Precipitate Receives Drill Permit for Motherlode Gold Project in Newfoundland, Canada
Precipitate Receives Drill Permit for
Motherlode Gold Project in Newfoundland,
Canada
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2022) -
Precipitate Gold Corp.
(
TSXV:
PRG
) (
OTCQB: PREIF
)
(the "
Company
" or "
Precipitate
") is pleased to announce the receipt of the
government permit for diamond drill testing at the
Motherlode Gold Project
("Motherlode" or the
"Project") within the Burin Peninsula of southern Newfoundland, Canada.
The Newfoundland government has approved the Company's application and granted a permit for
diamond drilling from up to 22 drill platforms at various key locations within Project's Motherlode Zone.
Multiple holes can be collared and drilled from each platform, allowing for a significant number of
possible holes. The program is expected to consist of a minimum of 2,000 metres ("m") of diamond
drilling.
Jeffrey Wilson, Company President & CEO stated, "We are pleased to receive the Motherlode drill
permit as we can now proceed to test several anomalies within the prospective structural corridor.
Of
particular interest is the +500 metre long gradient chargeability high identified at depth and extending
northeast from the Motherlode mineralized outcropping surface gossan which has returned significant
gold mineralization through prior sampling and historic drilling."
The main focus of the drill program will be the recently delineated induced polarization ("IP") geophysical
chargeability high anomalies located within the Motherlode Structural Corridor where elevated
chargeability readings reflect elevated sulphide concentration related to probable gold mineralization
(see
news release dated September 8, 2022
). 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. See the
Company's website
for
additional information and various compilation illustrations.
The estimated three kilometre long northeast trending 'Motherlode Structure Corridor' hosts structurally
related orogenic gold style mineralization, where gold enriched quartz veins-stockworks are associated
with an anastomosing series of quartz-sericite shears and faults with sub-vertical to steep northwest
dips, containing low pyrite and arsenopyrite sulphide concentrations.
Ace Gold Project Update
The company has terminated the option agreement for the Ace project located on the north-central coast
of Newfoundland. Laboratory results for the recently completed project-wide prospecting and sampling
exploration program yielded sub to weakly anomalous gold values and prospecting work did not identify
any sizeable new gold or alteration/structural zones.
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.,
"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/139668