Gold 50 : Top Gun Drilling Confirms Gold-Silver Epithermal System

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GOLD EXPLORATION

IN ARIZONA AND NEVADA

Wednesday, 9 March 2022

MAIDEN TOP GUN DRILLING CONFIRMS GOLD-SILVER

MINERALISED EPITHERMAL SYSTEM

• Maiden drilling has confirmed a gold-silver mineralised epithermal system
• Gold 50's Top Gun Project is located near the Paradise Peak and Rawhide Mines in the Walker Lane Trend of Nevada
• Drilling at Top Gun tested a 1,150m long, ~50m wide zone of pervasive silicification, argillic alteration and localised zones of vuggy silica alteration
• Mineralised intercepts include:
  o 3.05m at 1.3g/t Au and 26.5g/t Ag from 39.6m in hole TG005; (excludes 1.52m internal interval due to no sample from a historic mining void); and
  o 400m along strike from TG005, drill hole TG009 intersected 10.6m at 0.4g/t Au from 42.7m
• All 11 holes intersected anomalous gold within broad zones of Ag-As-Sb and silica-pyrite alteration
• Most of the mineralisation was intersected in the oxide zone
• All drilling results to be digitised and the exploration model evolved for generating follow up targets once the drilling campaign is complete at our flagship Golconda project
• The same drill rig recently completed an initial drilling program at Gold 50's nearby Spitfire Project for a total of 28 holes and 6,660m of drilling. Assays pending.

Gold 50 Limited (Gold 50 or the Company) (ASX: G50) is pleased to announce the results of its maiden drilling program at the Top Gun Gold-SilverProject in Nevada. The drilling program tested a 1,150 metre long zone of gold mineralisation, quartz veining and silicification with historic workings.

Gold 50's 1,500m reverse circulation ("RC") percussion drilling program indicated a large, shallow gold system with best intercepts of:

• 3.05m at 1.3g/t Au and 26.5g/t Ag from 39.6m in hole TG005 (excludes 1.52m internal interval due to no sample from a historic mining void); and
• 10.6m at 0.4g/t Au from 42.7m in hole TG009, which is 400m along strike from TG005

All 11 holes intersected anomalous gold within broad zones of Ag-As-Sb and silica-pyrite alteration.

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Gold 50's Managing Director, Mark Wallace, commented:

"This is a fantastic result for the team at Gold 50 and is a testament to our process and first principles approach. This is the first time Top Gun has been drilled and to hit gold and silver at these grades in this prospective setting is a great outcome. Top Gun looks to be a large gold system and worthy of follow up once we have completed our planned drilling campaign across the portfolio.

The drill rig moved to our nearby Spitfire Project where an initial drilling program was recently undertaken. Our planned 28 holes were completed successfully and we look forward to receiving those Spitfire assay results soon.

Gold 50 is well financed to complete planned exploration activities over the next two years following our IPO in August 2021, and we look forward to keeping shareholders abreast of our progress."

Next Steps

The Top Gun drilling program was the first of Gold 50's three-project campaign culminating at our flagship Golconda Project in Arizona. Drilling has recently been completed at the Spitfire Project in Nevada and assays are pending.

The Top Gun drilling results will be interpreted and form the basis of a potential follow up campaign later in 2022.

Technical Discussion

Gold-silver mineralisation occurs at Top Gun in broad zones of illite alteration, structurally controlled silicification and associated veining. The gold-silver mineralisation is hosted in rhyolitic lithic tuffs and is associated with quartz and oxidized pyrite.

The gold occurs with silver and a suite of pathfinder elements (maximum values) - arsenic (6200ppm), bismuth (74ppm), mercury (38ppm), antimony (378ppm), molybdenum (76ppm). Gold occurs in two distinct associations:

• Gold:silver >1:50 associated with arsenic-bismuth-mercury (TG001 and TG002), which might represent a late stage overprint; and
• Gold:silver <1:10 associated with arsenic-antimony-molybdenum.

The drilling intersected significant intervals of illite alteration in excess of 30m downhole and up to 87m downhole in drillhole TG003. The illite alteration was accompanied by iron oxide which gave way to hypogene pyrite at an average depth of 60m downhole.

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Exhibit 1: Silicification, argillic alteration and localised zones of vuggy silica alteration in outcrop at Gold 50's Top Gun

Project

Three of the 11 holes bottomed in unmineralised intrusive rock (granitic).

All intersections containing more than 0.2g/t gold from the initial Top Gun drilling program are summarised in the table (Table 1) below.

Drill Hole	From	Interval	Au	Ag	Comments
ID	(m)	(m)	(g/t)	(g/t)
TG001 to					No significant intersections
TG004
TG005	39.6	3.05	1.3	26.5	Excludes 1.52m internal interval due to no
					sample from historic mining void
including		1.5	2.0	24.9
TG006					No significant intersections
TG007	12.2	1.5	0.2	6.5
and	15.2	1.5	0.3	1.9
TG008					No significant intersections
TG009	32.0	1.5	0.2	6.8
and	42.7	10.6	0.4	2.1
TG010 to					No significant intersections
TG 011
		Table 1: Intersections containing more than 0.2 g/t gold

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The location of all of Gold 50's drill holes, best drill intercepts and rock chip samples are shown on the diagram below (Exhibit 2).

Exhibit 2: Drill hole, best intercepts, and soil sample locations

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Top Gun Background

Top Gun is an epithermal gold-silver system hosted by Tertiary lithic rhyolite tuff flow. It is located 63 kilometres north of the past-producing epithermal system at Paradise Peak and 43 kilometres northeast of the Rawhide gold mine currently in production.

View of Top Gun Project with waste from minor historical mining in middle of photo.

The main mineralized trend at Top Gun strikes northwest at ~315° and dips vertical to steeply northeast and contains gold-in-rock samples up to 3.4g/t Au and 84.7g/t Ag. Clay alteration and intermittent silicification and quartz veining are pervasive over the ~1,150m length of the mineralized structure where it is exposed.

This announcement has been approved for release by the Board of Gold 50.

For enquiries:
Mark Wallace	Dannika Warburton
Managing Director	Principal
Gold 50 Limited	Investability Partners
[e-mail]	[e-mail]
+ 61 2 8355 1819	[phone]

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