00:13:15 EDT Wed 04 Aug 2021
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Precipitate Gold Corp
Symbol PRG
Shares Issued 106,473,031
Close 2021-07-14 C$ 0.08
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Precipitate optionee issues Pueblo Grande drill results

2021-07-14 11:36 ET - News Release

Mr. Jeffrey Wilson reports


Precipitate Gold Corp. has noted that Barrick Gold Corp. has delivered laboratory results for the 10 diamond drill holes (totalling 2,514 metres) from the company's 100-per-cent-owned Pueblo Grande project, as part of its earn-in agreement whereby Barrick has the right to earn a 70-per-cent interest in the Pueblo Grande project located immediately adjacent to Barrick's Pueblo Viejo gold-silver mine in the Dominican Republic.

The Barrick diamond drilling completed to date has focused solely on a small part of the Lithocap zone, located immediately west of Barrick's Pueblo Viejo mining operation. Barrick's drilling tested several targets previously contemplated by Precipitate prior to the execution of the earn-in agreement. Laboratory data as reported by Barrick include the following highlight results: 17.0 metres at 0.22 gram per tonne gold (from 61.5 metres down hole No. 21-05) and 10.2 metres at 0.44 gram per tonne gold (from 185.5 metres down hole No. 21-07). All other drill holes reported weak or subanomalous gold values.

Barrick has advised the company that it will continue its exploration work under the terms of the earn-in agreement and shift its exploration work toward other prospective gold and base metal zones located elsewhere within the Pueblo Grande project, specifically La Lechoza (epithermal replacement or veins) and Tres Bocas (volcanogenic massive sulphide (VMS) gold/silver/copper/zinc), where past exploration and drilling identified mineralization within coincidental geological, geophysical and multielement geochemical anomalies hosting elevated gold, silver, zinc and copper values. Historical highlight results for these two zones are shown in the attached table.

Jeffrey Wilson, Precipitate's president and chief executive officer, stated: "Although results from Barrick's first phase of drilling did not return significant mineralization, this initial phase of work only focused on a small fraction of the Pueblo Grande project, immediately west of Barrick's mining pits. Barrick's continued exploration within additional areas of the project speaks to Pueblo Grande's prospectivity and ongoing exploration potential. We're pleased to see Barrick furthering its exploration efforts toward zones where significant near-surface gold and silver mineralization have been reported in historic drill assays."

Continuing Barrick exploration results will be reported as they become available to Precipitate.

Core samples in the 2021 drill program were collected under the supervision of Barrick senior staff. HQ-diameter and NTW-diameter diamond core was descriptively logged on site, aligned, marked for sampling and then cut in half, longitudinally, using a rock saw. One-half of the core is preserved in core boxes for verification and future reference. Rock samples were bagged, sealed and delivered directly to Bureau Veritas (BV) preparation facility in Maimon, Dominican Republic, where they were dried, crushed and pulped. Sample pulps were then delivered to BV's facilities in Vancouver, B.C., Canada, for analyses (an ISO 9001 accredited facility). Samples were crushed to with more than 70 per cent passing two-millimetre mesh and split using a riffle splitter (code PRP70-250). An approximately 250-gram subsample split was pulverized to minus-200 mesh (74 micrometres). A 50-gram pulp subspilt was subjected to fire assay for gold (ICP-ES finish) (code FA450-Au). All coarse rejects and pulps are currently stored at BV. Certified standards and local limestone blanks were inserted into sample shipments as a quality control measure in addition to the internal quality control measures applied by the laboratory.

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

About Precipitate Gold Corp.

Precipitate Gold is a mineral exploration company focused on exploring and advancing its mineral property interests in the Pueblo Viejo mining camp and the Tireo gold trend of the Dominican Republic. The company is exploring its 100-per-cent-owned Ponton and Juan de Herrera projects. The company has entered into an earn-in agreement with Barrick Gold Corp., whereby Barrick can earn a 70-per-cent interest in the company's Pueblo Grande project by incurring $10-million (U.S.) within six years and producing a qualifying prefeasibility study. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the company's portfolio and increase shareholder value in the Dominican Republic and other favourable jurisdictions.

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