Gold Basin Resources Corporation (TSX-V:GXX) announced it has acquired an interest in a new gold property in Nevada.

The company said it had signed an option agreement with a wholly-owned subsidiary of Iconic Minerals Ltd to acquire a 50% interest in the gold property, located in Churchill County, Nevada.

According to Gold Basin, New Pass boasts the Carlin-type New Pass gold-silver deposit, with a historical inferred mineral resource of nearly 342,000 ounces of gold equivalent.

Additionally, separate estimates indicate significant reserves of gold and silver.

Other highlights of the property include its active Plan of Operations, allowing exploration-associated disturbances up to 25 acres.

Gold Basin told investors that the site presents opportunity for resource expansion and conversion, with mineralization open in all directions. Notable historical drill hole intercepts underscore the property’s potential, with significant gold grades reported.

Under the option agreement, Gold Basin will make several payments totaling C$750,000 in cash and  $750,000 in common shares to acquire the 50% interest in the property. The agreement allows for optional cash payments and share issuances, subject to specific conditions outlined in the agreement.

Colin Smith, CEO of Gold Basin, told investors that the agreement has “substantially increased” the company’s bulk mineable, near-surface, heap leachable oxide gold.

“This Carlin-type gold system remains open in all directions and is located within the core of one of Nevada’s fertile gold trends, proximal to strategic development infrastructure,” Smith said in a statement.

“We greatly anticipate getting boots-on-the-ground and rapidly advancing this asset in conjunction with the Gold Basin project, leveraging our technical team’s extensive experience exploring oxide gold systems in the (southwest US).”