Gold 50 is seeking A$8-10 million at 25c to explore in the Fraser Institute's two best-rated jurisdictions in the annual mining survey that was released in February.

 

The company has leases covering around 34sq.km, with its flagship being the Golconda project in Arizona's Wallapai mining district.

 

Golconda has primarily seen gold, silver, zinc, and lead production since the 1870s, and there are well-developed mineralised veins mediately southeast of the large Mineral Park porphyry copper-molybdenum deposit.

 

The Golconda zinc-lead mine ceased production in 1917, but despite producing associated high-grade gold-silver by-products, Gold 50 says there has never been any systematic exploration for precious metals, with the limited attempts over the past three decades defining mineralised veins, which cover up to 10km, including 2km at the Tub-Golden Eagle vein.

 

The deepest drilling of the Golconda Vein at about 430m indicates the gold grade increases with depth and that the base of the system has not yet been identified.

 

The area has no surface geochemical or geophysical surveys, although sparse drilling since 1980 intersected more than 10m-wide zones of mineralisation averaging more than 2gpt gold, with high silver grades in several areas.

 

The initial aim is to define bulk-tonnage open pittable gold-silver deposits.

 

Secondary projects are Spitfire, Broken Hills, Top Gun and Caisson within Nevada's Walker Lane Trend, where there has been limited small-scale mining and modern exploration.

 

Spitfire is targeting a package of stacked, flat-lying quartz veins with high-grade gold; Broken Hills and Top Gun are targeting epithermal gold-silver mineralisation similar to large nearby deposits such as Rawhile and Paradise Peak; while Caisson has potential for an intrusion-related gold deposit.

 

All areas have evidence of historical mining, although there are limited reports 

 

Gold 50 hopes to list in July.