(TheNewswire)
Vancouver, BC - TheNewswire- September11, 2023 - Precipitate GoldCorp. (the “ Company ” or“ Precipitate ”) (TSXV:PRG ) ( OTC:PREIF) is pleased to announce that BarrickGold Corporation ("Barrick") has commenced a diamonddrilling program within the Lithocap Zone of Precipitate's 100% ownedPueblo 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 Phase Two Drill ProgramHighlights
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Up to 3,000m of diamond drillingcomprised of up to 10 holes within the Lithocap Zone, immediatelyadjacent to Barrick’s Pueblo Viejo mining pits:
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Drilling will test multipleprospective, untested targets delineated by surface sampling(geochemistry), geological features (rock types and various faultstructures), geophysics (IP and magnetic) and spectrometric studies(clay alteration):
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Deep penetrating 2D IP surveying hasidentified numerous untested high chargeability anomalies; some withreading values exceeding 40 millivolts per volt (“mv/v”):
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Barrick’s updated interpretation ofnew and historical project data has led to an expanded drillingprogram, targeting near-surface high sulphidation epithermal “PuebloViejo style” gold mineralization along with a possible concealedcopper-gold porphyry style target at depth.
See accompanying mapfigure for details
Jeffrey Wilson, Precipitate's President and CEO stated,"We are pleased that Barrick has commenced this highlyanticipated second phase of drilling at the Lithocap Zone of ourPueblo Grande project. This drill phase will test multiple previouslyuntested highly prospective targets immediately west of Barrick’sPueblo Viejo mining operation, which is one of the largest operatinggold mines in Latin America. Barrick’s reinterpretation of new andhistorical data has identified a number of compelling, untestedgeochemical and geophysical anomalies situated near surface and atdepth. We expect Barrick’s drilling to be systematic andcomprehensive and we look forward to receiving data that is derivedfrom this program.”
Figure 1: Barrick’s IP Geophysical Results and DDH Targeting atPrecipitate’s Lithocap Zone
Concurrent with the Lithocap Zone drilling, Barrickcontinues to conduct additional exploration programs consisting ofgeochemistry, geophysics and historical data review within additionalareas of the broader Pueblo Grande project land package. Results fromBarrick’s current drill campaign and updates from ongoingexploration programs elsewhere within the project will be reported asthey become available.
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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