Gold 50 Limited’s (ASX: G50) drilling contractor Alaska Midnight Sun Drilling has arrived at the Spitfire Gold-Silver Project in Nevada and drilling has commenced.
Gold 50’s strategic intent is to rapidly define and progress exploration targets across its portfolio of precious metals assets, leveraging management’s track record of discovery in the Southwest USA.
Drilling at Spitfire is the second programme of a broader three-project campaign. Drilling at the Top Gun Gold-Silver Project in Nevada was completed in late December 2021 (assays pending). On completion of the current campaign, drilling will commence at the flagship Golconda project in Arizona, anticipated towards the end of Q1 2022.
Nevada Drilling has commenced at Spitfire with a 5,000 metre RC drilling programme planned to test high priority targets identified by recent rock chip sampling and surface mapping. Samples were collected at targets identified following an extensive review of TSX-listed Kinross Gold Corporation’s historical exploration database. Thirty-eight of these samples contained more than 1g/t gold and averaged 23.2g/t gold and 38.3g/t silver. Twenty-one rock chip samples collected by Gold 50 contained more than 10g/t gold and averaged 35g/t gold and 75g/t silver; best sample returned 88.9 g/t gold.
Drilling at Spitfire is designed to test multi-prospect targets across the project including:
• Hearst : a 40m wide zone multigram gold on surface , alteration and quartz / gossan / copper oxide veining
• Lithia: multi gram to multi ounce bearing flat quartz veins near the main historic Lithia workings including northern and eastern strike continuation of these veins; and
• 9 Ledge: set of sheeted low angle quartz veins with multigram gold hosted by altered diorite / granodiorite
“We are excited to announce we have commenced drilling at Spitfire, after successfully completing our maiden drilling programme at our other Nevada gold-silver project, Top Gun,” Managing Director, Mark Wallace, said.
“While we await the return of assays from Top Gun we have been busy designing the Spitfire drilling campaign, which benefited greatly from the extensive database of surface work and drilling by Kinross.
“This historical data, as well as our own surface sampling and mapping work, enabled Gold 50 to generate multiple, high potential targets across the Spitfire project, at very little cost.
“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 reporting the results of drilling as soon as assays are received.” For further information please visit: https://www.gold50.com