Precipitate Commences Drilling at the Copey Hill Gold Zone within the Ponton Project, Dominican Republic

Vancouver, British Columbia--(Newsfile Corp. - February 4, 2021) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") is pleased to announce the commencement of its maiden diamond drilling program at the Company's Copey Hill Gold Zone within its 100% owned Ponton Project located approximately 25 kilometres ("km") due east of Barrick's world-class Pueblo Viejo mining operation and the Company's Pueblo Grande project in the Dominican Republic.

The Company's maiden drilling campaign at the Copey Hill zone is planned to consist of up to 10 diamond drill holes totalling up to 2,000 metres ("m") of drilling. The program is designed to test multiple highly prospective geochemical and geophysical target areas within both the North and South Gold Anomalies of the Copey Hill zone where previously reported geophysical magnetic lows commonly coincide with elevated gold values at surface (up to 53.0 g/t gold and 17.0 g/t silver*). The broader Copey Hill geochemical zone measures over 1 km by 1.5 km and has not previously been drill tested. The epithermal affinities of the coincidental geological, geophysical and multi-element geochemical anomalies within the zone represent priority targets for this first phase of drilling (see accompanying geochemical map and geophysical magnetic 3D inversion map).

Geochemical Map

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Geophysical Magnetic 3D Inversion Map

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Jeffrey Wilson, Precipitate's President and CEO, stated, "We are excited to announce the commencement of this highly anticipated first phase of drilling at our Ponton Project in the Dominican Republic. Our groundwork to date has successfully delineated substantial geochemical and geophysical anomalies with numerous high-grade rock samples situated over compelling magnetic signatures. The opportunity to deploy the Company's own drilling equipment and crews to initiate drill testing of these prospective targets is a significant catalyst for the Company. With drilling already underway by Barrick Gold Corp. at our nearby Pueblo Grande Project, we're looking forward to an active start to 2021."

The Company's recent target-delineation work identified numerous large and strong magnetic-low 3D Inversion anomalies (near surface and concealed at depth) possibly attributed to magnetite destruction alteration, a common alteration/geophysical feature in gold epithermal systems. Additionally, numerous discreet and variably linear magnetic-low anomalies commonly align with gold enriched surface soil-rock samples and silica-argillic clay alteration zones. This correlation is particularly apparent at the South Anomaly where surface rock samples have reported highlight values of 53.0 g/t gold and 17.0 g/t gold*. The 3D Inversion magnetic-lows at the South Zone extend more than 200 metres below surface, supporting the potential for a significant sized system.

Local-scale geological mapping indicates that the Copey Hill Zone is dominantly underlain by intermediate composition mixed volcanic tuffs, agglomerates and lessor flows, with a common southeast strike. The joint interpretation of various magnetic geophysical and geological maps has inferred numerous crosscutting structures (trending north, northeast and northwest) that commonly overlap or are proximal to gold enriched surface soil and rock samples and strong magnetic-low anomalies. Interestingly, the south side of the South Anomaly appears to wrap around a large magnetic high anomaly, which may suggest a concealed intrusive body and a postulated catalyst for Copey Hill mineralization and alteration.

*Note: Rock grab samples are selective by nature and are unlikely to represent average grades on the property.

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 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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