cash4
12年前
Precipitate Drills Discovery Hole Containing 13.4 g/t Gold Over 5.0 Metres within 18.0 Metres of 4.5 g/t at Ginger Ridge
http://www.precipitategold.com/s/news.asp?ReportID=675548
Vancouver, B.C. -- September 23, 2014 - Precipitate Gold Corporation (the "Company" or "Precipitate") (TSXV: PRG) is pleased to announce results for its maiden drill program at the Ginger Ridge Zone within the Company's 100% owned Juan de Herrera project in the Tireo Gold Camp in the Dominican Republic.
The six-hole 1,193 metre ("m") diamond drill program targeted surface geochemical anomalies and near-surface geophysical induced polarization ("IP") anomalies in the central and southern areas of the Ginger Ridge Zone. Drilling succeeded in returning a significant gold discovery hole and identified a new gold-rich VMS system that remains open in all directions. See the attached maps and figures, or visit the Company's website at www.precipitategold.com for additional detailed information.
Highlight Results:
Drill Hole 5 - Discovery Hole:
Multiple gold-rich intervals, including:
13.4 g/t gold over 5.0 metres; within
5.0 g/t gold over 16.0 metres; within
4.5 g/t gold over 18.0 metres
near surface interval containing 0.62 g/t gold and 0.12% copper over 21.15 metres
98.0 metre interval of strongly disseminated, semi-massive to massive sulphide (dominantly pyrite)
Evidence of a gold-rich volcanogenic massive sulphide ("VMS") deposit model;
Correlation of gold mineralization with highest IP chargeability signature. Strongest IP chargeability anomaly remains open and untested to the north for ongoing exploration; and
Combined IP chargeability and surface geochemical anomalies flanking Hole 5 on-strike to the north and south mark delineate a highly prospective exploration target measuring 600 metres in length
Jeffrey Wilson, Company President & CEO stated, "We are very pleased that our initial Ginger Ridge diamond drill program has resulted in the discovery of a substantial gold-enriched semi to massive sulphide body, with many attributes similar to the gold-rich VMS deposit models that host some of the world's notable gold deposits. I commend our technical team for not only making this important new discovery, but for doing so in only the 5th hole in the project's maiden drill program. Additionally, it is encouraging that mineralization identified in holes 5 and 6 correlates remarkably well with our IP chargeability geophysical anomalies, thus providing our technical team with a strong targeting tool for ongoing exploration and future drill target delineation. The estimated 600 metre long area flanking holes 5 and 6 will be a priority target area for follow-up given its prospective VMS exploration characteristics, encouraging prior surface soil and rock sample results, and strong open-ended IP chargeability signature.
Our new Ginger Ridge discovery reinforces our belief that the Dominican Republic's Tireo Gold belt is an exemplary terrain for new gold and base metal discoveries. We look forward to a next phase of work and aggressively following up the Ginger Ridge discovery with further drilling and geophysics. VMS style deposits often occur in clusters within similar stratigraphic rock terrains. Precipitate's existing concessions protect many kilometres of this stratigraphic package. This new discovery enhances our resolve to continue to explore the potential of this large underexplored Tireo volcanic land package."
Ginger Ridge Drill Result Summary Table:
Hole From (m) To (m) Interval (m) Gold (g/t) Other
1 No significant values
2-4 Weak gold values over wide intervals with anomalous Ag, As, Zn, Cu and Pb
5 25.00 46.15 21.15 0.62 3.9 g/t Ag, 0.12% Cu, anomalous Pb
including 38.00 46.15 8.15 0.87 2.7 g/t Ag, 0.16% Cu, anomalous Pb
84.00 102.00 18.00 4.54 0.6 g/t Ag, anomalous Cu & Zn
including 86.00 102.00 16.00 5.05 0.5 g/t Ag, anomalous Cu & Zn
including 88.00 93.00 5.00 13.37 0.7 g/t Ag, anomalous Zn & Cu
6 47.24 50.29 3.05 0.55 3.4 g/t Ag, 0.11% Zn, anomalous Cu
80.00 87.00 7.00 0.41 anomalous Cu & Ag
Note: (i) Interval reflects measured core length, as true widths are unknown and (ii) gold values in Hole 5 are uncut. Au=gold, Ag=silver, Zn=zinc, Pb=lead, Cu=copper, As=arsenic, Sb=antimony, S=sulfur, Bi=bismuth, Te=tellurium, Ti=thallium
As a result of recent geological mapping and drill core observations management has revised its interpretation of the local Tireo intermediate volcanic stratigraphy to having a likely moderate southwesterly dip orientation. None of the phase-one drill holes bisected sediment lithologies, particularly those of the younger limestone rocks upon which the Tireo volcanics are thrust. Surface mapping has observed intercalated narrow widths of limestone, mudstone and siltstone.
Highlight Holes 5 and 6:
Hole 5 is vertically oriented and located 60 metres south of grid line 10, on the west shoulder of an outcropping rhyolite dome (see attached illustrations for more details). Hole 5 cut 98.1 metres (24.90 to 123.00m) of strongly disseminated, semi to massive sulphides. Sulphide mineralization is very fine grained, generally massive, non-magnetic, locally very siliceous and dominated by pyrite.
Analytical results from Hole 5 have identified two intervals of gold and related base metal mineralization. Starting from 25.0 metres depth, the upper 21.15 metre interval contains 0.62 g/t Au, 3.9 g/t Ag, 0.12% Cu; including 8.15 metres of 0.87 g/t Au, 2.7 g/t Ag and 0.16% Cu. The lower 18.0 metre wide interval, starting from 84.0 metres depth, reports 4.54 g/t Au; and includes a highlight interval of 5.0 metres at 13.37 g/t Au. Additional rock petrography, geophysical and clay-type studies for the mineralized and non-mineralized rocks in holes 5 and 6 are underway. Sulphide intervals in holes 5 and 6 have a global geochemical signature marked by variably elevated Au, Ag, Cu, Pb, Zn, As, Sb, S, Bi, Te and Tl.
Hole 6, located on the same pad as Hole 5, is drilled to the northeast, with an inclination of -50 degrees. Hole 6 intercepted 40.76 metres (47.24 to 88.00m) of moderately disseminated sulphides with local semi-massive intervals. Hole 6 has identified two narrow intervals of moderate gold values with modestly anomalous base metals: 3.05 metres at 0.55 g/t Au and 7.00 metres 0.41 g/t Au.
Holes 1 through 4:
Holes 1 and 2 were drilled on grid line 14, about 360 metres south of Hole 5. Hole 1 tested the main trench and its associated IP geophysical anomaly and Hole 2 tested the coincident IP geophysical and geochemical soil anomalies to the immediate east of Hole 1. Holes 3 and 4 were drilled 200 metres south on grid line 16 testing coincident multi-element geochemical soil and IP anomalies and an outcropping siliceous knob. Holes 2 to 4 reported weak gold values, with weakly anomalous base metals and other pathfinder elements over widths from 8 to 72 metres. Hole 2 yielded a narrow highlight interval of 5.14 g/t Au, 3.7 g/t Ag, 0.12% Pb and 0.46% Zn over 0.7 metres. Holes 1 to 4 have dip orientations ranging from -55 to -70 degrees.
Proposed Next Phase and Ongoing Exploration:
Follow up exploration planned for Ginger Ridge will include additional geophysical surveying and diamond drilling with the goal of extending mineralization to the north and south from discovery Hole 5. Work will concentrate on an estimated +600 metre long corridor, extending from grid line 12 to grid line 6 which is marked, in part by IP chargeability and compelling surface geochemical anomalies. Grid line 12 has a strong IP chargeability signature pointing to a southward extension of sulphide mineralization stretching 160 metres from holes 5 and 6. Sulphide mineralization diminishes south of line 12 reflected by the results of holes 1 to 4, thus marking a likely southern limit of VMS mineralization. Holes 5 and 6 are located 60 metres south of grid line 10, which has the strongest IP chargeability signature and is also the northernmost limit of the IP geophysical survey coverage. Additional geophysical surveying is needed to test the extent of the mineralization to the north. Prior surface soil and rock samples collected north of line 10 suggest north trending extensions of sulphide mineralization to perhaps as far as line 6, a distance of 400 metres. Northward from line 12, there is a loosely coincident multi-element soil geochemical signature that includes Au, As, Sb, Zn, Cu, Pb and Tl. Additionally, there are a few outcropping rock grab samples with reported veins and semi-massive pyrite, with copper enrichment to 1,128 ppm (parts per million).
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.
cash4
12年前
Precipitate Increases Tireo Landholdings and Acquires Strategic Ground Near Pueblo Viejo in the Dominican Republic
July 02, 2014
http://www.precipitategold.com/s/news.asp?ReportID=662549
Vancouver, B.C. -- July 2, 2014 - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSXV: PRG) is pleased to announce it has reached an agreement with Gexplo S.R.L. and Santo Mining Corp. (together the "Vendor") whereby Precipitate will acquire a 100% interest in two concession applications in the Dominican Republic in exchange for a 2% net smelter royalty and the granting of 100,000 Precipitate share purchase warrants exercisable for up to three months at an exercise price of $0.30 per share.
The two concession applications, named "Richard" and "David", cover an area of 220 and 1,400 hectares respectively. The David concession is located on the north central border of Precipitate's Juan de Herrera concession within the Tireo Gold Camp and greatly increases Precipitate's prospective Tireo landholdings. The Richard concession is located about four kilometres southeast of Barrick and Goldcorp's Pueblo Viejo Gold Mine site. See attached figures for respective concession locations or visit the Company's website at www.precipitategold.com.
Jeffrey Wilson, Company President & CEO stated, "We are pleased to acquire these two concession applications. Both the David and Richard concessions have compelling technical and strategic importance. The David concession provides the Company with a significant increase of the preferred and prospective Tireo formation target rocks, while the Richard concession gives Precipitate a strategic new land position in a world-class modern gold mining camp. With the Vendor shifting its focus to other property interests in Mexico and Africa, we are pleased with the non-cash acquisition terms for these concessions and thank the Vendor for its cooperation in this process."
Richard Concession
The Richard concession is located 4 kilometres to the southeast of Barrick Gold Corp. and Goldcorp's Pueblo Viejo Gold-Silver mining camp. The Pueblo Viejo high sulphidation epithermal gold and silver deposit hosts an estimated 22.0 million ounces of gold and 117.0 million ounces of silver and is expected to produce up to 1.0 million ounces gold this year. The Company's newly acquired Richard concession is underlain by the same Cretaceous age Los Ranchos formation rocks that host the Pueblo Viejo deposit.
David Concession
The David concession is situated in the emerging Tireo Gold-Silver-Copper exploration camp adjacent to the Company's existing Juan de Herrera concession where Precipitate has been exploring in recent months. David is dominantly underlain by regionally favourable Cretaceous age Tireo formation rocks which are part of the same regional stratigraphy that hosts GoldQuest Mining's Romero discoveries and Precipitate's Ginger Ridge and Melchor zones. The addition of the David concession application gives the Company contiguous exposure to the Tireo along the southern boundary of the neighbouring Goldquest concessions including areas in close proximity to Precipitate's Melchor and Goldquest's Jengibre discoveries.
The Vendor conducted preliminary stage exploration work on both concessions, including rock, silt and soil sampling. Precipitate is reviewing this newly acquired technical data which will provide guidance to the next exploration phase on these new concessions. The Company's total Dominican land package now covers about 14,829 hectares, in both application and fully granted stages.
Agreement Terms:
Precipitate can acquired a 100% interest in the Richard and David concession applications, and will assume all application obligations, in a non-cash transaction whereby Precipitate will grant the Vendor:
a 2% net smelter royalty ("NSR") on each of the concessions. The NSR can be purchased by Precipitate for the price of US$500,000 per 0.5% for a total purchase price of US$2,000,000; and
100,000 share purchase warrants ("Warrants") allowing the Vendor to purchase up to 100,000 common shares of the Company at an exercise price of $0.30 per share for up to 3 months from the date of grant. Should the Vendor exercise any of the Warrants and thereafter seek to sell some or all of the shares, it must notify Precipitate and allow Precipitate at least 10 calendar days to arrange buyers of the shares. Any warrant shares purchased by the Vendor will be subject to a four month hold period.
In advance of any transfer of rights or delivery of payment, the agreement grants Precipitate a 30 day due diligence period during which the Company will seek consent of the transfer from the Ministry of Industry and Commerce of the Dominican Republic and review all technical and legal data related to the concessions. Upon satisfactory completion of the due diligence period, Precipitate will advise the Vendor of its decision to complete, or not complete the transfer. The agreement is also subject to TSX Venture Exchange approval.
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 Corporation,
"Jeffrey Wilson"
President & CEO
For further information, please contact:
Jeffrey Wilson, President & CEO
Tel: 604-558-0335 Toll Free: 855-558-0335 investor@precipitategold.com
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