PRG:CC - Barrick Completes Targeting Surveys and Readies for Drilling at Precipitate's Pueblo Grande Project Dominican Republic
(TheNewswire)
Vancouver, BC - TheNewswire- June 20,2023 - Precipitate GoldCorp. (the “ Company ” or“ Precipitate ”) (TSXV:PRG ) ( OTC:PREIF) is pleased to announce that BarrickGold Corporation ("Barrick") has finalized drill targetinganalysis and is now preparing to start its second phase of drilltesting on Precipitate's 100% owned Pueblo Grande Project, locatedimmediately adjacent to Barrick's Pueblo Viejo gold mine in theDominican Republic. Barrick’s work is part of an earn-in agreementwhereby Barrick has the right to earn a 70% interest inPrecipitate’s Pueblo Grande Project.
Barrick has completed its surface exploration programat the Lithocap Zone (“Loma Cuaba” or “APV”) of the PuebloGrande project, located immediately west of Barrick’s Pueblo Viejogold mine. As part of its ongoing exploration work program, Barrick isnow preparing land access routes and drill pads for a second phasediamond drill program expected to total an estimated 3,000metres.
Barrick Drill Targeting Highlightsfor the Lithocap Zone
-
Interpretation of new and historicalproject data has led to anexpanded exploration program, targeting near surface high sulphidationepithermal “Pueblo Viejo style” gold mineralization along with apossible concealed copper-gold porphyry style target at depth.
-
Deep penetrating 2D pole-dipoleinduced polarization (“IP”) geophysical surveying has identifiednumerous untested high chargeability anomalies, with reading valuesexceeding 40 mv/v. The 2D IP survey is comprised of three (3)north-south oriented survey lines, at 400 metre spacing (about 9.5line kilometers total).
-
Multiple drill targets have beendelineated in large favourable zones where anomalies have beenidentified by surface sampling (geochemistry), geological features(rock types and various fault structures), geophysics (IP andmagnetic) and spectrometric studies (clay alteration).
See accompanying mapfigure for details
Jeffrey Wilson, Precipitate's President and CEO stated,"We are pleased that Barrick has completed important geologicaland geophysical work to better understand the Lithocap’s potential.This data and subsequent interpretations have provided Barrick’sexploration team with newly delineated, and highly prospectiveuntested anomalies that will be the focus of a next phase of drilltesting. An amended drill permit application, with an expanded scopeof drilling (up to 22 drill holes within the Lithocap Zone) has nowbeen received, thus the Company anticipates drilling to commence inthe coming weeks once road and drill pad preparations arecomplete.”
Figure 1: Barrick’s IP Geophysical Results and DDH Targeting atPrecipitate’s Lithocap Zone
While drill preparations for the Lithocap Zone areunderway, Barrick has also notified the Company that furtherexploration programs, including geochemistry, geophysics andhistorical data review are being considered for additional areaswithin the broader Pueblo Grande project land package. Plans andresults from Barrick’s ongoing exploration programs will be reportedas they become available.
In accordance with Earn-in Agreement betweenPrecipitate and Barrick as announced April 14, 2020, Barrick can earna 70% interest in Precipitate’s Pueblo Grande project by incurring aminimum US$10.0 million in qualifying Work Expenditures and deliveringa qualifying pre-feasibility study prior to the sixth anniversary ofthe entering into of the Agreement (see the Company’s news release dated April14, 2020 for full Earn-In Agreementdetails).
The Company’s website has additionalinformation and illustrations of recent and historical Motherlodeproject data.
For reference: g/t = grams pertonne, Au = gold, m = metres
This news release has been reviewed by Michael Moore,Vice President, Exploration of Precipitate Gold Corporation, theQualified Person for the technical information in this news releaseunder NI 43-101 standards.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused onexploring and advancing its mineral property interests in NewfoundlandCanada and the Pueblo Viejo Mining Camp and Tireo Gold Trend of theDominican Republic. The Company has entered into an Earn-In Agreementwith Barrick Gold Corporation, whereby Barrick can earn a 70% interestin the Company’s Pueblo Grande Project by incurring US$10M withinsix years and producing a qualifying Pre-feasibility Study.Precipitate is also actively evaluating additional high-impactproperty acquisitions with the potential to expand the Company'sportfolio and increase shareholder value, in other favourablejurisdictions.
Additional information can be viewed at the Company’s website www.precipitategold.com .
On Behalf of the Board of Directorsof Precipitate Gold Corp.,
“Jeffrey Wilson”
President & CEO
For further information, pleasecontact:
Tel: 604-558-0335 Toll Free: 855-558-0335 investor@precipitategold.com
Neither the TSX Venture Exchange nor its Regulation Service Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
This press releasemay contain "forward-looking information" within the meaningof applicable Canadian securities legislation. All statements, otherthan statements of historical fact, included herein are forwardlooking information. Generally, forward-looking information may beidentified by the use of forward-looking terminology such as"plans", "expects" or "does not expect","proposed", "is expected", "budget","scheduled", "estimates", "forecasts","intends", "anticipates" or "does notanticipate", or "believes", or variations of such wordsand phrases, or by the use of words or phrases which state thatcertain actions, events or results may, could, would, or might occuror be achieved. This forward-looking information reflects PrecipitateGold Corp.’s (“Precipitate” or the “Company”) currentbeliefs and is based on information currently available to Company andon assumptions it believes are reasonable. Forward-looking informationis subject to known and unknown risks, uncertainties and other factorsthat may cause the actual results, level of activity, performance orachievements of Precipitate to be materially different from thoseexpressed or implied by such forward-looking information. Such risksand other factors may include, but are not limited to: the explorationconcessions may not be granted on terms acceptable to the Company, orat all; general business, economic, competitive, political and socialuncertainties; the concessions acquired by the Company may not haveattributes similar to those of surrounding properties; delay orfailure to receive governmental or regulatory approvals; changes inlegislation, including environmental legislation affecting mining;timing and availability of external financing on acceptable terms;conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted toidentify important factors that could cause actual results to differmaterially from those contained in forward-looking information, theremay be other factors that cause results not to be as anticipated,estimated or intended. Accordingly, readers should not place unduereliance on forward-looking information. Precipitate does notundertake to update any forward-looking information, except inaccordance with applicable securities laws.
Copyright (c) 2023 TheNewswire - All rights reserved.