Red Cloud Announces Annual Pre-PDAC Mining Showcase 2023 Agenda

  • Gold 50’s initial soil sampling program has defined a 2 km zone of key pathfinder elements for Carlin-type gold deposits at the White Caps Project
  • Gold, arsenic, mercury antimony, and thallium are all strongly anomalous
  • One-third of the 276 soil samples returned > 0.1g/t gold ( > 100 ppb)
  • Gold averaged 0.527 g/t and mercury (Hg) averaged 4.44 ppm across these 92 samples. Greater than 1 ppm Hg in soils is considered highly anomalous
  • This program represents the first step in applying modern exploration techniques at the property in more than two decades
  • High-grade White Caps Mine produced more than 125,000 ounces at circa 30g/t gold
  • Multiple untested near-mine and district targets remain to be drilled
  • Trenching of the 2 km zone to begin in early March, 2023

The soil sampling program defined a strongly anomalous zone over 2km along strike from the high-grade White Caps Mine on patented claims (private land). Arsenic, mercury, antimony and thallium – the key pathfinder elements for Carlin-style gold deposits were all very anomalous.

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

“Our initial White Caps exploration program has exceeded our expectations by confirming that the project is highly prospective for Carlin-style gold mineralisation.

“We already knew that the White Caps Project area had the right rocks and structures for Carlin- style gold deposits. Historical work had never confirmed the presence of the Carlin-style path finders and the consistency and scale of these results outperform even our most optimistic expectations.

“Our plan is to define drill targets by trenching across the prospective zones, completing a drone magnetic survey, and undertaking field mapping. Working on our Patented claims means workflows can be completed quickly.

“G50 has the team in place to continue working up White Caps and we look forward to updating the market soon on assays from our initial two diamond drill holes at our flagship Golconda Project in Arizona. RC drilling is to commence by the end of the month.”

Figure 1 – Plan summarising outcomes from White Caps Soil Sampling

The soil sampling program comprised 276 samples collected on Gold 50’s patented claims. The program targeted structural intersections within the west-northwest striking Cambrian White Caps Limestone unit and cross-cutting north-south faults.

Of the 276 samples, 92 (33%) of the samples assayed greater than 0.1ppm or 0.1g/t gold, which is considered to be highly anomalous. The average gold content across these 92 samples was 0.527 ppm (= 0.527g/t). The ten best samples ranged from 0.9g/t to 7.5g/t gold.

Carlin-style pathfinder elements including arsenic, mercury, antimony, and thallium were all present and highly anomalous. The numerical averages of the assays for all 276 samples and the subset of the 92 highly anomalous samples are presented in Table 1 below:

Table 1 – Averages of White Caps Soil Sample Results

The results for mercury are particularly encouraging as any assay with > 1ppm mercury is considered a strong result. The average mercury response across the 276 samples of 1.59 ppm is highly anomalous.

Figure 1 above shows the location of the 276 soil samples and extensive zones with > 50ppb gold over approximately 2km of strike.

The seven target zones identified for follow-up are focussed on the most anomalous assays for the pathfinder elements noted in Table 1. Target Zone 3 also has elevated sulphur, copper, zinc, and bismuth.

The White Caps Gold Mine is located between Target Zones 5, 6, and 7, which was not sampled due to significant surface disturbance. The soil sampling program took great care in avoiding disturbed areas and 33 planned samples were not collected due to surface disturbance and potential contamination, primarily caused by historical mining.

Photos showing the sample pit, sample number and representative sample material were taken at each sample site utilizing a theodolite-type app that captured the day, time and coordinates for each location.

Mineralisation at the White Caps Mine is concentrated along structural intersections within the Cambrian White Caps Limestone unit which averages 20m in thickness. Numerous cross-cutting north-south faults localise mineralisation within the host carbonates. The soil sampling program and highly anomalous soil results extend well outside of the White Caps Limestone, increasing our understanding and targeting of the district potential of the White Caps Project.

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