Precipitate Gold Commences Exploration within the Lithocap Zone of the Pueblo Grande Gold Project in Dominican Republic
TSX VENTURE: PRG
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2019) - Precipitate Gold Corp. (TSXV: PRG) (the “Company” or “Precipitate”) is pleased to announce it has commenced exploration at the Lithocap Zone within the Company’s 100% owned Pueblo Grande project within the Pueblo Viejo Mining Camp in the Dominican Republic.
The Company has initiated exploration programs on its priority Lithocap Zone located three kilometres west of Barrick’s world-class Pueblo Viejo gold-silver mine. Near term work to be completed by the Company’s field crews will include the collection of over 1,100 individual soil samples from within the Lithocap Zone to facilitate greater surface sample density and a more comprehensive geochemical database from within the priority target area. In addition, crews will begin preparation for a ground magnetic geophysical survey expected to focus primarily within the Lithocap Zone.
Jeffrey Wilson, Precipitate President & CEO, stated, "We are pleased to commence our exploration program at the Lithocap Zone, an area where we postulate a potential parallel high sulphidation epithermal system with similarities to the neighbouring Pueblo Viejo gold-silver mine. The Lithocap Zone was sampled by prior operators with samples taken at 100 metre by 100 metre spacings. The goal of our current program is to expand the scope of the geochemical data from this area by tightening up the sample spacing to 50 metres by 50 metres for greater sample density to refine existing and notable concentrations of anomalous mineralization and/or important trace or pathfinder elements that will aid in prioritizing target areas within the lithocap. Results from this initial exploration phase will provide a strong foundation and guidance for subsequent stages of work which will likely include ground magnetic geophysical surveying and high-level alteration-geological mapping in advance of drill hole targeting."
Field work is focusing on the portion of the regionally extensive high-level advanced argillic Lithocap alteration which coincides with a notable geophysical magnetic high; a target area measuring approximately 2.5 km by 3.0 km which has seen little past systematic exploration (see accompanying image or the Company's website for more details www.precipitategold.com).
The Lithocap Zone, west of the Pueblo Viejo mine, is interpreted to be a high-level advanced argillic lithocap alteration type environment which lacks significant known surface gold-silver mineralization but has an anomalous trace element suite that typifies the adjacent Pueblo Viejo mineralization style. The lithocap alteration is dominated by pervasive quartz-pyrophyllite-pyrite with numerous and widespread irregular pods, veins, and veinlets of massive hematitized magnetite. Magnetite/hematite, silicification and various pathfinder elements associated with Pueblo Viejo style high sulphidation epithermal gold-silver-copper mineralization offer key exploration vectors into and through the extensive altered Lithocap Zone.
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 also maintains the Reef property located immediately adjacent to Golden Predator's 3 Aces Project in the Upper Hyland River area, Yukon Territory. The Company has entered into an Option to Purchase Agreement with Golden Predator whereby Golden Predator can earn a 100% interest in the Reef claims by making certain staged payments in cash and shares and warrants. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value.
Additional information can be viewed at the Company's website www.precipitategold.com.
On Behalf of the Board of Directors of Precipitate Gold Corp.,
President & CEO
For further information, please contact:
Toll Free: 855-558-0335
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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.