PRG:CC - Barrick's Drilling Identifies Favourable High Sulphidation Type Alteration Plans Second Drill Rig at Precipitate's Pueblo Grande Project Dominican Republic; Stock Options Granted

(TheNewswire)

Vancouver, B.C. – TheNewswire - February 14, 2024 – Precipitate Gold Corp. (the “Company” or “Precipitate”)(TSXV:PRG ) ( OTC:PREIF) is pleased to announce that Barrick Gold Corporation (“Barrick”) has provided an exploration update on thePhase II diamond drilling program and continued advancement ofadditional targets within Precipitate's 100% owned Pueblo GrandeProject (the “Project”). Barrick’s exploration is part of anearn-in agreement whereby Barrick has the right to earn a 70% interestin the Project.

Pueblo Grande Norte Zone: Barrick's Diamond DrillProgram Update

• Barrick completed 4 diamond drillholes totalling approximately 1,200 metres at the Project’s PuebloGrande Norte Zone, located immediately west of Barrick’s PuebloViejo mining pits

• 3 of the 4 holes encounteredencouraging permeable volcaniclithologies affected by high-sulfidation type alteration with severalevents of strong sulfide disseminations, similar to observations atthe neighbouring Pueblo Viejo Mine

• Final multi-element laboratoryanalytical results are pending, but significant gold and silver valuesare not anticipated from these initial holes. However, the favourablehigh sulphidation type alteration encountered in these recentlycompleted holes warrants follow up geophysics and diamond drillingwith a second rig, and supports the zone’s potential to host goldmineralization

• Barrick plans to conduct a detailedground magnetic survey and a follow up drilling program within theZone as part of the planned drilling program at Pueblo GrandeNorte

Pueblo Grande Sur Zone: Barrick’s New Target Delineation andOngoing Exploration

• Exploration to date has identifiedtwo early-stage targets of coincident soil anomalies and geophysicalanomalies (IP chargeability) .

• Barrick has conducted various phasesof geological surface mapping, systematic grid soil sampling andreconnaissance scale IP ground geophysics.

• Barrick’s exploration work for 2024will delineate and refine drill-worthy targets in this emerging areaof the Project, with Pueblo Grande Sur diamond drill testing permitsexpected during 2024

• The Pueblo Grande Sur Zone is locatedseveral kilometers to the southeast of Barrick’s Pueblo Viejo miningpits

See accompanying property map figurefor location details.

Jeffrey Wilson, Precipitate's President and CEO stated," We are pleased to report that Barrick’sdrill program within the Pueblo Grande Norte Zone has yielded positiveresults, justifying the addition of a second drill rig for ongoingdrill testing within this area of the project. Three of the fourinitial drill holes intersecting compelling high sulphidation typealteration with multi-episode sulphide mineralization, similar to thatnoted in the Pueblo Veijo Mine, is an excellent start towardidentifying gold enriched horizons within our project. Barrick’sdecision to conduct further geophysics and add a second drill rig atPueblo Grande Norte speaks to the technical significance of theseearly holes and evidences the zone’s ongoing potential fordiscovery. We are equally pleased to see Barrick’s continuedproperty-wide exploration work has identified two early-stage targetareas within the Pueblo Grande Sur Zone, east of Barrick’s PuebloViejo Mine. To the end of 2023, Barrick has spent an approximately.0 million on Pueblo Grande exploration, which speaks toBarrick’s ongoing commitment to systematically explore and advancethe project. We look forward to pending assay results and ongoingupdates as Barrick’s work continues.”

Click Image To View Full Size

Figure 1: PuebloGrande Location Map

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 April 14,2020 for full Earn-In Agreementdetails).

Grant of Stock Options

In addition, the Company announces that it has granted stock optionsto certain of its directors, officers and consultants to purchase upto 2,570,000 common shares. Each option is exercisable to acquire onecommon share of Precipitate at a price of $0.09 until February 14,2029. The options will vest in accordance with the Company's stockoption plan and are subject to TSX Venture Exchange acceptance.

The Company’s website has additional information, maps andfigures of recent and historical Pueblo Grande project 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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