Precipitate Gold Corp. [PRG-TSXV; PREIF-OTCQB] reports it has completed first phase prospecting and rock sampling exploration field work on the Ace Gold Project at the northern end of the prospective Exploits Subzone (Dunnage Tectonic Zone) of north-central Newfoundland.
Experienced local field crews have successfully identified five new areas of compelling surface mineralization in addition to the recently discovered Ace Zone where rock grab samples report up to 5.4 g/t gold. Much of the first-pass prospecting, geological mapping and rock sampling work was carried out on easily accessible coastlines and roads, as these areas have ample rock exposures. Limited prospecting was carried out in the central project claims; these under-explored regions will be examined during the next work phase. A total of 127 rock samples have been shipped to the lab.
Jeffrey Wilson, President and CEO, stated, “We are pleased our first phase of field work at Ace yielded such favourable results. Initial visual assessments indicate the project could be an extension of the highly prospective Exploits Subzone geological district of Newfoundland, which is host to several high-grade gold samples recently reported from neighbouring projects. Having permits in place to carry out project-wide airborne and ground geophysical surveys and systematic till and lake sampling allows us to rapidly initiate the next stages of follow-up exploration. Upon receipt and review of the pending rock sample data, we plan to initiate an accelerated exploration program aimed at establishing potential drill targets as efficiently as possible.”
Ace Project mineralized areas are hosted in mixed felsic volcanic and sedimentary rocks that are cut by variably gossanous shear zones, that are up to 20 metres wide and traced on surface to distances exceeding 400 metres, disappearing under overburden. Observed alteration includes sericite, carbonate and quartz veins/breccias/flooding, with associated pyrite and arsenopyrite, with lesser sphalerite and galena sulphide mineralization. Late-stage quartz (carbonate) veins up to 0.3 metres wide are also noted, having modest sulphide mineralization.
The Ace Gold Zone is a newly discovered 10-20-metre wide alteration-shear zone that trends northeastward, over a distance exceeding 400 metres, with grab rock samples up to 5.4 g/t gold. Six early-stage mineralized areas, identified to date; altered volcanic rocks and shear zones with sericite, carbonate and quartz alteration and pyrite-arsenopyrite sulphide mineralization;
Located at the northeast end of Newfoundland’s Exploits Subzone rocks (Dunnage Zone), an active gold exploration environment with highly prospective rocks that host significant gold mineralization across central Newfoundland, including Marathon Gold’s Valentine Project that hosts 3.14 Moz M&I at 1.72 g/t gold.
Along trend and proximal to numerous high-grade gold occurrences, including Ethos Gold’s Toogood Property and Exploits Discovery’s Quinlan Veins. Excellent year-round access, with a paved highway and a paralleling electric power line bisects the property accessible by 20-minute Newfoundland government vehicle ferry departing hourly with highway access.
Precipitate Gold has entered into an earn-In agreement whereby Barrick Gold Corp. [ABX-TSX, GOLD-NYSE] can earn a 70% interest in the company’s Pueblo Grande Project in the Dominican Republic by incurring US$10M within six years and producing a qualifying Pre-feasibility Study.