Precipitate's Initial Field Work Identifies Six Early-Stage Target Areas at Ace Gold Project in Newfoundland, Canada
Precipitate's Initial Field Work Identifies Six
Early-Stage Target Areas at Ace Gold Project
in Newfoundland, Canada
Vancouver, British Columbia--(Newsfile Corp. - November 23, 2021) -
Precipitate Gold Corp.
(
TSXV:
PRG
)
(
OTCQB: PREIF
) (the "
Company
" or "
Precipitate
") is pleased to announce it has completed
first phase prospecting and rock sampling exploration field work on the
Ace Gold Project
(or the
"Project") located at the northern end of the highly prospective Exploits Subzone (Dunnage Tectonic
Zone) of north-central Newfoundland, Canada.
Experienced local field crews have successfully
identified five new areas of compelling surface
mineralization
,
in addition to the recently discovered Ace Zone where rock grab samples report
up to 5.4 g/t gold.
Much of the first-pass prospecting, geological mapping and rock sampling work was
carried out on easily accessible coastlines and roads, as these areas have ample rock exposures.
Limited prospecting was carried out in the central project claims; these under-explored regions will be
examined during the next work phase. A total of 127 rock samples have been shipped to the laboratory
for multi-element analysis. The accompanying figures illustrate the Ace Project target areas and rocks,
identified to date.
Figure 1: Ace Project Early-stage Prospecting Targets
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1718/104778_figure%201%20pgc.jpg
.
Figure 2: Ace Project Mineralization Rocks
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1718/104778_figure%202%20pgc.jpg
.
Jeffrey Wilson, Company President & CEO stated, "We are very pleased that our first phase of field
work at Ace has yielded such favourable results. Initial visual assessments indicate the project could be
an extension of the highly prospective Exploits Subzone geological district of Newfoundland, which is
host to several high-grade gold samples recently reported from neighbouring projects. Having permits in
place to carry out project-wide airborne and ground geophysical surveys and systematic till and lake
sampling allows us to rapidly initiate the next stages of follow-up exploration. Upon receipt and review of
the pending rock sample data, we plan to initiate an accelerated exploration program aimed at
establishing potential drill targets as efficiently as possible."
Ace Project mineralized areas are hosted in mixed felsic volcanic and sedimentary rocks that are cut by
variably gossanous shear zones, that are up to 20 metres wide and traced on surface to
distances exceeding 400 metres
, disappearing under overburden. Observed alteration includes
sericite, carbonate and quartz veins/breccias/flooding, with associated pyrite and arsenopyrite, with
lesser sphalerite and galena sulphide mineralization. Late-stage quartz (carbonate) veins up to 0.3
metres wide are also noted, having modest sulphide mineralization.
For reference: g/t = grams per tonne, Au = gold, m = metres
Ace Project, Major Attributes:
Ace Gold Zone:
A newly discovered
10-20m wide alteration-shear zone that trends
northeastward, over a distance exceeding 400m
, with grab rock samples up to
5.4 g/t gold
*
;
Six early-stage mineralized areas, identified to date
; altered volcanic rocks and shear zones
with sericite, carbonate and quartz alteration and pyrite - arsenopyrite sulphide mineralization;
Located at the northeast end of
Newfoundland's Exploits Subzone rocks
(Dunnage Zone), an
active gold exploration environment with highly prospective rocks 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.
(
1)
;
Along trend and proximal to numerous high-grade gold occurrences, including Ethos Gold Corp's
Toogood Property and Exploits Discovery Corp's Quinlan Veins; and
Excellent year-round access
, with a paved highway and a paralleling electric power line
bisecting the property. Accessible by 20-minute Newfoundland government vehicle ferry departing
hourly with highway access.
* High grade rock grab samples are selective by nature and are unlikely to represent average grades on the property.
Ace Gold Project
The Ace Gold Project is located on the north-central coast of Newfoundland, within an active gold
exploration region that includes high profile gold exploration projects such as Queensway (
Newfound
Gold Corp
), Kingsway (
Labrador Gold Corp
), Dog Bay (
Exploits Discovery Corp
) and Toogood
(
Ethos Gold Corp
). Project claims cover Change Island and are approximately 80 kilometers north (via
combined road and hourly government vehicle ferry) from the community of Gander and its international
airport. The Project has excellent year-round road access with a paved road and an electrical powerline
bisecting property. By way of an option agreement, the Company has exclusive rights to acquire a 100%
interest in the Project mineral exploration licenses (covering 2,500 hectares), subject to a 1.5% NSR.
Project lithologies are part of the major regional Dunnage Tectonostratigraphic Zone, specifically the
Exploits Subzone, where claims are dominantly underlain by northeast trending, Ordovician-Silurian
aged Badger Group sediments and Botwood Group non-marine volcanics. Gold mineralization identified
to date is hosted in mixed felsic volcanic and sedimentary rocks occurring as variably gossanous, likely
bedding conformable shears, that are up to 20 metres wide and traced on surface to distances
exceeding 400 metres. Sheared rocks are commonly sericite-carbonate-quartz altered, with associated
pyrite and arsenopyrite sulphide mineralization (with lesser sphalerite and galena). Late-stage quartz-
carbonate veins (orogenic?) up to 0.3 metres wide are also noted, with modest sulphide mineralization.
(1)
Reference: Marathon Gold Corp website;
marathon-gold.com/valentine-gold-project/
.
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
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