Golden Oasis Exploration Corp.
TSX VENTURE : GOT

Golden Oasis Exploration Corp.

February 02, 2007 06:00 ET

Golden Oasis Exploration Corp.: High-Grade at Toiyabe

10 feet averaging 18.85 g/t (0.550 oz/ton) in hole T-603

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2007) - Golden Oasis Exploration Corp. (TSX VENTURE:GOT) has completed a 31 hole angle drilling program at its Toiyabe Property located in Lander County, Nevada. Drilling totaled 11,120 feet and results have been received for 29 of the 31 holes. Analysis of the results indicates the drilling intersected at least two north-northwest trending mineralized fault zones. Both zones are untested along strike and down dip.

The Courtney "A" Fault contains the highest gold values including 10 feet averaging 18.85 g/t (0.550 oz/ton) in hole T-603. Results for all assays over 1.0 g/t are shown in the table on the next page for the 29 holes received. Intersected in three drill sections gold occurs within a 10 to 40 feet thick altered breccia. Although originally thought to trend east-west, the A fault now appears to trend north-northwest and dip southwesterly. It is open along trend and down dip.

Approximately 600 feet northeast of the A fault is the Courtney "B" Fault. It is parallel to the A fault and thicker but contains lower gold grades. Intersected by only two drill sections the B fault needs testing along strike and down dip.

West of the A fault 1,000 feet, two soil anomalies were tested with drill holes T-621 to 625. Holes 621 and 622 have +1 g/t intercepts indicating a southwest dipping fault, but more drilling is needed to determine the significance of this mineralization. The same occurs in holes T-623 and 624. Three holes drilled to test a possible east-west fault in a valley 2,000 feet south of the A fault did intersect a narrow zone of +1 g/t gold in one hole. More drilling is planned in this area. Finally, results for only one of three holes drilled in the California target area, located west of the Courtney target, has been received. It contained no +1 g/t gold.

The Courtney A and B faults occur near the eastern edge of a down-dropped fault block called a "graben". This graben is one of two large north-northwest trending down-dropped features interpreted from Golden Oasis's recent CSMT geophysical survey. The interpretation was by Frank Fritz of Fritz Geophysics. Frank also interpreted a set of east-west structures cross-cutting the grabens. Grabens and their associated structures host mineralization at the Cortez Hills deposit to the north (7.5 million ounces of gold).

In the Spring, Golden Oasis will conduct oriented core drilling of the A and B mineralized zones to determine the exact orientation of the controlling faults and to further study the associated alteration. A deep vertical core hole will be drilled within the graben west of the current A and B fault drilling to determine the stratigraphy and the depth to favorable host rocks such as those at Cortez Hills. Concurrently, deeper RC drilling will attempt to follow the known mineralization down dip, with the ultimate goal to test where the structures intersect limy host rocks. Drilling will continue throughout the summer and fall.



TOIYABE SUMMARY DRILLING RESULTS (+1 g/t gold only)

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Total Gold Gold
Azimuth Dip Depth From To Interval Value Value
HOLE # (Degrees) (Degrees) (Feet) (Feet) (Feet) (Feet) (g/t) (oz/ton)
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T-601 0 -45 400 30 35 5 3.55 0.104
40 55 15 7.88 0.230
incl-
uding 45 50 5 14.50 0.423
335 350 15 6.36 0.186
incl-
uding 350 355 5 15.60 0.456
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T-602 0 -45 400 60 65 5 1.02 0.030
95 105 10 2.77 0.081
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T-603 0 -45 450 140 160 20 12.85 0.375
incl-
uding 145 155 10 18.85 0.550
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No +1.0
T-604 0 -45 300 values
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T-605 0 -45 400 145 150 5 1.37 0.040
160 165 5 1.95 0.057
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No +1.0
T-606 0 -45 420 values
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No +1.0
T-607 0 -45 300 values
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T-608 0 -45 300 35 45 10 2.51 0.073
75 80 5 5.79 0.169
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T-609 0 -45 450 185 190 5 1.54 0.045
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T-610 0 -45 450 180 185 5 1.56 0.046
205 210 5 4.65 0.136
310 320 10 1.41 0.041
405 410 5 1.62 0.047
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No +1.0
T-611 0 -45 350 values
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T-612 0 -45 550 355 375 20 1.92 0.056
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T-613 0 -45 550 475 480 5 1.60 0.047
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No +1.0
T-614 0 -45 500 values
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T-615 0 -45 250 115 125 10 1.20 0.035
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No +1.0
T-616 0 -45 300 values
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T-617 0 -45 350 190 195 5 1.02 0.030
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T-618 180 -45 410 80 85 5 1.68 0.049
125 130 5 1.06 0.031
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T-619 0 -45 400 25 35 10 1.31 0.038
80 85 5 1.53 0.045
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T-620 0 -45 400 80 85 5 1.67 0.049
110 120 10 1.08 0.032
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T-621 0 -45 300 0 5 5 1.68 0.049
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T-622 0 -45 300 215 220 5 1.08 0.032
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T-623 0 -45 300 80 85 5 1.70 0.050
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T-624 0 -45 300 200 205 5 2.94 0.086
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No +1.0
T-625 0 -45 250 values
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Assays
T-626 0 -45 270 Pending
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Assays
T-627 90 -45 270 Pending
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No +1.0
T-628 90 -45 300 values
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No +1.0
T-629 0 -45 300 values
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No +1.0
T-630 0 -45 300 values
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T-631 0 -45 300 115 125 10 1.00 0.029
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Note: True width is 70%


Richard Kern, (P.Geo), of Reno, Nevada, is the Company's qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release. A plan map of the Toiyabe drilling and memo by Frank Fritz on the CSMT survey will appear on the Golden Oasis website http://www.goldenoasisexploration.com shortly.

Golden Oasis is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist. For details on the Company and its properties, see the prospectus of the Company dated February 9, 2006, available on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Robert Eadie, Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Golden Oasis Exploration Corp.
    Robert Eadie
    (604) 602-4935 or Toll Free: 1-866-602-4935
    (604) 602-4936 (FAX)
    Website: www.goldenoasis.ca