Barrick Completes Drill Program and Elects to Terminate Earn-In Right to Precipitate’s Pueblo Grande Project, Dominican Republic
Barrick Completes Drill Program and Elects to Terminate Earn-In Right to
Precipitate’s Pueblo Grande Project, Dominican Republic
Vancouver, B.C. – March 21, 2025 – Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV:
PRG, OTCQB: PREIF) announces receipt from Barrick Gold Corporation (“ Barrick”) of final analytical results
from the latest phase of drilling as well as receipt of notification from Barrick of its 30 days’ advance
written notice of termination of its right, by way of an earn-in agreement to earn a 70% interest in
Precipitate’s Pueblo Grande project (the “Project ” and “Pueblo Grande”), located immediately adjacent to
the Pueblo Viejo gold mine operated by Barrick in the Dominican Republic. Upon expiration of the 30-
day notice period, the Agreement will terminate and each company’ obligations under the
Agreement will cease, except as specifically provided therein.
Barrick’s multi-year exploration efforts at Pueblo Grande targeted both high-sulfidation epithermal (Pueblo
Viejo mine type) and porphyry styles of mineralization. During the most recent phase of drilling, Barrick
drilled three (3) diamond drill holes; one at the Pueblo Grande Norte zone, and two at the Pueblo Grande
Sur zone. Drilling at the Pueblo Grande Norte zone followed up on a horizon of favorable alteration related
to silica and sulphide hydrothermal brecciation intercepted in Barrick’s previous drilling campaigns. Drilling
at the Pueblo Grande Sur zone tested a blind target associated with induced polarization chargeability
geophysical anomalies identified below a sedimentary rock sequence. No significant gold mineralization was
reported in the three holes and therefore did not support the geological concepts sought by Barrick’s
exploration team.
Jeffrey Wilson, President & CEO of Precipitate Gold, commented, "Although our Pueblo Grande project did
not meet Barrick’s threshold for continued exploration, we believe the project retains geological potential to
host additional gold and copper mineralization. We appreciate the extensive and detailed work conducted
on the project by Barrick’s exploration team over the past several years. The data generated by Barrick
represents a significant contribution to our geological understanding of the project and we are eager to
conduct a thorough compilation and review of the new and historic datasets to assess the potential for
conducting future exploration. While the termination of the earn-in is not the outcome we were seeking
from our partnership with Barrick, we are pleased that after acquiring the Pueblo Grande project in 2019 for
just C$25,000 and some shares of Precipitate, and spending less than C$380,000 in our own exploration
work, we were able to attract Barrick to invest C$1.3 million in a private placement, spend US$7.0 million in
exploration, pay Precipitate US$5.0 million in a cash payment as part of an amendment to the earn-in
agreement, and grant Precipitate a 3% NSR on ground now comprising a portion of the Pueblo Viejo mining
licenses."
Over the near five-year term of the earn-in agreement, Barrick incurred exploration expenditures exceeding
US$7.0 million and conducted extensive exploration activities, including surface mapping, geochemical
sampling, geophysical surveying, and drilling, with a total of 22 drill holes completed for an aggregate of
more than 6,000 metres drilled within the two major target areas. Results did not delineate an obvious
mineralized concentration meeting Barrick’s threshold for continued exploration.
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Precipitate retains a 100% interest in all mineral rights comprising the Pueblo Grande project, and by way of
a non-compete clause negotiated in the latest amendment, Barrick is restricted from acquiring any interest
in any of the concessions making up the Pueblo Grande project for a term of five years from the date of
termination and is restricted from disposing of any of its equity position in Precipitate for 12 months from
the date of the latest amendment.
Positive recent political and financial mining-related developments within the Dominican Republic, combined
with the Company’s healthy treasury and extensive number of fully permitted exploration and drilling targets
at the Company’s Juan de Herrera and Ponton projects, support Precipitate’s plans to expand its exploration
activities across its Dominican project portfolio. Immediate exploration attention will continue to focus on
the Juan de Herrera project where several known target areas have been outlined, and recent exploration
results have delineated multiple new geochemical and geophysical anomalies warranting ongoing
advancement toward drill testing. Precipitate maintains a 100% interest in all three of its projects, including
the Juan de Herrera project in the Tireo Gold Belt located immediately adjacent to GoldQuest Mining’s
Romero project, and the Ponton project within the Los Ranchos Geological Formation (the same geological
environment as the Pueblo Viejo mine) just 30 kilometers from the Pueblo Viejo mine operated by Barrick.
Ongoing exploration progress reports and results from Precipitate’s ongoing work at the Juan de Herrera
project will be disclosed as field programs continue.
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 Dominican Republic, including its 100% owned Juan de Herrera project located immediately adjacent to
GoldQuest Mining’s Romero Project, its 100% owned Pueblo Grande project located immediately adjacent to the Pueblo
Viejo mine operated by Barrick, and its 100% owned Ponton project located 30km east of the Pueblo Viejo mine.
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", "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
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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.