First Cobalt

Precipitate's Copey Hill Zone Returns Additional High-Grade Rock Samples up to 17.0 g/t Gold at Ponton Project, Dominican Republic

Vancouver, British Columbia--(Newsfile Corp. - August 25, 2020) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") is pleased to announce results of follow up infill surface soil and rock geochemical samples collected from the Copey Hill epithermal gold target of the Company's 100% owned Ponton Project in the Dominican Republic.

After recently reporting a 53.0 grams per tonne ("g/t") gold-in-rock sample* from the Copey Hill Zone (see Company news release dated July 21, 2020), field crews returned to the vicinity to conduct additional detailed infill sampling in the surrounding area where the latest 73 rock samples returned multiple additional high-grade gold and silver results*, including individual highlight values up to 17.0 g/t gold and 37.0 g/t silver with a total of 30 rock samples ranging from 0.5 g/t gold to 17.0 g/t gold. Additionally, analytical results for the 171 soil samples collected have refined the contour of the soil anomaly and report a high value of 0.7 g/t gold. See accompany map.

Copey Hill Gold Zone Highlights to Date:

  • South Anomaly highlight rock sample* gold values of 53.0 g/t, 17.0 g/t, 7.6 g/t, 7.0 g/t, 4.6 g/t, 4.2 g/t, 4.1 g/t and 3.2 g/t gold and up to 43.0 g/t silver. Additionally, a total of 30 rock samples yielded values ranging from 0.5 g/t to 1.8 g/t gold;

  • South Anomaly hosts an apparent concentration of elevated gold and silver sample values measuring an estimated 400m by 200m;

  • Highlight gold-in-rock samples were collected from low sulphide content quartz vein, quartz breccia or silicification alteration mineralization hosted in the favourable Los Ranchos formation volcanic rocks.

  • Current gold-in-rock correlation statistics show a strong positive correlation to important pathfinder elements silver, lead and mercury; and

  • Two distinct gold-in-soil anomalies (North Anomaly and South Anomaly) delineated within the Copey Hill Zone; measuring 1,000m by 500m, and 900m by 200m (open to the southwest) respectively;

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

Junior Mining NetworkMap 1: Ponton Property Soil & Rock Geochemical South Anomaly

Jeffrey Wilson, Precipitate's President & CEO, stated, "We are very pleased with the latest highly anomalous gold values reported from the follow up rock sampling program conducted within the South Anomaly of the Copey Hill zone. Many of these anomalous samples occur peripherally to the previously reported 53.0 g/t gold sample, up to 250m distance, demonstrating the potential for a large undiscovered mineralized system. We're excited to expand our groundwork within Copey Hill to include additional soil and rock sampling in tandem with ongoing ground magnetic surveying. Completion of these important layers of data bring us progressively closer to delineating and prioritizing Copey Hill drill targets."

The Copey Hill epithermal gold target within the Company's 100% owned Ponton Project is road accessible and located approximately 25 kilometres due east of Barrick's Pueblo Viejo mining operation and the Company's Pueblo Grande project in the Dominican Republic.

Rock and soil samples were bagged, sealed and delivered directly to Bureau Veritas ("BV") preparation facility in Maimon, Dominican Republic where they were dried, crushed (or sieved in the case of soils) and pulped. Sample pulps were then delivered to BV facilities in Vancouver BC Canada (an ISO 9001 accredited facility) for analyses. Samples were crushed (or sieved) with up to 80% passing 2mm and split using a riffle splitter (code PRP70-250). An approximate 250 gram sub-sample split was pulverized to minus 200 mesh (74μ). A 15 gram sub-split from the resulting pulp was then subjected to aqua regia digestion and multi-element ICP-MS analysis (code AQ201). Rock sample ICP results with gold greater than 3 g/t were subjected to fire assay (AAS or Gravimetric finish) analysis (30 g pulp; codes FA430-Au, Ag and FA530-Au, Ag).

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 This email address is being protected from spambots. You need JavaScript enabled to view it.

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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Precipitate Gold

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