Gold 50 Ltd. announced completion of a first-pass soil sampling program at the recently acquired White Caps Project ("WCP") in Nye County, Nevada. (See ASX announcement, `Acquisition of High-Grade White Caps Gold Project' dated 9 November 2022). Gold 50's initial exploration program will primarily focus on integration and interpretation of existing datasets and refinement of the geological model to effectively target high-grade Carlin- style gold mineralisation.

A first principles approach of exploring across the property is being planned including mapping, rock chip sampling and geophysics. A drone magnetic survey is planned to be completed during December. The recently completed soil sampling program comprised 276 samples and targeted the main structural features of the 28 patented claims. A follow-up program across the rest of the WCP is planned to begin when weather permits in the spring of 2023.

Located in central Nevada within the historic Manhattan Mining District and within the underexplored Walker Lane Trend, the WCP covers an area of 10 km2 with 28 patented claims and 74 unpatented claims. 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 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. 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.

It is notable that 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.

Gold 50's recently completed soil sampling program will enhance and complement these historical surveys by providing analyses of a larger suite of elements with lower detection levels. 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 grade material (<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.