Precipitate Identifies Multiple Priority Targets at Motherlode Gold Project in Newfoundland Canada with Comprehensive Data Compilation
Precipitate Identifies Multiple Priority Targets
at Motherlode Gold Project in Newfoundland
Canada with Comprehensive Data Compilation
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) -
Precipitate Gold Corp.
(
TSXV:
PRG
) (
OTCQB: PREIF
) (the "
Company
" or "
Precipitate
") is pleased to announce the latest target
refinement results derived from an expanded compilation and review of historical data from the
Company's
Motherlode Gold Project
within the Burin Peninsula of southern Newfoundland, Canada.
Interpretation of the Project's historical surface geochemical sampling data (soil, rock, till and lake) in
combination with a modern surface lineament structural study confirms and enhances at least 11 priority
target areas characterized by elevated concentrations of gold and arsenic combined with underlying or
nearby structural features. These attributes are important characteristics for the structurally related
orogenic gold style mineralization observed at Motherlode. The accompanying
geochemical figure
(Figure 1)
illustrates numerous target areas identified to date by the Company's latest work. None of the
target zones have seen a modern ground geophysical survey, and only one zone has been drill tested in
the past, by way of a shallow drill program in 2007.
Figure 1: Motherlode Gold and Arsenic Geochemical Anomalies
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1718/104031_1534d0e5045bbbb6_003full.jpg
In addition to the data compilation, a property-wide high sensitivity airborne magnetic-radiometric
geophysical survey has recently been completed at the project. Following receipt and review of the
airborne magnetic data, the Company expects to commence a follow up field program of detailed
sampling, geological mapping and ground geophysical surveying within prioritized areas of the project
for ongoing advancement and target delineation. See the
accompanying maps
or the Company's
website (
www.precipitategold.com
) for summary illustrations and additional Motherlode related figures.
Jeffrey Wilson, Precipitate's President and CEO commented, "We're pleased to complete this important
compilation of existing data as a cost-effective means of advancing the project. The data derived from
the first fully comprehensive digital desktop review of the Motherlode's historical geochemical and
geological data in conjunction with our structural study has refined and improved our understanding of the
Project's potential for hosting gold mineralization. We're excited to apply the insight derived from this
new data compilation with pending airborne magnetic data in identifying prospective zones for follow up
groundwork and prioritizing potential drill targets."
Motherlode Gold Project, Major Attributes:
Historical data identifies
at least 11 newly prioritized target areas
characterized by
elevated
concentrations of
gold and arsenic
with underlying or nearby structural features;
Select Historical sampling highlights*: Rock grab samples:
25.0 g/t Au, 15.7 g/t Au, 11.6 g/t Au,
6.3 g/t Au & 4.5 g/t Au
. Channel samples:
0.5m of 4.5 g/t Au, 1.5m of 10.1 g/t Au, 6.2m of 3.6
g/t Au;
Located within Newfoundland's Burin Peninsula, a
current gold exploration focus of many
other junior explorationists
.
District-scale potential
within a 12,350 hectare project, an estimated 16.5-km long exploration
trend hosted in late Proterozoic-age Burin Group volcanic and ultramafic rocks; and
Excellent year-round road access
, with highway access, a high-power electrical line bisecting
the project, and nearby Atlantic Ocean ports.
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.
Motherlode Property:
The Motherlode Gold Project is located in the southeastern region of Newfoundland's Burin Peninsula
approximately 3.5 hours by road from Gander and/or St. John's. The Project has excellent access and
logistical infrastructure, with year-round road access, a high-power electrical line bisecting property, and
nearby Atlantic Ocean ports. By way of a combination of staking and property option agreements, the
Company has exclusive rights to acquire a 100% interest in the Project mineral exploration licenses
(covering 12,350 hectares), subject to a 1.5% and a 2.5% NSR.
The Motherlode project covers a ~16.5-kilometre-long gold exploration trend of late Proterozoic-aged
Burin Group volcanic and ultramafic rocks. Exploration by Precipitate and predecessors indicates that
the Project's northeastward trending Burin Group lithologies host at least eight known gold occurrences
of structurally related orogenic gold style mineralization, where gold enriched quartz veins and quartz-
silica stockworks are strongly associated with shears, schists and folds containing a generally low
sulphide concentration. The presence of strong silica alteration with pyrite (+5%) and arsenopyrite are
favourable indicators for gold enrichment, particularly when hosted within metavolcanics (quartz-chlorite-
sericite schist) or ultramafics (gabbro).
The Company's digital data compilation and interpretation for the historical Motherlode data set includes
a few generations of geological maps, trench maps, prospecting, rock/soil/till/stream-lake sediment
sampling, cut grid lines, limited ground magnetic geophysics and eight diamond drill holes (totalling 902
metres). The historical geochemical sample data includes 231 lake sediment, 944 rock, 1,128 soil, 69
stream sediment and 69 till samples. The Project's historical geochemical samples collected by past
operators (Newfoundland Government and private sector exploration companies and local prospectors)
were collected on a wide range of surface densities and were submitted to various laboratories including
Eastern Analytical, Activation Laboratories and Assayers Canada, with wide variety of analyses ranging
from fire assay for gold only to multi-element ICP-MS analysis (no gold analysis). All data is stored in
various digital formats and is in the Company's possession.
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 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
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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
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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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