Vancouver, British Columbia--(Newsfile Corp. - June 9, 2020) - Precipitate Gold Corp. (TSXV: PRG) (the "Company" or "Precipitate") is pleased to announce it has commenced exploration field work on the Copey Hill Gold Zone within the Company's 100% owned Ponton project, located in the Dominican Republic.
With Dominican Republic COVID-19 restrictions beginning to ease, the Company's in-country field crews have been mobilized to the Ponton project to initiate a program of geochemical sampling to test for possible expansion of the existing Copey Hill multi-element geochemical anomaly. The existing anomaly is open to the east and northeast (see accompanying map), so crews will expand the survey area in those directions collecting soil samples on 50 metre by 100 metre spacing. Immediately following completion of the soil sampling program, management intends to conduct subsequent programs of geological mapping and ground magnetic surveying over the extended area as a means of delineating targets for a possible near-term first phase of drilling at Copey Hill.
Jeffrey Wilson, Precipitate's President & CEO commented, "Within the Dominican Republic, COVID-19 restrictions have been relaxed to levels which allow the Company to commence field work. We are pleased to initiate our first exploration program on the Copey Hill Gold Zone since restrictions were imposed some months ago. These critical programs of soil sampling, geological mapping and ground magnetic geophysical surveying will be conducted to advance the target to a drill stage as promptly as possible."
Figure 1: Copey Hill Gold Geochemical Anomaly
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Copey Hill Gold Zone - Planned Exploration Program Highlights
- The Copey Hill multi-element soil anomaly has a surface foot print measuring up to 1,200 metres by 1,000 metres and is currently open to the northeast and east. Approximately 300 soil samples will be systematically collected over an area extending 500 metres east of historical soil sampling, with the goal of defining the east limit of the multi-element soil anomaly.
- Detailed geological mapping and associated rock sampling will cover much of the current target area, following up on previous mapping which has identified distinctive areas of white clay argillic and silica alteration, hosted in prospective Los Ranchos Formation volcanic rocks, which are similar to the host rocks at the Pueblo Viejo Gold Mine located about 35 kilometres to the west. Mapping will focus particularly on those areas with highly anomalous gold-in-rock samples, with values up to 4.1 grams per tonne.
- Field crews will conduct a ground magnetic geophysical survey consisting of a minimum of 11 north-south oriented parallel lines extending up to 1.7 kilometres in length, at both 50 and 100 metre line spacing. The magnetic survey will provide detailed data to assist geological mapping and to detect potential discreet magnetic low anomalies that may reflect areas of magnetite destruction alteration; a common magnetic geophysical feature in epithermal gold systems.
This news release has been reviewed by Michael Moore P. Geo., 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 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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