Gold 50 Limited announced that drilling is now anticipated to commence in October 2022 at the Company's Golconda Project in Arizona. Gold 50 has executed a drilling contract with Nevada-based Harris Drilling for a 14 hole, 4,500m RC drilling program. The program is a culmination of systematic exploration work over the past 12 months including geophysics, surface mapping and soil sampling.

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 were 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. Gold 50's initial drilling will primarily target structural intersections along the Tub Vein at depths of 100m to 150m. Gold 50 appointed Isaac Nelson as a Senior Consulting Geologist in late 2021 to assist in planning, preparation and managing Golconda drilling program.