PRG:CC - Precipitate Terminates Option to Acquire Motherlode Project Newfoundland
(TheNewswire)
Vancouver, BC - TheNewswire- August11, 2023 - Precipitate GoldCorp. (the “ Company ” or“ Precipitate ”) (TSXV:PRG ) ( OTC:PREIF) announces it has elected toterminate the two underlying property option agreements grantingPrecipitate the exclusive right to earn a 100% interest in a combined6,100 hectares of mineral exploration licences making up a substantialportion of the Motherlode Project located within the Burin Peninsulaof southern Newfoundland, Canada.
In the fall 2022 the Company conducted a diamond drillprogram comprised of 2,716 metres of drilling in 12 drill holes.Highlight core sampling results included intercepts yielding 12.1metres of 1.0 gram per tonne gold (hole ML22-03), including 3.0m of2.2 g/t Au and 4.5m of 0.94 g/t Au (hole ML22-04), including 3.5m of1.07 g/t Au. These results supported a reinterpretation of theMotherlode Zone’s gold mineralization model type from the originallypostulated orogenic gold model to a low sulphide replacement stylemodel. Upon further evaluation of the data, management has determinedthe project no longer meets the Company’s threshold for ongoingexpenditures.
Precipitate maintains its 100% interest in an adjoining6,250 hectares of mineral exploration licenses acquired by directstaking and execution of a purchase agreement. These claims are notpart of the underlying option agreements and remain in good standingwithout any immediate work requirements. The Company has noexploration plans for this ground and does not expect to carry out anyfurther work in the area.
Precipitate continues to actively evaluate and reviewadditional properties for possible acquisition.
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 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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