 43-101 unconstrained resource of 2.8 million ounces gold equivalent at 0.89 g/t.¹ That historical resource is open at depth and along strike, and has not been tested regionally.

Drilling and trench sampling outline a diatreme complex measuring about 800 by 1,000 metres (2,600 by 3,300 ft) at surface. Two-thirds of the property is still relatively unexplored. New drill targets have been established through geochemistry and geophysics.

Location: Philipsburg District, MT
Commodities: Gold, silver
Claims: 11 patented · 131 unpatented
Historical trenching: 46 trenches · 4,570 m
Mineralization: Oxide, near surface
Stage: Advanced exploration

Basin Gulch property map showing the project boundary, patented claims, historic drill collars and trenches — Project boundary, patented claims (red), historic drill collars and trenches. Scale bar: 1 km.

Drill results

High-grade oxide gold and silver near surface

Historical drill intersections and trench results include long, shallow intervals from surface as well as narrow high-grade zones. Data compiled by Apex Geosciences.

Interval type	Grade	Length
Drill hole, from surface	1.8g/t Au	162m
Drill hole, from surface	3.2g/t Au	72m
Bulk tonnage	2.5g/t Au	91.5m
Trench, bulk tonnage	2.05g/t Au 40g/t Ag	149m
High grade	7.5g/t Au	20m
High grade	25g/t Au	14m
High grade	156g/t Au	3m

Historical drill intersections

The Basin Gulch Project

The long section shows historical drill holes coloured by gold grade. Mineralization remains open to the north, to the south and at depth.

North–south long section of historical drill holes coloured by gold grade, showing mineralization open to the north, south and at depth — North–south long section of historical drill intersections, coloured by Au (ppm). Mineralization remains open to the north, to the south and at depth. Scale bar: 200 m.

Growth potential

Room to grow in every direction

Modelling of the historical drill data points to expansion potential by drilling gaps and stepping out, along strike, across width and to depth.

3.3Moz AuEq

0.79 g/t AuEq · 0.3 g/t cut-off

Exploration target modelled from historical drilling.²

1.2Moz AuEq

1.38 g/t AuEq · 0.5 g/t cut-off

Higher-grade exploration target from the same dataset.²

450m+

Diatreme modelled below 1,500 ft

CSAMT geophysics models the diatreme complex extending below the survey datum. Historical drilling has not reached its base.

Structurally controlled breccias

The property hosts a diatreme complex and several breccias cut by thrust faults that are believed to control mineralization. The region hosts multiple diatreme-hosted gold and copper deposits close to Basin Gulch.

An untested geophysical target

Most historical drilling was shallow. A strong CSAMT anomaly below the historical drill area, at roughly 5,800–6,000 ft elevation, has never been drilled. The extents and depth of oxide mineralization are still unknown.

Next steps

From historical data to a maiden resource

Lannister’s near-term programme is designed to convert the historical estimate into a current, compliant resource and to define how material would be processed.

Resource

Maiden NI 43-101 / SK1300 resource

About 40 infill and twin holes to verify historical data, alongside a maiden technical report that incorporates all data to date.

Discovery

Expansion and new targets

Expansion drilling in unexplored areas open at depth and along strike, and new target areas with potential for new deposits.

Processing

Gravity and concentrate

The expected process is gravity recovery followed by shipping a high-grade gold concentrate. Regional mills have capacity and rail or road access.³

Since 1987

Four decades of work at Basin Gulch

Chevron, Cyprus and Cable Mountain all drilled and trenched the deposit. Lannister inherits that body of work and is now drilling toward a maiden resource.

1987
Cable Mountain Mine Inc. discovers the Basin Gulch Au-Ag deposit. 2 drill holes.
1988
Chevron Resources options Basin Gulch. 11 drill holes and 13 trenches.
1992
Chevron Minerals ends all mining projects and sells to Cyprus Exploration. 5 drill holes and 6 trenches.
1993
Cyprus turns its focus to base metals and returns the project to Cable Mountain.
1993–97
Cable Mountain completes 205 drill holes and 40 trenches.
1994
CSAMT survey shows the mineralized diatreme extending to more than 1,500 ft depth.
1997
Kinross offers US$50 million for the project.
2006
Cable Mountain becomes inactive.
2021
Lannister Mining acquires Basin Gulch from a private vendor.
2022–25
Geological review and compilation. Technical report completed.
2026
Listing on the NYSE American. Drilling and trenching to support a maiden mineral resource estimate.