Jan 20 2016
Precipitate Gold Corporation is pleased to announce it has received, from the Dominican Republic authorities, notice of the final granting of mining exploration permits for four wholly owned exploration concessions.
Three of the granted concessions are in the Company's Juan de Herrera project within the Tireo Gold Camp and one concession is in the Pueblo Viejo Mining Camp. Precipitate will now commence plans for widespread, advanced and detailed exploration at Juan de Herrera with the objective of defining new priority drill targets as a compliment to the Ginger Ridge Zone discovery.
Precipitate's President & CEO, Jeffrey Wilson stated "We are pleased to have received these four new concession grants for both our Juan de Herrera and Pueblo Viejo area projects, as these grants provide the necessary permitting to conduct more detailed and systematic exploration work. We are keen to initiate first-phase exploration and gold target delineation on these new Tireo Gold Camp areas which have seen little to no modern exploration to date. Although the timeline to attaining these grants was lengthier than anticipated, we're appreciative of the efforts of the Dominican Government authorities who have worked diligently to facilitate these grants. With these concessions now fully granted, we're permitted and funded to commence and complete the same sequenced exploration processes as proved successful in our Ginger Ridge discovery."
The near-term work programs planned for these newly permitted concessions will be an important first step to defining new drill targets to compliment future drill programs within the Juan de Herrera Project and its compelling Ginger Ridge discovery. One particularly prospective priority target area is within the Escalibur concession where the recently conducted airborne survey delineated multiple prospective geophysical anomalies and trends situated over the Juan de Herrera's largest contiguous area of favourable volcanic terrain (see PRG news release dated September 22, 2015).
The Juan de Herrera property consists of eight concessions covering 12,746 hectares and measures about 52 kilometers long in a NW to SE direction (see concession figure attached). Much of the property forms a single contiguous block, with a single additional separate concession located a few kilometres to the east. The main Juan de Herrera property block borders the west and south side of GoldQuest Mining Corp.'s Las Tres Palmas Project and its remarkable Romero gold - copper deposit. To date, five of Precipitate's concessions are fully granted (94% of the total Juan de Herrera Project land area) with a remaining three concessions in the final stage of the application process. The Company has also been granted the road accessible Artur exploration concession (220 hectares) located about four kilometres east-southeast of the Gold Corp - Barrick Gold operating Pueblo Viejo gold-silver mine.
Since the Company's announcement of an exploration and data set collaboration with GoldQuest Mining (see Precipitate's news release of September 30, 2015), both companies have been compiling and analyzing the shared data in an effort to increase the understanding of the potential of this remarkable and largely unexplored mineral belt. News from ongoing work will be released as results become available.
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.
Source: http://www.precipitategold.com/