VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2013) - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE:PRG) is pleased to announce remaining results from multi-phase reconnaissance surveys of its Juan de Herrera concession applications in the Dominican Republic's Tireo Gold Trend.
Precipitate's first pass programs of sampling and mapping, conducted in late 2012, have refined and expanded two priority target areas, the Melchor and Ginger Ridge gold zones on the Juan de Herrera concession.
- Sampling and mapping at the Ginger Ridge zone has identified a prospective area extending at least 1,100 metres long, with rock grab samples up to 11.8 grams per tonne ('g/t') gold and >100 g/t silver.
- Precipitate's rock and soil sampling at the Melchor zone, has identified an area of surface quartz vein outcrop and float, where rock grab samples have yielded results of 6.3 g/t gold and 4.0 g/t gold.
Jeffrey Wilson, Company President & CEO stated, "Our property wide reconnaissance surveys initially focused on five concession areas, covering more than 3,000 hectares underlain by Tireo volcanic rocks. Within a period of less than three months, our field crews have successfully identified two prospective areas for gold mineralization at Ginger Ridge and Melchor. We are particularly pleased that rock grab sampling at Ginger Ridge has discovered gold (with silver) mineralization over an area extending more than one kilometre ('km'). Moving from concept to broad scale target this quickly is a testament to the merits of this underexplored region. Our next phase of detailed surface sampling and mapping will focus on these two prospective zones."
The planned follow up program at Ginger Ridge and Melchor is expected to commence before the end of February and will include geological mapping, detailed ridge & spur soils, and rock chip sampling.
At Ginger Ridge, wide-spaced follow up prospecting and rock-soil-silt sampling has discovered a prospective area measuring at least 1.1 km long. Rock grab samples have identified outcrop and subcrop exposures of altered Tireo volcanics with cross-cutting quartz veins and veinlets up to 30 centimetres ('cm') wide. Select highlight analytical results for rock grab sampling include 11.8 g/t gold ('Au') & 39 g/t silver ('Ag'), 5.8 g/t Au & >100 g/t Ag, 0.73 g/t Au & 0.39 g/t Au. The prospective zone is defined by prospecting, anomalous rock and soil results and anomalous silt results in creeks draining Ginger Ridge. The size and scope of this mineralization will be determined by ongoing work. Please see the accompanying map (http://media3.marketwire.com/docs/851050.pdf) for further details on the Ginger Ridge area.
At the Melchor zone, follow up rock and reconnaissance soil sampling has identified a large area of outcropping quartz veins and related debris, which commonly showing cockscomb and colloform banding textures, a common feature in epithermal gold systems. Rock grab samples from this area have yielded gold results ranging from sub-anomalous to 6.3 g/t. Quartz vein widths range from hairline to 2m and have exposed extents up to 30m. Analyses of the soil and rock samples show that gold corresponds to elevated copper, zinc, lead and mercury values. The size and scope of this mineralization will be determined by ongoing work.
Rock grab samples are selective by nature and are unlikely to represent average grades on the property.
Additional information can be viewed at the Company's website www.precipitategold.com.
Michael Moore, PGeo, VP Exploration of the Company and Qualified Person for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
Rock samples were bagged, sealed and delivered directly to Acme Labs preparation facility in Santo Domingo Dominican Republic where they were dried, crushed and pulped. Sample pulps were then delivered to Acme labs facilities in Santiago Chile (an ISO 17025 accredited facility) for analyses. Samples were crushed to with up to 80% passing 2mm and split using a riffle splitter. An approximately 250 gram sub-sample split was pulverized to minus 200 mesh (74μ). A 15 gram sub-split from the resulting pulp was then subjected to aqua regia digestion and multi-element ICP-MS analysis. Results with gold greater than 1,000 ppb were subjected to fire assay analysis (30 g pulp).
On Behalf of the Board of Directors of Precipitate Gold Corp.,
Jeffrey Wilson, President & CEO
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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.