Precious metals exploration company Gold 50 (ASX:G50) has begun a follow-up 12 hole reverse circulation (RC) drilling program at its flagship Golconda Project in Arizona.
The company states it will complete a maiden 4,500m drilling program designed to test 3 initial priority areas for exploration including, the Tub Vein, TG Intersection, and the Bronco Dike.
One is Tub Vein, located northwest from the Tub Mine, which is more than 1,800m through Todd and Union Basins. The second is TG Intersection, which contains projected extensions of many prospective fault zones encompassing veins that extend southeast of the Golconda and Tub Mines with cross-cutting structures. Additionally, Bronco Dike is near the intersection of the Dike and Tub Vein, which has not been drilling or mined in this area.
Gold 50 Managing Director Mark Wallace says: “We are excited to announce the commencement of our maiden RC drilling program at our flagship Golconda project, following on from our diamond drilling program in late 2022.
We look forward to keeping the market updated on the progress of the RC drilling with first assays from the diamond drilling program expected during the current quarter.”
Golconda is a largely untested area with scarce to no modern geological work completed at the project prior to Gold 50.
The company says drilling by previous operators within the last 40 years was limited to shallow vertical holes intersecting over 10m wide zones of over 2g/t gold-silver mineralisation.
drilling by previous operators within the last 40 years was limited to shallow vertical holes intersecting over 10m wide zones of over 2g/t gold-silver mineralisation
Gold 50 reports that the gold-silver and silver-lead-zinc veins within the project are part of a large, zoned mineralised system associated with the adjacent Mineral Park porphyry copper-molybdenum deposit.
The company reports that the first 2 diamond drillholes were completed in December 2022, with assays expected to be released during the quarter.
The Golconda project is located in the Wallapai Gold District in Arizona which is recognised for extensive vein systems and unusually ‘high’ precious metals grades.
Gold 50 has a portfolio of ‘high-quality’ precious metals exploration projects. Alongside the company’s flagship Golconda project, Gold 50 has five other ‘high-potential’ gold projects including White Caps, Spitfire, Caisson, Top Gun, and Broken Hills.
Images: Gold 50 Ltd
