G50 expands Golconda gold-silver system beyond 1.8km

• Golconda mineralisation extended from 1.3km to more than 1.8km of strike
• Golden Eagle returned 21.3m at 3.72g/t gold and 28.76g/t silver
• Gallium recovery reached 63% to 87% in preliminary oxide test work
• A$26.25 million placement included A$7.95 million from Hancock Prospecting
• White Caps follow-up drilling is underway, with first assays expected in January 2027

Golden Eagle extends Golconda’s mineralised corridor

G50 Corp Limited (ASX:G50) has pushed the known footprint of its Golconda discovery in Arizona beyond 1.8km, up from 1.3km in the June quarter, after drilling at the northwestern Golden Eagle target returned a run of shallow gold-silver intercepts. The strongest included 21.3m at 3.72g/t gold and 28.76g/t silver from 36.6m in hole GRC54, including 10.7m at 7.25g/t gold and 49.82g/t silver.

Another Golden Eagle hole delivered 25.9m at 2.92g/t gold and 60.97g/t silver from 57.9m, with a higher-grade 13.7m section running at 5.42g/t gold and 112.58g/t silver. A separate 3m interval in GRC51 returned 4.29g/t gold and 814g/t silver from just 10.7m. G50 says the results confirm precious-metal mineralisation from Golden Eagle in the northwest to GRC17 in the southeast along the Tub Structural Zone, although the reported lengths are down-hole intervals and true widths remain unknown.

Gallium remains widespread across the Tub Structural Zone

The drilling also reinforced the less conventional part of the Golconda story: gallium appears broadly distributed through the system. Every hole reported during the quarter returned a near-surface gallium interval, including 213.3m at 20.6g/t gallium from surface in GRC48 and 450.2m at 19.8g/t from 1.1m in core hole GDD08.

Preliminary oxide metallurgical work at the Little Jimmy area produced a potentially useful processing signal. Screening and desliming upgraded gallium by 1.5 to 2 times and recovered 63% to 87% of contained gallium in the tested samples. Gold and silver also reported to the gallium-rich fine fraction in several zones, while sulphide flotation produced precious-metal concentrates with gold recoveries of 74% to 90% and silver recoveries of 30% to 48%. The work remains limited proof-of-concept testing, not a Mineral Resource or Ore Reserve, and G50 says mineralogy, impurity ratios and commercial viability still require further assessment. The latest results build on the earlier gallium processing tests, which had also pointed to gallium concentration alongside gold and silver.

Placement funds two-project drilling campaign

G50 completed a A$26.25 million institutional placement at A$0.595 a share during the quarter, issuing about 44.1 million new shares. Hancock Prospecting committed A$7.95 million and held approximately 5.4% of G50’s issued capital on completion, giving the exploration program a better-funded runway than it had at the start of the quarter. The placement had been covered in A$26.25 million placement, which reported Hancock’s commitment and the intended focus on drilling and gallium work.

The company finished September with A$25.778 million in cash and cash equivalents. Quarterly operating and investing outflows totalled A$1.586 million, comprising A$856,000 of operating cash use and A$730,000 spent on exploration and evaluation, producing an Appendix 5B estimate of 16.25 quarters of funding at that period’s spending rate. That figure is a snapshot rather than a forecast: G50 intends to accelerate drilling, geological studies, metallurgical work and early permitting activities.

White Caps drilling adds a second near-term catalyst

Attention is also moving to G50’s White Caps project in Nevada. Follow-up diamond drilling has started around the earlier discovery hole WCD26-01, which returned 13.50m at 7.67g/t gold from 305.5m, including 3.93m at 23.95g/t. The initial follow-up program comprises five holes for approximately 1,500m, testing lateral and up-dip continuity at nominal 100m step-outs from that result. The original high-grade intersection was reported in the White Caps discovery hole.

Assays from the remaining four holes of the February program were still pending at quarter end and are expected in October 2026, while first results from the new follow-up campaign are expected in January 2027. Once the White Caps core rig is finished, it is scheduled to move to Golconda, where further core drilling is planned around December to test extensions and parallel veins.

Resource definition remains the test ahead

G50’s next technical steps are to update the Golconda geological model, identify additional targets, begin baseline studies for an Exploration Plan of Operations and continue metallurgical work across gallium, precious metals and base metals. The exploration results are encouraging in scale and grade, but they remain exploration results rather than a defined economic deposit. The key question is whether the next round of drilling can convert a long, geologically persistent corridor into a coherent resource with processing and permitting pathways that stand up beyond proof of concept.

Bottom Line?

G50 has bought itself drilling time, but the next value test is whether upcoming assays and modelling turn strong intercepts into a defined, scalable project.

Questions in the middle?

• Will White Caps assays confirm that the high-grade WCD26-01 intersection continues across the planned step-outs?
• Can Golconda’s 1.8km mineralised corridor support a coherent Mineral Resource once drilling, widths and geology are modelled?
• Will gallium recovery and co-product results remain commercially attractive after larger-scale and impurity-focused test work?