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Precipitate Gold Corp
Symbol PRG
Shares Issued 82,692,575
Close 2019-06-24 C$ 0.11
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Precipitate identifies geophysical targets at Pueblo

2019-06-24 12:06 ET - News Release

Mr. Jeffrey Wilson reports


Precipitate Gold Corp. has released the results and interpretation of a geophysical magnetic 3-D inversion study conducted on the highly prospective, advanced, argillic-altered Loma Cuaba lithocap zone of the company's 100-per-cent-owned Pueblo Grande project, located adjacent to Barrick's world-class Pueblo Viejo gold-silver mine in the Dominican Republic. Highlight results from the survey and interpretation are as follows:

  • Identification of five magnetic low anomalies (near surface and concealed at depth) that are likely associated with magnetite destruction characteristics of Pueblo Viejo-style, high-sulphidation epithermal alteration;
  • Identification of a sizable, egg-shaped magnetic low anomaly that is possibly associated with porphyry-style magnetite destruction alteration (possibly potassic) measuring up to 450 metres in diameter at an estimated depth of 400 metres from surface to the top of the anomaly;
  • Identification of a large magnetic low anomaly in the southeast lithocap area, which is concealed at depth (400-plus metres) and appears to extend eastward to Barrick's new exploration target, called Arroyo Hondo, which is a high-sulphidation epithermal target situated between Barrick's mining pits and Precipitate's claim boundary;
  • None of the aforementioned geophysical anomalies have been drill tested by prior operators, making them compelling targets for the company to prioritize for drill testing.

The computer-generated 3-D inversion study utilized the combination of historical airborne data with newly derived ground geophysical data to aid interpretation of lithology, alteration and structural features. The inversion study was completed by Thomas Weis (ex-chief geophysicist, Newmont) and Carl Wendels of Thomas Weis and Associates Inc.

Visit the company's website for additional illustrations of the Loma Cuaba lithocap zone illustration maps.

Jeffrey Wilson, Precipitate's president and chief executive officer, commented: "We are very pleased that this magnetic 3-D inversion study has identified multiple untested magnetic low anomalies, which vector toward potential high-sulphidation epithermal mineralization and a postulated centre core of a gold-copper porphyry-style mineralized system at depth below the Loma Cuaba lithocap alteration zone. The 3-D inversion results are a significant and critical step forward for drill target prioritization. We look forward to combining this newly derived data with the recently completed soil geochemical data and upcoming results from a detailed geological mapping survey conducted within the Loma Cuaba zone, as part of our ongoing process to delineate drill targets in the coming months."

Near-term company exploration work will focus on a comprehensive interpretation of the recently completed Loma Cuaba surface geological mapping program in combination with the full Loma Cuaba exploration data package, with the goal of selecting priority exploration and drill test zones targeting potential high-grade feeder structures and permeable volcanic horizons, which are typical of high-sulphidation epithermal mineralization, and also what may be a centre core of a porphyry-style gold-copper-mineralized system at depth below the Loma Cuaba Lithocap alteration zone.

This news release has been reviewed by Michael Moore, PGeo, vice-president of exploration of Precipitate Gold, the qualified person for the technical information in this news release under National Instrument 43-101 standards.

The recent ground magnetic survey covered an estimated 40 grid line kilometres over the south slope of the Loma Cuaba lithocap zone. Survey data were collected at 12.5-metre station intervals over both 100-metre-spaced and 200-metre-spaced grid lines (east-west direction) by a GSM-19 version 7 Overhauser magnetometer by a company technician. The 2006 helicopter-borne magnetic-GeoTEM survey was flown at 100 m line spacing in a northeast-southwest direction by Fugro Airborne Surveys. Magnetic inversion processing and 3-D modelling of the combined ground and historical heliborne magnetic data were completed by Thomas Weis and Associates. A spectral analysis model (Fastmag3D) on the merged total magnetic intensity grid was used as the initial estimate for the magnetic vector inversion (MVI) model, which was then run in Geosoft's MVI model software, creating a 3-D Voxel model with 20-metre cell sizes.

About Precipitate Gold Corp.

Precipitate is a mineral exploration company focused on exploring and advancing its mineral property interests in the Pueblo Viejo mining camp and Tireo gold trend of the Dominican Republic. The company also maintains the Reef property, located immediately adjacent to Golden Predator's 3 Aces project in the Upper Hyland River area, Yukon. The company has entered into an option to purchase agreement with Golden Predator, whereby Golden Predator can earn a 100-per-cent interest in the Reef claims by making certain staged payments in cash and shares and warrants. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the company's portfolio and increase shareholder value.

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