Precipitate Gold (PRG) is beginning exploration field work on its Ace Project.
The project is located at the northern end of the highly-prospective Exploits Subzone of north-central Newfoundland.
The Vancouver-based mineral exploration company has now started a project-wide prospecting and geological mapping program. Field crews will first focus on the newly identified Ace Zone; a 10-20 metre wide alteration and shear zone that trends northeast-southwest, with select grab rock samples up to 5.4 grams of gold per tonne.
Crews will then expand the exploration focus to cover prospective areas where limited past exploration, including government till samples that reported anomalous pathfinder elements.
The company’s chief objective during the work, is to utilize detailed prospecting and surface sampling to discover new mineralized zones to complement the existing Ace zone as potential areas for follow up ground geophysical surveying. That work would refine prospective drill targets for an initial first phase of drilling.
“We are very pleased to commence field work on the Ace Project, which is located within the highly prospective Exploits Subzone geological district of Newfoundland. One of the many benefits of the recently announced option agreement for the Project is the pre-existing permit to conduct field work, which allows us to start our work immediately, with the goal of establishing potential drill targets as efficiently as possible,” said Precipitate President and CEO Jeffrey Wilson.
On October 12, the company announced it had secured exclusive rights to acquire a 100-per-cent interest in the Ace Gold Project by way of a four-year Option Agreement, which has now received TSX Venture Exchange approval.
Ace Gold Zone is situated at the northeast end of a gold enriched geological trend that includes numerous high-grade gold occurrences.
Precipitate Gold is unchanged, trading at $0.95 at 10:15 am ET.