Precipitate Commences Field Work at Motherlode Gold Project in Newfoundland, Canada
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2022) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") is pleased to announce it has commenced exploration field work on the Motherlode Gold Project ("Motherlode" or the "Project") within the Burin Peninsula of southern Newfoundland, Canada.
The ongoing activity entails project-wide prospecting, geological mapping, and sampling to further assess the 7 high priority, and 11 secondary target areas delineated by previous exploration work, as shown on the accompanying map. This initial phase will be followed up with ground geophysical surveys of induced polarization ("IP") and further detailed work to delineate targets for near-term drill testing.
Jeffrey Wilson, Precipitate's President & CEO commented, "We are pleased to start exploration on the Motherlode project, with the aim of refining potential gold zones of merit to a drill stage as promptly as possible. The Project's comprehensive historic digital dataset combined with the data derived from this program is expected to advance existing targets and potentially delineate new ones. The completion of this detailed work, including geological mapping and ground IP will enhance our understanding of this exciting new project and provide the basis for establishing drill targets."
The Company's website has additional information and illustrations of recent and historical Motherlode project data.
Major attributes of the Motherlode project include:
11 historical mineral occurrences, including 8 gold showings;
Select Historical sampling highlights*: Rock grab samples: 25.0 g/t Au, 15.7 g/t Au, 11.6 g/t Au, 6.3 g/t Au & 4.5 g/t Au. Channel samples: 0.5m of 4.5 g/t Au, 1.5m of 10.1 g/t Au, 6.2m of 3.6 g/t Au;
Airborne magnetic geophysics, surface geochemical samples (elevated gold and arsenic) and surface structural lineaments, identifies 7 high priority and 11 secondary target areas;
Located within Newfoundland's Burin Peninsula, a current gold exploration focus of many other junior explorationists;
District-scale potential within a 12,350 hectare project, an estimated 16.5-km long exploration trend hosted in late Proterozoic-age Burin Group volcanic and ultramafic rocks;
Structurally related orogenic gold style mineralization, where gold enriched quartz veins-stockworks are strongly associated with shears, faults and folds containing low pyrite and arsenopyrite sulphide concentrations; and
Excellent year-round road access, with highway access, a high-power electrical line bisecting the project, and nearby Atlantic Ocean ports.
For reference: g/t = grams per tonne, Au = gold, m = metres
* High grade rock grab samples are selective by nature and are unlikely to represent average grades on the property
Figure 1: Motherlode Project Map of High Priority and Secondary Target Zones
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1718/125017_97589cb54460bbf8_003full.jpg
The Project target areas are characterized by combinations of important coinciding characteristics for distinguishing structurally related orogenic gold style mineralization. Favourable characteristics include (i) magnetic linears and their crosscutting intersections that denote potential quartz-silica-gold mineralization structural hosts (contacts, faults, shears and folds), (ii) surface sample geochemistry with elevated concentrations of gold and arsenic (and various other pathfinder elements), and, (iii) preferred host rock types, particularly volcanic or gabbro lithologies. Interestingly, a number of the high and secondary priority areas have little to no reported historical surface sampling and none of the target zones have seen a modern ground geophysical survey.
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 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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