Gold 50 Limited announced the results of its maiden drilling program at the Top Gun Gold-Silver Project in Nevada. The drilling program tested a 1,150 metre long zone of gold mineralisation, quartz veining and silicification with historic workings. Gold 50's 1,500m reverse circulation ("RC") percussion drilling program indicated a large, shallow gold system with best intercepts of: 3.05m at 1.3g/t Au and 26.5g/t Ag from 39.6m in hole TG005 (excludes 1.52m internal interval due to no sample from a historic mining void); and 10.6m at 0.4g/t Au from 42.7m in hole TG009, which is 400m along strike from TG005 All 11 holes intersected anomalous gold within broad zones of Ag-As-Sb and silica-pyrite alteration.

The Top Gun drilling program was the first of Gold 50's three-project campaign culminating at Golconda Project in Arizona. Drilling has recently been completed at the Spitfire Project in Nevada and assays are pending. The Top Gun drilling results will be interpreted and form the basis of a potential follow up campaign later in 2022.

Gold-silver mineralisation occurs at Top Gun in broad zones of illite alteration, structurally controlled silicification and associated veining. The gold-silver mineralisation is hosted in rhyolitic lithic tuffs and is associated with quartz and oxidized pyrite. The gold occurs with silver and a suite of pathfinder elements (maximum values) - arsenic (6200ppm), bismuth (74ppm), mercury (38ppm), antimony (378ppm), molybdenum (76ppm).

Gold occurs in two distinct associations: Gold:silver >1:50 associated with arsenic-bismuth-mercury (TG001 and TG002), which might represent a late stage overprint; and Gold:silver <1:10 associated with arsenic-antimony-molybdenum. The drilling intersected significant intervals of illite alteration in excess of 30m downhole and up to 87m downhole in drillhole TG003. The illite alteration was accompanied by iron oxide which gave way to hypogene pyrite at an average depth of 60m downhole.

Top Gun is an epithermal gold-silver system hosted by Tertiary lithic rhyolite tuff flow. It is located 63 kilometres north of the past-producing epithermal system at Paradise Peak and 43 kilometres northeast of the Rawhide gold mine currently in production. The main mineralized trend at Top Gun strikes northwest at ~315° and dips vertical to steeply northeast and contains gold-in-rock samples up to 3.4g/t Au and 84.7g/t Ag.

Clay alteration and intermittent silicification and quartz veining are pervasive over the ~1,150m length of the mineralized structure where it is exposed.