Precipitate's Airborne Geophysical Survey Identifies New Geophysical Anomalies and Three New Regional Magnetic Trends
Vancouver, B.C. - September 22, 2015 - Precipitate Gold Corporation (the "Company" or "Precipitate") (TSXV: PRG) is pleased to announce the results of its regional airborne geophysical survey at its 100% owned Juan de Herrera project located within the Dominican Republic's Tireo Gold Camp.
The Company completed a helicopter-borne geophysical survey covering two prospective areas underlain by target Tireo volcanic rocks, host to all known gold resources in the trend. The survey was conducted using high sensitivity magnetic and radiometric detectors. A total of 487 line kilometres were surveyed, with north-south oriented lines at 120 metre wide line spacing and a mean terrain clearance of 30 metres.
The survey successfully identified multiple new geophysical anomalies with similar magnetic signatures to those found at numerous known mineralized zones within the Company's project and throughout the Tireo belt. Several of these newly identified anomalies and trends compare favorably to known mineralized areas in the belt and/or underlie areas where prior reconnaissance sampling returned anomalous gold values. As such, these prospective new anomalies warrant follow-up exploration and are currently being assessed and prioritized in advance of the next phase of ground work expected to commence in the coming weeks.
Highlights of Precipitate's airborne geophysical survey include:
- Three new magnetic trends identified: Ginger Ridge, Jengibre and Melchor Magnetic Trends;
- All three new magnetic trends are "on-strike" from multiple known mineralized zones within the Tireo belt, such as Ginger Ridge, Melchor and GoldQuest's Jengibre and Loma Viejo Pedro;
- The new magnetic trends range in estimated length from 3.5 to 15 kilometres long; and
- Large contiguous exposures of Tireo volcanics delineated within Precipitate's project, defining prospective priority targets for follow up ground work.
See the accompanying map illustration showing the combined 2014 GoldQuest Mining Corp ('GoldQuest" or 'GQC') and 2015 Precipitate Total Magnetic Intensity airborne geophysics.
Jeffrey Wilson, Precipitate's President and CEO stated "We are very pleased with the results of the airborne geophysical survey, as we've achieved our objective in identifying multiple new geophysical anomalies with magnetic signatures analogous to those found at known mineralized zones throughout the belt, including the Company's Ginger Ridge zone and other nearby areas of gold-copper mineralization. The delineation of these new anomalies not only increases the size potential of the project but provides a proven vectoring tool for streamlining the Company's follow-up ground work and delineating additional drill worthy targets at Juan de Herrera."
Within the Tireo Gold Camp, both airborne and ground based magnetic geophysical surveying has proven to be a quick and highly effective guide to highlighting areas of rock alteration with the potential to host economic gold-copper mineralization. Regionally, many of the Tireo Gold Camp's gold-copper showings are associated with magnetic lows (blue colour contours) indicating zones of magnetite destructive alteration. Precipitate's recent airborne geophysical survey has outlined three magnetic anomalous trends that the Company has labeled Ginger Ridge, Jengibre and Melchor trends. These trends have a northwest-southeast orientation and extend through both Precipitate's and GoldQuest's concessions.
Ginger Ridge Magnetic Trend: the longest of the three newly identified trends, measuring an estimated 15 kilometers in length, striking through three known mineral showings in a southeastern direction from the Loma Viejo Pedro (GQC), through Ginger Ridge (PRG), and in to Jengibre NW (GQC). Approximately 10 kilometers of the Ginger Ridge Trend lies within Precipitate's property limits. This trend is dominated by strong linear southeastward trending magnetic highs which are often flanked by magnetic lows. Precipitate's Ginger Ridge gold zone is underlain by the same southeast trending airborne magnetic high trend (red-purple coloured contour), which encompasses a subtle magnetic low only identified by Precipitate's more detailed ground magnetic survey (see Precipitate's April 14, 2015 news release). Thus, on a regional basis, both magnetic lows and highs are prospective initial targets.
Jengibre Magnetic Trend: measures approximately 3.5 kilometers long and extends south-southeast from the Jengibre mineral showing area (GQC) on to Precipitate's property. Approximately 2.5 kilometers of the Jengibre Magnetic Trend lies within Precipitate's property concession. This trend comprises a string of strong magnetic lows which flank the eastern side of the Ginger Ridge Magnetic Trend. Historical GoldQuest documents (News Release dated October 7, 2009) report that Tireo volcanic rocks at the Jengibre showing demonstrate varying degrees of silicic, argillic and pyrite alteration and host a highlight trench channel result of 13.5 metres grading 3.13 grams per tonne ('g/t') gold.
Melchor Magnetic Trend: measures an estimated 8.5 kilometres in length and is comprised of a mix of magnetic highs and poddy shaped strong lows. Approximately 6.5 kilometers of the Melchor Magnetic Trend lies within Precipitate's property concessions. The trend extends to the northwest and southeast of the Company's Melchor showing where Precipitate previously reported highlight grab rock samples of 4.0 g/t gold, 0.85 g/t gold and 6.3 g/t gold from its initial reconnaissance survey of the area.
See the accompanying map figure and the Company's website for additional compilation illustrations.
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. 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 Corporation,
President & CEO
For further information, please contact:
Jeffrey Wilson, President & CEO
Tel: 604-558-0335 Toll Free: 855-558-0335 email@example.com
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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.