(TheNewswire)
Vancouver, B.C. – TheNewswire – December 6, 2022 - Precipitate Gold Corp. (the “ Company ” or“ Precipitate ”) ( TSXV: PRG, OTCQB: PREIF ) is pleasedto announce the completion of a diamond drillingprogram at the Company’s Motherlode Gold Project (“Motherlode” or the“Project”) within the Burin Peninsula of southern Newfoundland,Canada.
Motherlode Zone Drill ProgramHighlights:
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The drill campaign totalled 2,716 metres of diamond drilling in 12holes from 10 drill platforms. Hole depths ranged from 121 to403 metres, averaging 209 metres deep. Core quality and recovery wasexcellent.
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Drill holes tested multiple chargeability high anomalies identified byrecent induced polarization (“IP”) geophysical surveys within theMotherlode Structural Corridor, In most cases, the IP chargeability anomalies correlate wellwith observed surface mineralization which is dominantlycharacterized by variably siliceous, pyrite enriched,fractured-sheared ash-tuff volcanic rocks. Evidently, validating theIP survey data.
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Drilling specifically targeted chargeability anomalies coincident witha surface gossan that previously returned rock grab sample values upto 25.0 g/t gold * andhistorical drill results of 3.5m at1.4 g/t gold.
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A hole testing a deep and open-endedIP chargeability high anomaly intersected a 20 metre long interval ofhighly elevated pyrite and silica mineralization hosted incrudely laminated ash-tuff volcanic and possible soft sedimentdeformed rocks. Pyrite content through the drilled intercept rangesfrom 8 to 15%, occurring as disseminations and irregular aggregates.This style of observed mineralizationis locally unique, having not been observed in other holes orin surface rock exposures.
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Measured lithological contacts and shear structural core anglesconfirm the surface mapping of the Motherlode Structural Corridor andits’ host rocks as vertical to steep northwest dipping.
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All core samples (775 samples in total) have been delivered to thelaboratory for gold by fire assay and pathfinder element geochemicalICP analyses with results to be reported once received and reviewed.
Jeffrey Wilson, Precipitate's President and CEO stated,"We are pleased with the execution and completion of our firstphase of drilling within the Motherlode Gold project. The targetsdelineated by our recent geochemical and geophysical fieldworkcompelled our team to advance the project to this important firstphase of drill testing. The technical merits of the chargeabilityanomalies coincident with a mineralized surface gossan providedseveral highly prospective and previously untested drill targets.Completing the 2,700 metre drill program in a timely and efficientfashion is a clear testament to the project’s local support staffand service providers. We look forward to receiving, evaluating, andreporting the pending laboratory analytical results as they becomeavailable.”
The primary focus of the drilling program tested the recently delineated IP geophysical chargeability high anomalieslocated within the ‘Motherlode Structural Corridor’; whereelevated chargeability readings reflect elevated sulphideconcentration related to probable gold mineralization. Theestimated three (3) kilometre long northeast trending MotherlodeStructure Corridor hosts structurally related gold stylemineralization, where gold enriched quartz veins-stockworks areassociated with an anastomosing series of quartz-sericite shears andfaults with sub-vertical to steep northwestdips , containing low pyrite sulphide concentration. The Motherlode Zone hosts the Project’s most notable goldmineralization and related surface colour gossan identified to date,with rock grab sample values up to 25.0 g/t gold * andhistorical drill results including 3.5m at 1.4 g/t gold .
The Company’s website has additionalinformation and illustrations of recent and historical Motherlodeproject data.
For reference: g/t = grams pertonne, Au = gold, m = metres
* High grade rock grab samples are selective by natureand are unlikely to represent average grades on the property
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 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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