Barrick Commences Field Work Within Lithocap Zone of Precipitate's Pueblo Grande Project, Dominican Republic
Vancouver, June 17, 2020 - Precipitate Gold Corp. (TSXV: PRG) (OTC Pink: PREIF) (the "Company" or "Precipitate") is pleased to announce commencement of exploration and field work by Barrick Gold Corp. (NYSE: GOLD) (TSX: ABX) ("Barrick") at the Company's 100% owned Pueblo Grande Project located immediately adjacent to Barrick's world-class Pueblo Viejo gold-silver mine in the Dominican Republic.
Barrick advises it has commenced review and validation of the extensive database of field and desktop analytics, including historic drilling results and existing geochemical and geophysical data from work conducted by Precipitate and prior operators. Barrick's initial work will concentrate on the project's Lithocap Zone (or "Loma Cuaba ") which is located immediately west of Barrick's Pueblo Viejo mining pits and was the primary focus of Precipitate's exploration work prior to execution of the earn-in agreement (see accompanying map).
Barrick's planned Lithocap Zone field work for the first and second quarter of the earn-in is expected to consist of:
- Selective surface geochemical sampling;
- Systematic rock-clay alteration surveying, via portable spectral mineral analyzers;
- Geological mapping; and
- An initial 2,500 metres of exploration drilling.
Jeffrey Wilson, President & CEO, stated, "We are pleased with the commencement of work by Barrick on our Pueblo Grande project. The timely start-up of exploration initiatives closely following the easing of certain in-country COVID-related restrictions speaks to Barrick's commitment to promptly initiate meaningful programs to explore and advance the project as efficiently and systematically as possible. We're specifically encouraged by Barrick's initial focus within the Lithocap Zone where Precipitate had previously identified multiple prospective targets. Barrick's unique and extensive experience with the style of high sulphidation mineralization being targeted offers Precipitate shareholders leverage to critical exploration expertise. The earn-in agreement's requirement for Barrick to incur a minimum US$2.0M in exploration before the second anniversary, and Barrick's intent to conduct a 2,500 metre drill program within the first two quarters of the agreement term, suggests the potential for important near-term exploration updates and results as Barrick's work advances. We look forward to reporting any additional updates as they become available."
Figure 1: Pueblo Grande Location Map
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In accordance with Earn-in Agreement between Precipitate and Barrick as announced April 14, 2020, Barrick can earn a 70% interest in Precipitate's Pueblo Grande project by incurring a minimum US$10.0 million in qualifying Work Expenditures and delivering a qualifying pre-feasibility study prior to the sixth anniversary of the entering into of the Agreement (see the Company's news release dated April 14, 2020 for full Earn-In Agreement details).
This news release has been reviewed by Michael Moore P. Geo., Vice President, Exploration of Precipitate Gold Corp., 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 is actively exploring its 100% owned Ponton and Juan de Herrera projects. The Company's Pueblo Grande Project is subject to an Earn-In Agreement with Barrick Gold Corporation, whereby Barrick can earn a 70% interest 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 the Dominican Republic and 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 investor@precipitategold.com
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.
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