VANCOUVER, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSX-V:PRG) is pleased to announce completion of a nearly property-wide detailed soil sampling program conducted on the Company’s 100% owned Juan de Herrera project in the Dominican Republic.
Over a four-month period, ending in December 2017, field crews collected a total of 17,414 soil samples from the property, achieving a near property-wide systematic and detailed soil sampling survey. A total of 14,759 (or 85%) of these soil samples have been analyzed with a portable XRF unit (X-ray fluorescence) and data is being compiled and evaluated. The new sampling coverage includes the Southeast, South Jengibre, Peak and Melchor zones located in the southern region of the project, as well as the previously underexplored areas in the northern part of the project where sparse prior sampling indicates the areas are underlain by target Tireo volcanic rocks. See the accompanying map or the Company’s website for the detailed soil sample location figure.
A follow up soil sampling program is anticipated to commence shortly after the data has been compiled and interpreted, and will expand sampling coverage to include specific open anomalies and to complete comprehensive property coverage of the few remaining areas of known Tireo volcanic which have seen little or no sampling to date.
Jeffrey Wilson, Precipitate’s President and CEO commented, “The completion of the formidable task of a near property-wide detailed soil sampling survey provides the Company with an incredible amount of data over much of our extensive property package. Adding over 17,000 new samples to the more than 5,000 already collected, increases our total sample coverage by 340%. The new XRF data will complement the current geochemical database and help our team to vector to priority areas where few, or no samples had previously been collected. We anticipate compiled results and interpretations to be disclosed in the weeks and months ahead. Results from this round of work coupled with the drill-ready targets already in-place at Ginger Ridge East and the Southeast Zones will provide the basis for a more substantial future drill program targeting multiple zones throughout the project in 2018.”
The purpose of the property-wide detailed soil sampling program is to rapidly and cost-effectively compile an additional layer of geochemical data from multiple prospective areas of the project where little or no systematic exploration had previously been conducted. The derived XRF data will further facilitate the identification of new target areas and refine the scope of known zones. Within the survey, samples were collected at a density of 25 metres by 50 metres and analyzed with a portable XRF analyzer by Company technicians. Portable XRF instruments collect quality base metal and various pathfinder element data, but provide limited precious metal results. All soil samples from this phase of exploration have been placed in secure storage for future work, which may include laboratory analyses, geological review or clay/alteration studies. Results of the comprehensive soil sampling program will be disclosed as they become available and are interpreted.
This news release has been reviewed by Michael Moore P. Geo., 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 Tireo Gold Trend of the Dominican Republic. The Company also maintains assets in British Columbia and southeast Yukon Territory, including the Company’s Reef property located immediately adjacent to Golden Predator’s 3 Aces Project in the Upper Hyland River area. The Company has entered into an Option to Purchase Agreement with Golden Predator whereby Golden Predator can earn a 100% interest in the Reef claims by making certain staged payments in cash and shares and warrants. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value.
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.