PRG:CC - Precipitate Reports Motherlode Gold Project Drilling; Intersects Targeted Pyrite-Gold Zone
(TheNewswire)
Vancouver, B.C. – TheNewswire - February 14, 2023 - Precipitate Gold Corp. (the “ Company ” or “ Precipitate ”) ( TSXV:PRG ) , ( OTC:PREIF ) is pleased to announceresults from its fall 2022 diamond drill program comprised of 2,716metres of drilling in 12 drill holes from the Company’s Motherlode GoldProject (“ Motherlode ” or the “ Project ”) located within the Burin Peninsula of southernNewfoundland, Canada.
Highlight core sampling results include drilled intercepts yielding 12.1 metres of 1.0 gram per tonnegold (hole ML22-03) , including 3.0m of 2.2 g/t Au and 4.5m of 0.94 g/t Au (hole ML22-04), including 3.5m of 1.07 g/t Au . Though modest in thickness andgrade, these results support a reinterpretation of the MotherlodeZone’s gold mineralization model type from the originally postulatedorogenic gold model to a low sulphide replacement style model. Thelatest drill program tested an area less than one third of the morethan three-kilometer-long Motherlode structural corridor, leaving muchof the corridor open for possible future drilling, should the Companyelect to test the reinterpreted model. S ee thetable below of highlight core sample results and the accompanying mapsand figures.
2022 Motherlode Zone DDH ProgramHighlight Gold Intervals
| From (m) |
| To (m) |
| Interval * (m) |
| Gold (g/t) |
| ML22-01 |
| 118.90 |
| 120.06 |
| 1.16 |
| 0.35 |
| ML22-02 |
| 63.40 |
| 67.10 |
| 3.70 |
| 0.42 |
| ML22-03 |
| 91.40 |
| 103.50 |
| 12.10 |
| 1.00 |
| Including |
| 92.90 |
| 95.90 |
| 3.00 |
| 2.22 |
| ML22-04 |
| 107.00 |
| 111.50 |
| 4.50 |
| 0.94 |
| including |
| 108.00 |
| 111.50 |
| 3.50 |
| 1.07 |
| ML22-05 |
| 35.12 |
| 37.48 |
| 2.36 |
| 0.34 |
| ML22-06 |
| 28.00 |
| 29.48 |
| 1.48 |
| 0.89 |
| ML22-07 |
| 43.00 |
| 44.50 |
| 1.50 |
| 0.26 |
| ML22-09 |
| 143.66 |
| 145.10 |
| 1.44 |
| 0.48 |
| ML22-11 |
| 329.50 |
| 330.75 |
| 1.25 |
| 0.12 |
| ML22-12 |
| 378.02 |
| 398.41 |
| 20.39 |
| 0.34 |
| including |
| 394.65 |
| 396.00 |
| 1.35 |
Hole ML22-08 was abandoned and no samples werecollected. Hole ML22-10 reported no significant values.
Note: Interval reflects measuredcore length, as true widths are currently unknown.
Michael Moore, Precipitate’s VicePresident, Exploration stated , "Since Aprilof last year we have aggressively explored the Motherlode project,initially by comprehensive property wide prospecting, then focusedground geophysical surveying, and most recently with a sizeable drillprogram at the Motherlode Zone. While these drill results are short ofour high grade gold aspirations, drill data has resulted in an interestingreinterpretation of the Motherlode Zone’s gold mineralization modeltype , where the previously postulated orogenicgold model has now been amended to a low sulphide replacement style. Consequently, much of the untested Motherlodestructural corridor may have potential to host lower grade bulktonnage style gold mineralization. We are now reviewing and assessingthe merit of additional drill testing along the corridor’s trend,particularly the deep, open ended IP anomaly bisected in hole ML22-12,which is coincident with elevated pyrite content and anomalous gold,to test for the reinterpreted target mineralization.”
Figure #1:Motherlode Gold Project IP Chargeability and StructuralCorridor
Figure #2:Motherlode Gold Project Diamond Drill Hole ML22-12 and ChargeabilitySection
Figure #3:Motherlode Gold Project 2022 Diamond Drill Hole Plan Map
Drill holes completed in this program ranged in depths from 121 to 403metres. Drill holes tested select on-trend projections of goldmineralization previously identified in historical drilling andvarious induced polarization (‘IP’) geophysical chargeability highanomalies located near surface and at depth.
Drill core logging and laboratory sampling data revealsthat ash tuff volcanic rocks are the favoured lithological host forlow concentrations of disseminated and fracture related pyrite (plusgold) replacement style mineralization. Notably, the pyritemineralization observed at depth in hole ML22-12 is unique, not havingbeen observed in other drill holes or in surface rockexposures. This drill hole tested a deep (about 350 metres verticallyfrom surface) and open-ended IP chargeability-high anomaly andintersected a 20 metre long core interval of elevated pyriteconcentration ( up to 15% by volume) hosted incrudely laminated ash-tuff volcanic rock. Sampling of this coreinterval reported 20.39 metres of0.34 g/t Au over the entire pyritic zone (including 1.35 metres of1.08 g/t Au) . Drill hole ML22-11, collared 75metres northeast of hole ML22-12, attempted to test the same IPanomaly at depth, however the hole overshot the anomaly, and nomaterial sulphide mineralization was intersected.
Management is undertaking an extensive review of all new andhistorical analytical data to determine an appropriate strategy forpossible follow up work.
The Company’s website has additional information andillustrations of recent and historical Motherlode project data.
For reference: g/t = grams pertonne, Au = gold, m = metres
2022 drill program NQ diameter core was descriptivelylogged on site, aligned, marked for sampling and then cut in halflongitudinally using a rock saw. Core recovery was excellent,averaging 98%. One-half of the core is preserved in wood core boxesfor verification and future reference. Rock core samples were bagged,sealed and delivered directly to SGS Minerals (Grand Falls-Windsor NLpreparation lab), where they were dried, crushed and pulped(preparation code PRP89). Samples were crushed to with up to 75%passing 2mm and split using a riffle splitter. An approximately 250gram sub-sample split was pulverized using a ring mill toapproximately minus 150 mesh (105?). Pulp samples were shipped to SGSVancouver BC, where the following analyses were carried out: ICP-AES(code GE_ICP21B20) 0.2 grams for select samples and fire assay for Au(30g) code GE_FAA30V5 for all samples. All coarse rejects and pulpsare currently stored at SGS. A certified gold standard sample pulp andlocal barren volcanic rock blank samples were inserted into sampleshipments as a quality control measure in addition to the internalquality control measures applied by the laboratory; comprising 5% ofthe total sample volume. Samples were collected under the supervisionof Michael Moore, P.Geo.
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 or failueto 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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