Apr 15 2014
Precipitate Gold Corp. (the "Company" or "Precipitate") 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.,
Jeffrey Wilson, President & CEO
Source: http://www.precipitategold.com/