Vancouver, British Columbia--(Newsfile Corp. - July 6, 2020) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") is pleased to announce that it has completed its previously announced soil sampling program and commenced a ground magnetics geophysical survey covering the Copey Hill Zone within the Company's 100% owned Ponton Project located approximately 25 kilometres ("km") due east of Barrick's Pueblo Viejo mining operation and the Company's Pueblo Grande project in the Dominican Republic.
Field crews have commenced a program of ground magnetic surveying over the multi-element geochemical anomaly identified at the Copey Hill zone. The magnetic survey will consist of a minimum 40 line km of ground magnetic surveying comprised of an estimated 20 north-south oriented parallel lines extending up to 2.0 kms in length, at both 50 and 100 metre line spacing. No prior geophysical survey has been conducted over this prospective emerging geochemical zone.
Jeffrey Wilson, Precipitate's President & CEO stated, "We are pleased to initiate the ground magnetic survey over the highly prospective Copey Hill zone as it will provide quality geophysical data for us to utilize in combination with the existing and pending geochemical data derived from the zone. This is the first ground magnetic survey to be conducted on the Ponton Property so we anticipate this newly generated geophysical data will prove useful in our ongoing effort to identify and prioritize specific new target areas. Of particular interest will be any magnetic-low anomalies coincident with elevated surface soil and rock geochemistry, where magnetic lows are potentially indicative of magnetite destruction, a common geophysical feature found within gold epithermal systems. This important geophysical work will advance the Copey Hill closer to a possible drill program."
The previously announced soil geochemical sampling program at Copey Hill (see news release dated June 9, 2020) has been completed. The soil sampling program is investigating the possible expansion of the existing Copey Hill multi-element geochemical anomaly to the east and northeast. More than 300 individual samples were collected in this program and submitted for laboratory analysis. Results will be reported as they become available.
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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