Precipitate's Geophysical Surveying Generates More Targets at Melchor and Peak Zones
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 25, 2017) - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE:PRG) is pleased to announce results and interpretation from the latest geophysical and geochemical surveys at the "Melchor" and "Peak" Zones located at the southeastern end of the Company's 100% owned Juan de Herrera project in the Dominican Republic.
Precipitate has completed a comprehensive interpretation of recently collected geophysical and geochemical survey data at the Melchor and Peak Zones, located approximately 12 kilometres ("km") southeast of the Company's Ginger Ridge Zone. Together, soil and rock sample results, induced polarization ("IP") and airborne magnetic geophysical survey data identify multi-layered target areas for both the Melchor and Peak Zones. See the accompanying two maps or the Company's website for both Zones gold-in-soil anomalies and IP + magnetics geophysics illustration maps.
Highlight results for the combined newly generated geochemical and geophysical data for the Melchor and Peak Zones is as follows:
Melchor Zone
- Target area measuring 2.2 km by 0.6 km including three parallel and fairly well defined multi-element soil anomalies with gold up to 181 parts per billion ("ppb");
- Highlight rock grab sampling with gold values up to 7.7 g/t Au;
- The three southeast trending soil anomalies are further defined by various geophysical features of mixed moderate-high and low IP chargeability-resistivity and magnetic low signatures, important for potential gold mineralization in the region; and
- Geological mapping indicates much of the area to be underlain by regionally favourable rhyolite and dacite rocks.
Peak Zone
- Target area measuring 2.0 km by 0.7 km, includes four loosely outlined multi-element soil anomalies with gold up to 286 ppb;
- Highlight rock grab sampling with gold values up to 1.57 g/t Au and copper values to 0.6%;
- Geophysical responses including mixed moderate-high and low IP chargeability-resistivity and magnetic signatures; are coincident with the soil anomalies;
- Located 4.5 km southeast of GoldQuest Mining's Jengibre zone, where past work reported highlight rock channel sampling results of 59.5 metres grading 1.58 g/t gold (see GoldQuest news release of October 7, 2009) and rock samples to 17.7 g/t gold and 1.4% copper; and
- Sampling of other areas between Peak and Melchor zones has reported gold-in-soil values up to 490 ppb and a rock grab sample with 0.47 g/t gold and greater than 1% zinc.
Jeffrey Wilson, Precipitate's President and CEO commented, "We are pleased that our extensive ground exploration work over recent months continues to yield encouraging results. Collectively, IP and airborne geophysical surveys, early stage geochemical sampling, along with the region's first modern geological mapping work have delineated additional prospective exploration targets that warrant drill targeting in the future. The fact that we have now identified four targets in addition to Ginger Ridge clearly demonstrates the metallogenic potential of this volcanic belt."
Early stage soil sampling at the Melchor and Peak Zones covers an expanse measuring about 6.0 km by 1.5 km covering the prospective Cretaceous aged Tireo volcanic rocks. Current soil sample density is generally wide spread with samples collected at 50-100m intervals along local ridges and paths; additional soil sampling is essential and planned for the area. The gold-in-soil anomalies are defined by values exceeding the 70th percentile or 4.0 ppb. To date, gold-in-soil values for the two zones range from nil to 490 ppb. These two early stage target areas and other nearby anomalous gold-zinc sample locations are the focus of ongoing follow up exploration work.
Rock and soil samples were bagged, sealed and delivered directly to Bureau Veritas ("BV") preparation facility in Maimon Dominican Republic where they were dried, crushed (or sieved in the case of soils) and pulped. Sample pulps were then delivered to BV facilities in Vancouver BC (an ISO 9001 accredited facility) for analyses. Samples were crushed (or sieved) to with up to 80% passing 2mm and split using a riffle splitter (code PRP70-250). An approximate 250 gram sub-sample split was pulverized to minus 200 mesh (74μ). A 15 gram sub-split from the resulting pulp was then subjected to aqua regia digestion and multi-element ICP-MS analysis (code AQ201). Rock sample results with gold greater than 1,000 ppb were subjected to fire assay (ICP-ES finish) analysis (30 g pulp; code FA330-Au). The induced polarization/resistivity survey was carried out by Matrix Geotechnologies Ltd of Toronto Ontario, using a 10 kW generator Time Domain IP system using the Elrec Pro 10 channel receiver with a receiver dipole spacing of 25 metres, (pole-dipole array), which provides quality subsurface resolution for 2D Quantitive Sections and 3D voxel modelling for exploration drill targeting. The figure accompanying this release shows a plan view of interpreted gradient chargeability.
This news release has been reviewed by Michael Moore P. Geo., Vice President, Exploration of Precipitate Gold Corp., 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 and is 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
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.
