Barrick Commences Phase Two Drilling at Precipitate’s Pueblo Grande Project, Dominican Republic
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Barrick Commences Phase Two Drilling at Precipitate’s Pueblo Grande
Project, Dominican Republic
Vancouver, B.C. – September 11, 2023 - Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV: PRG,
OTCQB: PREIF) is pleased to announce that Barrick Gold Corporation ("Barrick") has commenced a diamond
drilling program within the Lithocap Zone of Precipitate 's 100% owned Pueblo Grande Project , located
immediately adjacent to Barrick's Pueblo Viejo gold mine in the Dominican Republic. Barrick’s work is part of
an earn-in agreement whereby Barrick has the right to earn a 70% interest in Precipitate’s Pueblo Grande
Project.
Barrick Phase Two Drill Program Highlights
- Up to 3,000m of diamond drilling comprised of up to 10 hole s within the Lithocap Zone,
immediately adjacent to Barrick’s Pueblo Viejo mining pits:
- Drilling will test multiple prospective, untested targets delineated by surface sampling
(geochemistry), geological features (rock types and various fault structures), geophysics (IP and
magnetic) and spectrometric studies (clay alteration):
- Deep penetrating 2D IP surveying has identified numerous untested high chargeability anomalies;
some with reading values exceeding 40 millivolts per volt (“mv/v”):
- Barrick’s updated interpretation of new and historical project data has led to an expanded drilling
program, targeting near -surface high sulphidation epithermal “Pueblo Viejo style” gold
mineralization along with a possible concealed copper-gold porphyry style target at depth.
See accompanying map figure for details
Jeffrey Wilson, Precipitate's President and CEO stated, " We are pleased that Barrick has commenced this
highly anticipated second phase of drilling at the Lithocap Zone of our Pueblo Grande project. This drill phase
will test multiple previously untested highly prospective targets immediately west of Barrick’s Pueblo Viejo
mining operation, which is one of the largest operating gold mines in Latin America. Barrick’s reinterpretation
of new and historical data has identified a number of compelling, untested geochemical and geophysical
anomalies situated near surface and at depth. W e expect Barrick’s drilling to be systematic and
comprehensive and we look forward to receiving data that is derived from this program.”
TSX VENTURE: PRG | www.precipitategold.com
625 Howe Street, Suite 580, Vancouver, BC, V6C 2T6
Toll free: 855 558 0335
Direct: 604 558 0335
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Figure 1: Barrick’s IP Geophysical Results and DDH Targeting at Precipitate’s Lithocap Zone
Concurrent with the Lithocap Zone drilling, Barrick continues to conduct additional exploration programs
consisting of geochemistry, geophysics and historical data review within additional areas of the broader
Pueblo Grande project land package. Results from Barrick’s current drill campaign and updates from ongoing
exploration programs elsewhere within the project will be reported as they become available.
In accordance with the Earn-in Agreement between Precipitate and Barrick , as announced April 14, 2020,
Barrick can earn a 70% interest in Precipitate’s Pueblo Grande project by incurring a minimum US$10.0
million in qualifying Work Expenditures and delivering a qualifying pre -feasibility study prior to the sixth
anniversary of the entering into of the Agreement (see the Company’s news release dated April 14, 2020 for
full Earn-In Agreement details).
The Company’s website has additional information, maps and figures of recent and historical Pueblo Grande
project data.
For reference: g/t = grams per tonne, Au = gold, m = metres, millivolts per volt = mv/v, IP = induced polarization
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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 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.,
“Jeffrey Wilson”
President & CEO
For further information, please contact:
Tel: 604-558-0335 Toll Free: 855-558-0335 [email protected]
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", "estim ates",
"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 o n 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 f orward-looking
information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.