G50 Corp (G50.AX) has confirmed it has started a drill program on its White Caps project in Nevada. White Caps is a historical gold mine where the gold was concentrated along structural intersections within the White Caps Limestone unit, which has an average thickness of approximately 20 meters. Some of the historical intervals were jaw-dropping with for instance 10 meters of 94 g/t gold which was encountered in a cross-cut on the lowest mine level.
But this doesn’t mean G50 is promoting White Caps as a multi million ounce project. The company has identified an exploration target of 50,000-270,000 ounces of gold at an average grade of 7-25 g/t gold on one of the targets with a second target estimated to contain 110,000-290,000 ounces of gold at an average grade of 2.5-3 g/t. This means the total exploration target consists of 160,000-560,000 ounces of gold. That’s a very wide range and hopefully the maiden drill program will provide additional clarity.
Disclosure: The author has no position in G50. Please read the disclaimer.
