Gold 50 Ltd. announced the completion of the first two diamond drill holes at its Golconda Project in Arizona. Golconda is largely untested with limited to no modern geological work completed at the project prior to Gold 50. Drilling by previous operators in the last 40 years was limited to shallow vertical holes intersecting +10m wide zones of +2g/t gold-silver mineralisation.

The gold-silver and silver-lead-zinc veins within the Golconda Project are part of a large, zoned mineralised system related to the adjacent Mineral Park porphyry copper-molybdenum deposit. Gold 50 has identified three initial priority areas for exploration: Tub Vein - northwest from the Tub Mine more than 1,800m through Todd and Union Basins. TG Intersection ­ contains projected extensions of several prospective fault zones containing veins that extend southeast of the Golconda and Tub Mines with cross-cutting structures.

Bronco Dike - particularly near the intersection of the Dike and the Tub Vein, which has not been drilled or mined in this area and the intersection with the Golconda Vein where the Oro Plata Mine is located. Gold 50's initial drilling primarily targets structural intersections along the Tub Vein at depths of 100m to 150m. Diamond drillhole GDD01 was drilled to a depth of 281m and targeted the intersection of a northeast-striking fault with a wide vein, quartz blow and associated smaller veins.

The hole is persistently altered over 28m from 34m to 62m. The upper portion of the hole crosses the Tub Vein while the lower portion may intersect the Green Linnet vein system. Samples from this hole were despatched one week ago to the laboratory in Reno, Nevada with initial assay results expected in January 2023.

Diamond drillhole GDD02 was drilled to a depth of 239m and targeted the intersection of the Tub Vein with a northeast striking fault, south of the Oro Plata Mine where the Bronco Dike and the Tub Vein intersect. Hole GDD02 is persistently altered over 131m from 108m downhole to the end of the hole at 239m. The rock is predominantly hydrothermal breccia with quartz-sulphide infill and stockwork veining.

The photos below show some of the altered core from hole GDD02.