VANCOUVER – Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) announced that Barrick Gold Corporation has mobilized two drill rigs to the Company’s Pueblo Grande Project to commence an initial phase of exploration drilling. Barrick has also provided Precipitate an update on exploration activities conducted to date as part of its earn-in agreement whereby Barrick has the right to earn a 70% interest in the company’s Pueblo Grande Project located immediately adjacent to Barrick’s world-class Pueblo Viejo gold-silver mine in the Dominican Republic.
Jeffrey Wilson, Precipitate’s President & CEO, stated, “We are excited to see drilling get underway at our Pueblo Grande project and we are pleased with the work completed to date by Barrick’s Dominican exploration team. The opportunity to see several targets previously delineated and prioritized by Precipitate’s exploration team now being the subject of a substantial exploration drill program is an exciting and positive step forward for the project as part of our earn-in agreement with one of the world’s premier gold mining companies. With two drills turning, we anticipate an efficient drill program with analytical results to follow in due course.”
Barrick’s recent exploration update to the Company indicates that preparatory work conducted in advance of drilling included detailed surface geological mapping and geo-stratigraphic modelling in relation to the nearby Pueblo Viejo Mine, re-logging historical drill core from 24 previously drilled holes (9,264m) with complementary short wave infrared (SWIR) spectroscope readings, drill site preparation and securing various agreements and approvals including the modification of the Dominican Government drill permit.
Results from Barrick’s ongoing work as part of the earn-in agreement will be reported as received.
We seek safe harbor.