Vancouver, British Columbia--(Newsfile Corp. - June 21, 2022) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") is pleased to announce it has commenced ground geophysical surveying at the Motherlode Gold Project ("Motherlode" or the "Project") within the Burin Peninsula of southern Newfoundland, Canada.
The Company has initiated a ground geophysical program of magnetic and induced polarization ("IP") surveying at the high priority Motherlode Zone. The IP survey will consist of 11 lines at 100 metre spacing for an estimated total of 7.5 line-kilometers. These two surveys will cover a 1,000 metre portion of the laterally extensive shear-structure trend which bisects the Zone in a northeast - southwest direction. The Motherlode Zone hosts the Project's most notable gold mineralization and related surface colour gossan identified to date, with rock grab sample values up to 25.0 g/t gold* and historical drill results including 3.5m at 1.4 g/t gold.
Jeffrey Wilson, Precipitate's President & CEO, stated, "We're pleased to initiate this important program of detailed ground geophysical surveying at the Motherlode Zone, as this work represents a critical step toward delineating and prioritizing drill targets. The Company's recently completed review and interpretation of existing geochemical, geological, and geochemical data provided prioritized zones warranting detailed follow up groundwork. The IP survey will provide valuable subsurface geophysical signatures within these prioritized zones and aid in identifying targets for an anticipated near-term drill campaign."
The Company has completed the first phase project-wide exploration program of prospecting, geological mapping and surface sampling, with emphasis on the 7 high priority and 11 secondary target areas outlined in previous news releases. A total of 330 rock samples have been submitted to the laboratory for analyses.
Figure 1: Motherlode Project Location Map and Area of IP Surveying
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Figure 2: Photo of Motherlode Zone Surface Colour Gossan (looking north)
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The Motherlode Zone hosts structurally related orogenic gold style mineralization, where gold enriched quartz veins-stockworks are strongly associated with shears and faults containing low pyrite and arsenopyrite sulphide concentrations.
The Company's website has additional information and illustrations of recent and historical Motherlode project data.
For reference: g/t = grams per tonne, Au = gold, m = metres
* High grade rock grab samples are selective by nature and 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, the Qualified Person for the technical information in this news release under NI 43-101 standards.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in Newfoundland Canada and the Pueblo Viejo Mining Camp and Tireo Gold Trend of the Dominican Republic. The Company has entered into an Earn-In Agreement with Barrick Gold Corporation, whereby Barrick can earn a 70% interest in the Company's Pueblo Grande Project by incurring US$10M within six years and producing a qualifying Pre-feasibility 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 other favourable jurisdictions.
Additional information can be viewed at the Company's website www.precipitategold.com.
On Behalf of the Board of Directors of Precipitate Gold Corp.,
President & CEO
For further information, please contact:
Tel: 604-558-0335 Toll Free: 855-558-0335 firstname.lastname@example.org
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 release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified 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 not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.'s ("Precipitate" or the "Company") current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, 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 to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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