Precipitate Terminates Option to Acquire Motherlode Project, Newfoundland
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Precipitate Terminates Option to Acquire Motherlode Project,
Newfoundland
Vancouver, B.C. – August 11, 2023 - Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV: PRG ,
OTCQB: PREIF ) announces it has elected to terminate the two underlying property option agreements
granting Precipitate the exclus ive right to earn a 100% interest in a combined 6,100 hectares of mineral
exploration licences making up a substantial portion of the Motherlode Project located within the Burin
Peninsula of southern Newfoundland, Canada.
In the fall 2022 the Company conducted a diamond drill program comprised of 2,716 metres of drilling in 12
drill holes. Highlight core sampling results include d intercepts yielding 12.1 metres of 1.0 gram per tonne
gold (hole ML22-03), including 3.0m of 2.2 g/t Au and 4.5m of 0.94 g/t Au (hole ML22-04), including 3.5m of
1.07 g/t Au. These results supported a reinterpretation of the Motherlode Zone’s gold mineralization model
type from the originally postulated orogenic gold model to a low sulphide replacement style model . Upon
further evaluation of the data, management has determined the project no longer meets the Company’s
threshold for ongoing expenditures.
Precipitate maintains its 100% interest in an adjoining 6,250 hectares of mineral exploration licenses
acquired by direct staking and execution of a purchase agreement . These claims are not part of the
underlying option agreements and remain in good standing without any immediate work requirements. The
Company has no exploration plans for this ground and does not expe ct to carry out any further work in the
area.
Precipitate continues to actively evaluate and review additional properties for possible acquisition.
For reference: g/t = grams per tonne, Au = gold, m = metres
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 C ompany's
portfolio and increase shareholder value, in other favourable jurisdictions.
Additional information can be viewed at the Company’s website www.precipitategold.com.
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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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 materi ally 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 busi ness, 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 legisl ation, including environmental legislation affecting mining; timing and availability of external financing on acceptable term s;
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, re aders 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.