Precipitate Gold Corporation (PRG) has received authorization to begin searching for gold within Burin Peninsula.
The process will involve airborne geophysical surveying and traditional prospecting on the company’s Motherlode Gold Project.
The government-issued permit allows the company to conduct a property-wide heliborne operation survey that investigates the rock formation's magnetism and radioactivity. The survey is planned to begin in early October.
The results will contribute to existing property data that is currently being compiled and reviewed by Precipitate’s geological staff.
Mapping and sampling will be conducted over certain irregularities in the area pending the data and groundwork from the searches.
“Possession of these permits allows the company to promptly mobilize crews and initiation an important first phase of work aimed at delineating new prospective targets on this exciting new property asset in Newfoundland,” said President and CEO Jeffrey Wilson.
The Motherlode Project is located on Newfoundland’s south coast with 11 historical mineral occurrences, including eight gold showings. Access and infrastructure are favourable, with year-round road access and high-power electrical lines running through the project.
Historical high-grade findings from the property include gold findings of up to 25 grams of gold per tonne found in grab samples.
Precipitate Gold Corporation is a mineral exploration company focused on advancing its mineral property interests in Newfoundland and the Dominican Republic.
Precipitate Gold Corporation (PRG) is unchanged, trading at $0.08 per share at 3:09 p.m. ET.