- Recently listed company, Gold 50 (G50) completes ground magnetic survey as part of a broader exploration program at its Golconda Project in Arizona
- The survey provides insight into the relationship between mineralised veins and the Mineral Park copper-molybdenum porphyry deposit to the northwest
- The broader exploration program aims to uncover a near-surface gold-silver deposit amenable to open-pit mining
- Specifically, the program will include geological mapping, structural analysis and geochemical sampling to generate drill targets
- Company shares ended the day trading steady at 23.5 cents at market close
Gold 50 (G50) has completed a geophysical survey as part of a broader exploration program at its Golconda Project in Arizona, US.
The materials stock only listed on the ASX last week and has already gotten exploration work underway.
The ground magnetic survey included 69 line kilometres collected on northeast-southwest lines spaced 100 metres apart over the project area.
According to the company, the survey provided insight into the relationship between the mineralised veins at the project and the Mineral Park copper-molybdenum porphyry deposit to the northwest.
This work also identified extensions to outcropping veins and the location of cross-cutting structures. Ultimately, the intersection of the veins and cross-cutting structures may provide targets to identify substantial gold mineralisation.
The broader exploration program is designed to uncover a near-surface gold-silver deposit amenable to open-pit mining.
The Golconda Project covers multiple precious and polymetallic mineralised veins and untested structures that sit below the Mineral Park deposit.
However, the precious metal potential of the Golconda Project has never been systematically tested. The project itself has seen very limited exploration in the last 30 years which makes Gold 50’s exploration program the first in around three decades.
Managing Director, Mark Wallace, commented on the exploration program.
“Since acquiring the Golconda Project as Gold 50’s foundation asset in 2020, we have been systematically compiling and interpreting the historical data as well as undertaking exploration required to provide a wholistic view of the controls on mineralisation in this historical mining district.”
Specifically, the program will include mapping and surface geochemical sampling for the company to better understand the mineralisation patterns and its structural controls. The work will also help to generate priority drill targets.
Company shares ended the day trading steady at 23.5 cents at market close.