Precipitate Samples 13.0 metres of 1.5 g/t Gold and Expands Ginger Ridge Zone
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/16/13 -- Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE: PRG) is pleased to announce results from its recent exploration programs at the Ginger Ridge and Melchor gold zones within the Company's Juan de Herrera concession application in the Dominican Republic's Tireo Gold Trend.
The Company's previous programs at Juan de Herrera discovered two new zones; Ginger Ridge and Melchor, with concentrations of elevated gold and silver grades in soil and rock chip and grab samples, including 11.8 grams per tonne ("g/t"). The follow-up program, completed in March, comprised of geological mapping and the collection of detailed grid-ridge & spur soils and rock chip channel samples at the Ginger Ridge returned the following highlight results:
-- 13.0 metres of 1.48 g/t gold and 20.38 g/t silver in continuous rock
chip channel samples; mineralization remains open in all directions (see
assay table below for detailed results)
-- Definition of a gold-enriched multi-element geochemical anomaly
measuring about 1,000 metres long by up to 400 metres wide
-- Potential on-strike expansion of the Ginger Ridge soil anomaly to
greater than 1,700 metres long
Jeffrey Wilson, Company President & CEO stated, "We are pleased with the latest results as expanding the Ginger Ridge anomaly and identifying consistent gold distribution in continuous rock chip samples taken over 13.0 metres indicates that the Ginger Ridge zone is evolving into a compelling epithermal gold-silver target warranting further exploration work. We anticipate future work will include additional sampling, mapping, and an induced polarization ("IP") geophysical survey of aimed at delineating first-phase drill targets."
Continuous rock chip channel samples were collected at four sites in the center of the Ginger Ridge soil anomaly; where the Company previously reported rock grab samples assaying up to 11.8 g/t gold. Soil cover greatly limited available exposures for rock chip channel sampling. Sampling across west-northwestward trending quartz veins and iron oxide mineralization, rock chip Channel 1 yielded 1.48 g/t gold and 20.4 g/t silver over 13.0 metres (see detailed table below), and Channel 2, located seven metres east, reported 0.70 g/t gold and 20.4 g/t silver over 5.5 metres (see figure 1: http://media3.marketwire.com/docs/GingerRidge.pdf). Mineralization observed in both channels is open to the north and south. The two other channel sample sites, having very poor rock exposure, reported weakly anomalous gold values.
Ginger Ridge Continuous Rock Chip Channel 1
------------------------------------------------------------------------
From - To Interval Gold Silver
(metres) (metres) (i) (g/t) (g/t)
------------------------------------------------------------------------
0.0 - 2.5 2.5 1.24 4.0
------------------------------------------------------------------------
2.5 - 5.0 2.5 1.37 33.0
------------------------------------------------------------------------
5.0 - 6.5 1.5 1.95 36.0
------------------------------------------------------------------------
6.5 - 8.0 1.5 2.55 24.0
------------------------------------------------------------------------
8.0 - 10.5 2.5 1.42 5.0
------------------------------------------------------------------------
10.5 - 13.0 2.5 0.99 28.0
------------------------------------------------------------------------
(i) True width is uncertain as the orientation of mineralization observed to date is not fully understood.
At Ginger Ridge, detailed follow up grid-based soil sampling has defined an open ended northwest-southeast trending gold enriched multi-element anomaly measuring at least 1,000 metres long by up to 400 metres wide. Significantly, the soil anomaly may extend to greater than 1,700 metres long, as wide-spaced rock and ridge-spur soils samples collected along strike report anomalous gold and pathfinder results.
Geological mapping indicates that the Ginger Ridge soil anomaly is underlain by variably altered intermediate volcanic Tireo formation rocks (dacitic flows and tuffs) which appear to have been cut by north, northeast and eastward trending fault structures. Observed mineralization includes irregular quartz veins, veinlets and stockworks with varying pyrite (+/- hematite-limonite) contents up to 40% locally; alteration includes associated clay, barite, calcite and chlorite.
Follow up detailed rock and soil sampling at the Melchor zone, failed to identify a consistent area of gold or related pathfinder elements. Gold mineralization appears to be limited to narrow and sporadically spaced quartz veins.
Additional information can be viewed at the Company's website www.precipitategold.com.
Michael Moore, VP Exploration of the Company and Qualified Person for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
Rock and soil samples were bagged, sealed and delivered directly to Acme Labs preparation facility in Santo Domingo Dominican Republic where they were dried, crushed (or sieved in the case of soils) and pulped. Sample pulps were then delivered to Acme labs facilities in Vancouver BC (an ISO 9001 accredited facility) for analyses. Samples were crushed to with up to 80% passing 2mm and split using a riffle splitter. An approximately 250 gram sub-sample split was pulverized to minus 200 mesh (74micron). A 15 gram sub-split from the resulting pulp was then subjected to aqua regia digestion and multi-element ICP-MS analysis. Results with gold greater than 1,000 ppb were subjected to fire assay analysis (30 g pulp).
On Behalf of the Board of Directors of Precipitate Gold Corp.,
Jeffrey Wilson, President & CEO
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.
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.
Contacts:
Precipitate Gold Corp.
Daniel Caamano
Investor Relations
604-558-0338 or Toll Free: 855-558-0335
investor@precipitategold.com
www.precipitategold.com