Precipitate's Geological Mapping Yields Extensive Important Surface Silica Zones at the Pueblo Grande Gold Project in Dominican Republic
TSX VENTURE: PRG
Vancouver, British Columbia--(Newsfile Corp. - July 10, 2019) - Precipitate Gold Corp. (TSXV: PRG) ("Precipitate" or the "Company") is pleased to announce results and preliminary interpretation of the geological mapping survey conducted at the Loma Cuaba Lithocap Zone of the Company's 100% owned Pueblo Grande Project adjacent to Barrick's world-class Pueblo Viejo gold-silver mine in the Dominican Republic.
The geological mapping survey has identified multiple surface exposures of untested strong silica alteration zones, which are a commonly recognized indicator and vector for epithermal feeder structures and potential related mineralization. Notably, many of these silica alteration zones align with, or parallel topographic ridge trends which have similar orientations as the main mineralization structures found at the neighbouring Pueblo Viejo Gold Mine.
Jeffrey Wilson, Precipitate's President & CEO stated, "We are pleased to see the prevalent presence of surface silica zones within the target area as silica represents an important geological indicator for possible high sulphidation epithermal mineralization. Completion of this detailed geological mapping survey has provided us with yet another important layer of technical data to apply to our ongoing evaluation and interpretation of this extensive target area. We are now completing a comprehensive data review, with particular emphasis on our new and exciting 3D magnetic inversion computer model. We expect the compilation of critical components of recently derived data will lead to refinement of favourable areas for delineation of drill targets in the near term."
The geological mapping survey was carried out over most of the prospective advanced argillic altered Loma Cuaba Lithocap Zone, with the primary goals of (i) assessing previous historical mapping studies and (ii) providing a strong base for ongoing interpretation of generated data related to lithology, alteration, and structure, along with geochemical and geophysical features as important factors for drill target delineation. The geological mapping study was completed by Warren Pratt and Tom Rowe of Specialised Geological Mapping Ltd.
Initial interpretation indicates that many of the strong silica alteration zones (i) have trends to the northwest, north and northeast, similar to the main mineralization structures at the adjacent Pueblo Viejo Mine and (ii) are often coincident with modest strength pathfinder element geochemical rock-soil anomalies including combinations of silver, mercury +/- gold, antimony, molybdenum, tellurium and selenium. Geological mapping of rock exposures shows that the Loma Cuaba Lithocap Zone is dominantly underlain by advanced argillic altered mixed intermediate volcanic rocks with a pervasive and varied metamorphic schistosity (a post alteration penetrative deformation fabric). Additionally, exposures of younger conformable overlying Hatillo limestone rocks are found on the south regions of the Lithocap Zone and 'post-schistosity' dacitic intrusive rocks are observed in the western region.
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:
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.