Barrick Gold identifies new gold-in-soil anomalies at Precipitate’s Pueblo Grande Project, Dominican Republic

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Precipitate Gold Corp. [TSXV-PRG; OTCQB-PREIF] reported that Barrick Gold Corp. [ABX-TSX; GOLD-NYSE] has provided the company with a 2024-Q1 exploration update regarding ongoing exploration and target delineation within Precipitate’s 100%-owned Pueblo Grande Project. Barrick’s exploration is part of an earn-in agreement whereby Barrick has the right to earn a 70% interest in the Project.

Pueblo Grande Norte Zone: Drill Target Refinement – Barrick is currently conducting a detailed ground magnetic survey. Subject to results, additional ground geophysical surveys may follow as a prelude to a follow up Phase III drilling program within the Zone.

As previously reported, latest drilling in this region by Barrick encountered encouraging favourable permeable mafic volcanic tuff lithologies which are variably affected by high-sulfidation type alteration with several events of strong sulfide disseminations, similar to observations at the neighbouring Pueblo Viejo Mine.

It is anticipated that results from latest drilling combined with newly generated geophysical data will provide the basis for delineating specific targets for a potential next phase of diamond drilling in Pueblo Grande Norte.

Pueblo Grande Sur Zone: New gold-in-soil anomalies and Ongoing Exploration – Soil sample laboratory data received to date (20% of the multi-element results are pending) reveals several new early-stage gold-in-soil anomalies located on west and central parts of Pueblo Grande Sur; these gold anomalies are often coincident with important silver, arsenic, antimony and thallium pathfinders.

The most sizable soil anomaly measures about 2.8km x 1.0km (as defined by 90th percentile values 13 ppb gold) and is open to the west, trending in the vicinity of Barrick’s Zambrana exploration target, which is located southeast of the Pueblo Viejo Mine Area.

Barrick’s ongoing exploration work for 2024 for the Pueblo Grande Sur will delineate and refine potential drill-worthy targets in this emerging area of the project, with Pueblo Grande Sur diamond drill permits expected during 2024.

Jeffrey Wilson, Precipitate’s President and CEO stated, “We are pleased to see Barrick continue to advance and explore multiple areas within Precipitate’s Pueblo Grande project. Ongoing drill target refinement in advance of follow up drilling at Pueblo Grande Norte furthers the potential for discovery on Precipitate’s ground immediately west of Pueblo Viejo’s existing mining pits.

“Meanwhile, the extensive geochemical sampling coverage conducted by Barrick within Pueblo Grande Sur, and resulting new anomalies, evidences the project’s ongoing potential to host additional drill-worthy zones throughout the project. We look forward to Barrick’s ongoing advancement of the project under the terms of our Earn-in agreement.”

In accordance with the Earn-in Agreement between Precipitate and Barrick, as announced April 14, 2020, Barrick can earn a 70% interest in Precipitate’s Pueblo Grande project by incurring a minimum US$10.0 million in qualifying work expenditures and delivering a qualifying pre-feasibility study prior to the sixth anniversary of the entering into of the agreement.

Precipitate Gold is focused on exploring and advancing its mineral property interests in the Pueblo Viejo Mining Camp and Tireo Gold Trend of the Dominican Republic.

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