G50 Corp (ASX:G50) has acquired a whole stake in the Golconda Gold-Silver Project in Arizona, US, including 54 mining claims, as the company seeks to advance its near-term commercialisation objective.
The company has paid a whole consideration of US$1 million ($1.52 million), after first initiating the terms in August 2021.
The original vendor will retain a 2% net smelter return royalty, which G50 will be granted first offer over.
G50 intends to advance the tenement package with upcoming drilling and metallurgical test work, following the return of a recent gallium discovery that has re-established the prospectivity of the assets.
The company will conduct diamond core and reverse circulation drilling to drive the project towards commercialisation, currently awaiting the arrival of the core drill rig.
Diamond core drilling is expected to commence shortly and extend into 2026, meanwhile the reverse circulation drill rig is scheduled to arrive in mid-January 2026 to test for strike and lateral extensions to the recent discovery.
Last month, G50 orchestrated civil construction at the site including the roads and pads.
G50 Corp is an emerging precious metals explorer focused on rapidly progressing ‘high potential’ projects in the US.
Write to Maddison Elliott at Mining.com.au
Images: G50 Corp
