G50 Corp Advances Golconda and White Caps Drilling with Promising Gallium Testwork

Depth Extensions Tested at Golconda with Core Drilling

G50 Corp Limited (ASX:G50) has wrapped up a 7-hole, 2,550-metre core drilling campaign at its Golconda Project in northwest Arizona, targeting depth extensions to its previously reported shallow, high-grade gold and silver discovery. The program included an additional hole beyond the original plan to probe mineralisation continuity, with assays pending in the coming weeks. Notable historical intercepts from the area include 47.2 metres at 2.0 g/t gold and 40.2 g/t silver, with higher-grade zones within these intercepts, underscoring the potential for meaningful resource expansion.

The mineralised zones lie below the oxidation depth and are characterised by mesothermal quartz-sulphide veins rich in base and precious metals. The 2025 reverse circulation (RC) drilling program had already confirmed the Tub Zone as a laterally and vertically continuous mineralised system, open along strike and at depth, which this core program aimed to further delineate. A seventh hole specifically targeted up-plunge mineralisation identified in 2023, adding to the geological understanding of the system's geometry.

G50’s rapid transition into a 27-hole, 5,500-metre RC program at Golconda aims to test six priority areas, including near-surface targets and further define the Tub Vein and Tub Footwall zones. These zones exhibit wide, structurally controlled mineralisation with alteration and hydrothermal brecciation indicative of bulk-tonnage potential. The program is scheduled for completion by June 2026, reflecting the company's intent to fast-track resource definition.

The exploration focus remains on quantifying the size, grade, and continuity of mineralisation to evaluate open-pit development potential, while also advancing regional targets across the structural corridor. Near-surface targets such as the Good Hope vein zone and extensions of the Mexican fault and Tub fault are slated for drilling, reflecting a comprehensive approach to resource expansion.

White Caps Drilling Targets Larger Zoned Gold System

In Nevada, G50 has commenced a 4-hole, 1,700-metre core drilling program at its White Caps Project, with an option for two additional holes. The drilling is designed to test for a larger, zoned mineral system beyond historically mined gold mineralisation, which is predominantly limestone-hosted and akin to Carlin-type deposits. The company’s model posits a magnetic anomalous gold core related to intrusive and skarn mineralisation transitioning up-plunge into sediment-hosted gold, a hypothesis that the current drilling aims to validate.

Operational efficiencies are being leveraged by mobilising the same core rig and crew from Golconda to White Caps, employing double shifts to expedite progress. Drilling at White Caps is also expected to conclude by June 2026, aligning with the Golconda RC program timeline.

Metallurgical Testwork Validates Gallium Recovery Potential

Supporting its exploration efforts, G50 released metallurgical testwork results from SGS Lakefield demonstrating promising recovery and concentration of critical and precious metals from Golconda drill samples. Gallium grades increased by 150% to 200% from feedstock to bulk concentrate, with recoveries reaching up to 70% via screening and flotation. Silver and gold recoveries were also strong, up to 97% and 82% respectively, using proven, low-cost processing methods.

This testwork underscores the potential for Golconda to supply a strategic domestic gallium concentrate for the U.S. market, which is actively seeking to diversify critical mineral supply chains. The results build on previous findings that gallium is hosted primarily in sericite alteration zones, supporting scalable and modular processing approaches. This metallurgical validation complements the ongoing drilling programs and highlights the project's dual focus on precious and critical metals.

Financial Position and Exploration Expenditure

As of 31 March 2026, G50 held $5.157 million in cash, with exploration and evaluation expenditure for the quarter totalling approximately $1.64 million. The company reported no mining production or development activities during the period. Payments to related parties amounted to $147,000, including salary and director fees. The current cash position provides just over two quarters of funding at the current burn rate, with no immediate plans disclosed for additional capital raising.

G50’s Golconda Project is fully owned and strategically located near the Mineral Park mine in Arizona, while White Caps lies within Nevada’s Manhattan mining district, historically known for gold production. The company’s exploration strategy targets both high-grade precious metals and critical elements like gallium, a metal with rising strategic importance given recent price surges and supply concerns.

The company’s recent activity builds on earlier drilling and metallurgical successes, including the validated gallium concentration potential and the advancement of Golconda drilling programs that have positioned G50 as a notable player in the U.S. critical minerals landscape.