Gold 50 Ltd. announced the outstanding outcomes of the Company's initial soil sampling program at the recently acquired White Caps Project in Nye County, Nevada. The soil sampling program defined a strongly anomalous zone over 2km along strike from the high-grade White Caps Mine on patented claims (private land). Arsenic, mercury, antimony and thallium - the key pathfinder elements for Carlin-style gold deposits were all very anomalous.

The soil sampling program comprised 276 samples collected on Gold 50's patented claims. The program targeted structural intersections within the west-northwest striking Cambrian White Caps Limestone unit and cross-cutting north-south faults. Of the 276 samples, 92 (33%) of the samples assayed greater than 0.1ppm or 0.1g/t gold, which is considered to be highly anomalous. The average gold content across these 92 samples was 0.527 ppm (= 0.527g/t).

The ten best samples ranged from 0.9g/t to 7.5g/t gold. Carlin-style pathfinder elements including arsenic, mercury, antimony, and thallium were all present and highly anomalous. The results for mercury are particularly encouraging as any assay with > 1ppm mercury is considered a strong result.

The average mercury response across the 276 samples of 1.59 ppm is highly anomalous. The seven target zones identified for follow-up are focussed on the most anomalous assays for the pathfinder elements noted in Table 1. Target Zone 3 also has elevated sulphur, copper, zinc, and bismuth. The White Caps Gold Mine is located between Target Zones 5, 6, and 7, which was not sampled due to significant surface disturbance.

The soil sampling program took great care in avoiding disturbed areas and 33 planned samples were not collected due to surface disturbance and potential contamination, primarily caused by historical mining. Photos showing the sample pit, sample number and representative sample material were taken at each sample site utilizing a theodolite-type app that captured the day, time and coordinates for each location. Mineralisation at the White Caps Mine is concentrated along structural intersections within the Cambrian White Caps Limestone unit which averages 20m in thickness.

Numerous cross-cutting north-south faults localise mineralisation within the host carbonates. The soil sampling program and highly anomalous soil results extend well outside of the White Caps Limestone, increasing understanding and targeting of the district potential of the White Caps Project. Geology and Exploration Potential Gold 50 plans to undertake a first principles approach of exploring across the property including mapping, trenching and geophysics before an initial drilling program in second half 2023.

Located in central Nevada within the historic Manhattan Mining District and the underexplored Walker Lane Trend, the WCP covers an area of 10 km with 28 patented claims and 74 unpatented claims. White Caps is a significant historical gold mine located only 15km south of the Round Mountain Gold Mine owned by Kinross which still has ore reserves of 3 million ounces after producing more than 15 million ounces. Historical mining and exploration have focussed on high-grade replacement-style mineralisation hosted by limestone with the gold associated with arsenic, antimony and mercury (typical of Carlin- style gold deposits). The WCP is located in the southern Toquima Range which is a block-faulted horst of the Basin and Range Province.

The Project area is underlain by Cambrian and Ordovician sedimentary rocks that were intruded by a Cretaceous granitic pluton on the southeast portion of the district. A substantial amount of thrust faulting and high-angle faulting has occurred throughout the area. The sedimentary rocks are buried by volcanic rocks of the Tertiary Manhattan Caldera on the northern edge of the property.

Mineralisation generally dips moderately to the south at approximately 50° and is open at depth. Low- and moderate-grade (<10g/t gold) targets may exist within the White Caps Mine in the vicinity of the historically mined high-grade (>10g/t gold) mineralisation. Notably, the cross-cut on the lowest level of the White Caps Mine assayed 10m at 94g/t gold.

Numerous historic mines and widespread gold occurrences are located along the Manhattan Fault, a major west-northwest structure. Within the WCP, mineralised carbonate rocks provide a favourable host for gold mineralisation over 3km of strike length. The White Caps Limestone is within a 600m thick Cambrian sequence containing mineralised carbonate units that may also be favourable host rocks.

There is good potential to define thicker zones of mineralisation around historic workings as the lower gradlower-grade(<10g/t gold) was largely ignored. The prospective geology and historical mining indicate that the WCP is a district play, not just a high-grade underground target that remains open at depth.