- Gold 50 (G50) begins reverse circulation (RC) drilling at its flagship Golconda project in Arizona
- Two diamond drill holes were completed at the project in December 2022, and the company has now started a follow-up 12-hole RC drilling program
- The RC drilling program will complete the maiden 4500-metre drilling program at Goldconda
- Drilling aims to test three high-priority areas including the Tub Vein, TG Intersection and the Bronco Dike zones
- Shares in G50 are trading at 22.5 cents at midday AEDT
Precious metals explorer Gold 50 (G50) has started reverse circulation (RC) drilling at its flagship Golconda project in Arizona.
It follows two diamond holes that were completed in December 2022, with assays pending.
The follow-up 12-hole RC drilling program will complete 4500 metres of drilling over a largely untested area with limited to no modern geological work completed apart from Gold 50’s efforts.
Drilling by previous operators was limited to shallow holes intersecting more than 10-metre wide zones of over two grams per tone (g/t) gold-silver mineralisation.
Gold 50’s current drilling aims to test three high-priority areas including the Tub Vein, TG Intersection and the Bronco Dike.
The Tub Vein is located northwest of the Tub Mine, more than 1800 metres through Todd and Union Basins.
The TG Intersection includes projected extensions of several prospective fault zones that host veins that extend southeast of the Golconda and Tub Mines.
Meanwhile, the Bronco Dike priority area is located near the intersection of the Dike and the Tub Vein, which has not been drilled or mined.
The company confirmed it expected assays from the diamond drilling program during the current quarter and is fully funded to complete its planned exploration work, with a December cash balance of $3.63 million.
Shares in G50 were last trading at 22.5 cents at midday AEDT.