Precipitate Receives Diamond Drill Permit for Ginger Ridge Zone in Dominican Republic
Vancouver, B.C. -- April 14, 2014 - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSXV: PRG) is pleased to announce that is has received government authorization to diamond drill test its Ginger Ridge zone within the Company's Juan de Herrera concession in the Dominican Republic.
The Ministry of Environment and Natural Resources of Dominican Republic has granted Precipitate a diamond drilling permit to drill test the Ginger Ridge zone from up to fifteen drill pad locations. Importantly, the Company has also obtained drilling authorization from local surface land holders and the support of the region's major municipal representatives. Precipitate has commenced planning for an initial diamond drill program at Ginger Ridge, where recent geochemical and geophysical results have provided multiple priority targets for an initial phase of drill testing.
Jeffrey Wilson, Company President & CEO stated, "We are pleased with the recent work conducted on our Dominican assets and the pace of work in advancing the Ginger Ridge zone to an initial drill stage in less than three months from receipt of the concession grant from the Dominican government. This diamond drill permit is a critical step in the Company's progression toward drill testing multiple priority targets generated via the recent geochemical and geophysical programs conducted at Ginger Ridge."
In March 2014, grid-based soil sampling defined a northwest-southeast trending gold enriched multi-element anomaly measuring more than 2,000 metres ('m') by 450 m, with a robust multi-element central core measuring 1,000 m by 450 m. Within the surface gold anomaly, recent work extended a 13.0 m mineralized trench to 32.5 m grading 1.0 g/t gold and 18 g/t silver, including 23.0 m of 1.3 g/t gold and 22 g/t silver, while remaining open to the north and weakly to the south. At the same time, a new trench was dug perpendicular to this trench and returned open ended mineralization over 15.0 m grading 1.6 g/t gold and 25 g/t silver. An IP geophysical survey was recently completed over the central core of the gold anomaly, and returned encouraging results indicating a strong correlation between the surface gold-in-soil anomaly and sub-surface chargeability and resistivity highs over a measured strike length exceeding 800 m. The geophysical chargeability anomaly remains open in both directions and at depth and will be the primary target of proposed diamond drill testing.
The Company also wishes to announce it has granted a total of 510,000 incentive stock options to directors, officers, employees and consultants of the Company, subject to TSX Venture Exchange acceptance. Each option is exercisable to purchase one common share of the Company until April 14, 2019 at a price of C$0.20 per common share in accordance with the terms of the Company's stock option plan.
Michael Moore, VP Exploration of the Company and Qualified Person for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
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 and Sonora State, Mexico. The Company also maintains assets in northern 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.,
President & CEO
For further information, please contact:
Jeffrey Wilson, President & CEO
Toll Free: 855-558-0335
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.