Precipitate Receives Airborne Geophysics and Sampling Permit for the Ace Gold Project in
Precipitate Receives Airborne Geophysics and
Sampling Permit for the Ace Gold Project in
Newfoundland, Canada
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2021) -
Precipitate Gold Corp.
(
TSXV:
PRG) (OTCQB: PREIF
) (the "
Company
" or "
Precipitate
") is pleased to announce that is has received
Newfoundland and Labrador government authorization to commence property-wide airborne
geophysical surveying and systematic till and lake sediment sampling on the Company's Ace Gold
Project located at the northern end of the highly prospective Exploits Subzone (Dunnage Tectonic Zone)
of north-central Newfoundland, Canada
The exploration permit allows the Company to conduct a property-wide heliborne high sensitivity
magnetic-radiometric geophysical survey and carry out systematic till and lake sediment sampling. The
anticipated airborne geophysical survey data will provide critical information that will help the Company
quickly and effectively identify priority areas within the project that warrant follow-up detailed till and lake
geochemical sampling and prospecting. With a ground geophysical survey permit in place for the
Project, the Company can potentially move rapidly to detailed vectoring for a future diamond drill
program.
Jeffrey Wilson, Company President & CEO stated, "We are pleased to have been granted this important
permit in such an efficient and timely manner, only three weeks following the closing of the option to
acquire the project. The proposed airborne geophysical and till and lake geochemical surveys will
complement the current first-pass prospecting and surface sampling program that started at the Ace
Zone and has now expanded to cover additional readily accessible areas throughout the project. Rock
samples from this program continue to be shipped to the laboratory for analysis and will be reported as
they become available."
Ace Project Highlights
*
Right to acquire a 100% interest in the Ace Gold Project by way of a four-year Option Agreement;
Ace Gold Zone:
A new discovery of a 10 - 20 metre wide alteration and shear zone with select
grab rock samples up to
5.4 g/t gold;
Ace Gold Zone is
situated at the northeast end of a gold enriched geological trend which
includes numerous high-grade gold occurrences;
13 kilometres northeast along trend from
Ethos Gold Corp's Toogood Property (reported
high grade grab samples included: 7,877, 1,276, 1,113, 226 g/t Au)
(1
)
;
9 kilometres northeast along trend from
Exploits Discovery Corp.'s Quinlan Veins (reported
sample results include: 61.3, 59.0, 14.4, 14.2, and 12.6 g/t Au)
(1
)
;
Historical reported visible gold and select rock grab samples up to
164 g/t gold
at
a
mineral
occurrence located about 1 kilometre to northeast of property border;
Underlain by Exploits Subzone rocks
(Dunnage Zone); highly prospective lithologies that host
significant gold mineralization across central Newfoundland, including
Marathon Gold Corp's
Valentine Project which hosts 3.14 Moz M&I at a grade of 1.72 g/t gold.
(
2)
;
Paved highway and high voltage electrical power lines bisects island in a north-south direction; and
Accessible by 20-minute Newfoundland government vehicle ferry departing hourly.
For reference: g/t = grams per tonne, Au = gold, m = metres
(1)
References: Ethos Gold Corp. August 09, 2021 news release and Exploits Discovery Corp website
exploitsdiscovery.com
and corporate
presentation dated September 2021.
(2)
Reference: Marathon Gold Corp website;
marathon-gold.com/valentine-gold-project/
* 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 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
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/101558