PRG:CC - Barrick Explores for Both High Sulphidation Epithermal Gold and Concealed Copper-Gold Porphyry Style Mineralization at Precipitate's Pueblo Grande Project Dominican Republic
(TheNewswire)
Vancouver,BC - TheNewswire - January 11, 2023 - Precipitate Gold Corp. (the “Company” or“Precipitate”) (TSXV:PRG ) ( OTC:PREIF) is pleased to announce that BarrickGold Corporation ("Barrick") has commenced a groundgeophysical and trenching program in advance of a planned second phaseof drill testing on Precipitate's 100% owned Pueblo Grande Project, aspart of an earn-in agreement whereby Barrick has the right to earn a70% interest in Precipitate’s Pueblo Grande Project locatedimmediately adjacent to Barrick's Pueblo Viejo gold mine in theDominican Republic.
Barrick has commenced an exploration program includinginduced polarization (“IP”) geophysical surveying and trenching on the Lithocap Zone (Loma Cuaba)of the Pueblo Grande project, west of the Pueblo Viejo goldmine , in advance of a diamond drill programplanned for early 2023. Re-interpretation of existing project data hasled to an expanded explorationprogram targeting both near surface high sulphidationepithermal “Pueblo Viejo style” mineralization and an inferredcopper-gold porphyry style target at depth . See accompanying mapfigure for details .
Barrick Planned Program Highlights(Lithocap Zone):
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An exploration program focused on near surface high sulphidation epithermalPueblo Viejo style gold mineralization along with a possible concealedcopper-gold porphyry style target at depth .
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A deep penetrating, 2D pole-dipole IPgeophysical surveying comprised of three (3) north-southoriented survey lines, at 400 metre spacing, for a planned surveytotal of nine (9) line kilometers.
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Renewed evaluation of an area located immediately west of theprevious Barrick drill testing at the Lithocap Zone , by way of re-interpretation of existing Project data,particularly magnetic geophysics, various rock-soil geochemicalsignatures, surface rock-clay alteration studies, and criticalgeological features (rock types and various fault structures).
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Up to ten hand-dug trenches targetingcoinciding areas of prospective geology and high temperature clayalteration occurrences, which are often associated with highsulphidation epithermal systems.
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Preparation of an estimated 3,000metre diamond drill program, anticipated for early 2023 .
Jeffrey Wilson, Precipitate's President and CEO stated,"We are pleased that Barrick has recommenced exploration on theCompany’s Pueblo Grande Project, with an exciting two prong emphasison both high sulphidation epithermal style gold mineralization anddeeper concealed copper-gold porphyry style mineralization. We’reparticularly encouraged by Barrick’s continued focus on the LithocapZone where Precipitate previously identified multiple prospectivetargets, some of which were not tested by Barrick’s previous drillprogram. We look forward to receiving, evaluating, and reportingBarrick’s exploration results as 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.
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