PRG:CC - Barrick Provides Update on Drilling and New Target Delineation at Precipitate's Pueblo Grande Project Dominican Republic

(TheNewswire)

Vancouver, B.C. – TheNewswire - November 2, 2023 – Precipitate Gold Corp. (the “Company” or “Precipitate”)(TSXV:PRG ) , ( OTC:PREIF) is pleased to announce thatBarrick Gold Corporation (“Barrick”) has provided an explorationupdate including the status of the current diamond drilling programand the delineation of a new target area within Precipitate's 100%owned Pueblo Grande Project, located immediately adjacent to Barrick'sPueblo Viejo gold mine in the Dominican Republic. Barrick’s work ispart of an earn-in agreement whereby Barrick has the right to earn a70% interest in Precipitate’s Pueblo Grande Project.

Barrick's Phase Two Drill ProgramUpdate

• Drilling is in progress on three porphyry andepithermal targets within the Lithocap Zone (now being called Pueblo GrandeNorte ), immediately adjacent to Barrick’sPueblo Viejo mining pits;

• Two holes for more than 800 metres have been completedto date;

• Barrick expects to complete up to 3,000m of diamonddrilling in up to 10 holes in this second phase of drilling;

• Drilling is expected to be completed by the end ofNovember 2023

New Target Delineation and OngoingExploration

• A new area of interest called Pueblo Grande Sur isemerging to the southeast of Barrick’s Pueblo Viejo miningconcessions;

• Within Pueblo Grande Sur, Barrick has conducted initialphases of field mapping, soil sampling and ground geophysics;

• Work to date is delineating drill-worthy targets inthis emerging area of the project, with additional detailed groundworkanticipated in the months ahead;

• An initial phase of drilling within Pueblo Grande Suris expected to commence during H1 2024

See accompanyingproperty map figure for location details.

Jeffrey Wilson, Precipitate's President and CEO stated,"We are pleased to report that Barrick’s drill program withinthe Lithocap Zone (now being called Pueblo Grande Norte) isprogressing as planned with multiple targets being systematicallytested in this ongoing drill campaign. We look forward to results fromthis program as assay results become available. In the meantime, weare equally pleased to see Barrick’s ongoing property-wideexploration efforts systematically evaluating, identifying andexploring prospective new areas within Pueblo Grande’s extensiveproperty package. The emergence of the Pueblo Grande Sur area, east ofBarrick’s Pueblo Viejo Mine site speaks to Barrick’s commitment toapply its regional knowledge and technical expertise to delineateprospective new target areas for ongoing exploration and possiblefuture drill testing within Precipitate’s Pueblo Grande project. Welook forward to updates and results as Barrick’s exploration workprogresses.”

Click Image To View Full Size

Figure 1: Pueblo Grande Location Map

To date, Barrick has drilled approximately 800 metresin two holes in the Pueblo Grande Norte (“Lithocap Zone”) regionand will continue to test several additional target anomalies as thePhase II program continues. At Pueblo Grande Sur, current field workis focused on the region between the historical La Lechosa occurrenceand the Barrick mining tenement to the southwest, with various surfacework planned, including induced polarization geophysical surveying inadvance of future drill testing.

In accordance with the 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, maps and figures of recent and historical Pueblo Grandeproject data.

For reference: g/t = grams pertonne, Au = gold, m = metres, millivolts per volt = mv/v, IP = inducedpolarization

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 the PuebloViejo Mining Camp and Tireo Gold Trend of the Dominican Republic. TheCompany has entered into an Earn-In Agreement with Barrick GoldCorporation, whereby Barrick can earn a 70% interest in theCompany’s Pueblo Grande Project by incurring US$10M within six yearsand producing a qualifying Pre-feasibility Study. Precipitate is alsoactively evaluating additional high-impact property acquisitions withthe potential to expand the Company's portfolio and increaseshareholder value, in other favourable jurisdictions.

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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