Gold 50 Limited announced that RC drilling has commenced at the Company's flagship Golconda Project in Arizona. Golconda is largely untested with limited to no modern geological work completed at the project prior to Gold 50. Drilling by previous operators in the last 40 years was limited to shallow vertical holes intersecting +10m wide zones of +2g/t gold-silver mineralisation.

The gold-silver and silver-lead-zinc veins within the Golconda Project are part of a large, zoned mineralised system related to the adjacent Mineral Park porphyry copper-molybdenum deposit. Gold 50 has identified three initial priority areas for exploration: Tub Vein - northwest from the Tub Mine more than 1,800m through Todd and Union Basins. TG Intersection - contains projected extensions of several prospective fault zones containing veins that extend southeast of the Golconda and Tub Mines with cross-cutting structures.

Bronco Dike - particularly near the intersection of the Dike and the Tub Vein, which has not been drilled or mined in this area, and the intersection with the Golconda Vein where the Oro Plata Mine is located. Drilling will primarily target structural intersections along the Tub Vein. Assays from the recent diamond drilling program are expected during the quarter.