Favourable High Sulphidation Type Alteration At Pueblo Grande Project

Favourable High Sulphidation Type Alteration At Pueblo Grande Project

VANCOUVER – Precipitate Gold Corp. reported that Barrick Gold Corporation has provided an exploration update on the Phase II diamond drilling program and continued advancement of additional targets within Precipitate’s Pueblo Grande Project. Barrick’s exploration is part of an earn-in agreement whereby Barrick has the right to earn a 70% interest in the Project.

Barrick completed 4 diamond drill holes totalling approximately 1,200 metres at the Project’s Pueblo Grande Norte Zone, located immediately west of Barrick’s Pueblo Viejo mining pits. 3 of the 4 holes encountered encouraging permeablevolcanic lithologies affected by high-sulfidation type alteration with several events of strong sulfide disseminations, similar to observations at the neighbouring Pueblo Viejo Mine . Final multi-element laboratory analytical results are pending, but significant gold and silver values are not anticipated from these initial holes. However, the favourable high sulphidation type alteration encountered in these recently completed holes warrants follow up geophysics and diamond drilling with a second rig, and supports the zone’s potential to host gold mineralization.

Barrick plans to conduct a detailed ground magnetic survey and a follow up drilling program within the Zone as part of the planned drilling program at Pueblo Grande Norte

Pueblo Grande Sur Zone: Barrick’s New Target Delineation and Ongoing Exploration. Exploration to date has identified two early-stage targets of coincident soil anomalies and geophysical anomalies (IP chargeability). Barrick has conducted various phases of geological surface mapping, systematic grid soil sampling and reconnaissance scale IP ground geophysics. Barrick’s exploration work for 2024 will delineate and refine drill-worthy targets in this emerging area of the Project, with Pueblo Grande Sur diamond drill testing permits expected during 2024.

Jeffrey Wilson, President and CEO said, ” We are pleased to report that Barrick’s drill program within the Pueblo Grande Norte Zone has yielded positive results, justifying the addition of a second drill rig for ongoing drill testing within this area of the project. Three of the four initial drill holes intersecting compelling high sulphidation type alteration with multi-episode sulphide mineralization, similar to that noted in the Pueblo Veijo Mine, is an excellent start toward identifying gold enriched horizons within our project. Barrick’s decision to conduct further geophysics and add a second drill rig at Pueblo Grande Norte speaks to the technical significance of these early holes and evidences the zone’s ongoing potential for discovery. We are equally pleased to see Barrick’s continued property-wide exploration work has identified two early-stage target areas within the Pueblo Grande Sur Zone, east of Barrick’s Pueblo Viejo Mine. To the end of 2023, Barrick has spent an approximately $US5.0 million on Pueblo Grande exploration, which speaks to Barrick’s ongoing commitment to systematically explore and advance the project. We look forward to pending assay results and ongoing updates as Barrick’s work continues.”