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Precipitate Enters Final Stages of Concession Application for Additional Property in Dominican Republic
|By Marketwired .
|April 22, 2014 11:00 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/14 -- Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE: PRG) is pleased to announce it has reached the important and concluding application stage of its Hato Nuevo property. In advance of a final concession grant, the Company has reached the penultimate "Extracto stage" in the application process. Known internally to Precipitate as the Hato Nuevo property, the concession application is officially named "Los Pinalitos" by Dominican Republic authorities.
The Hato Nuevo property comprises 1,444 hectares and is contiguous to and northwest of Precipitate's Juan de Herrera concession and immediately adjacent to the west of Goldquest's Las Tres Palmas project. Early stage reconnaissance sampling at Hato have yielded gold results up to 3.7 g/t in rock grab samples (Note: Rock grab samples are selective by nature and are unlikely to represent average grades on the property).
Precipitate's President & CEO, Jeffrey Wilson stated, "We're pleased to have advanced a second concession application to the Extracto Stage, as part of our intention to increase our holdings in the favourable Tireo Gold Belt of the Dominican Republic. Upon receipt of the final concession grant, the Company will design a follow up program at Hato Nuevo with a view to expanding on newly identified geochemical anomalies which were discovered during the Company's 2013 reconnaissance exploration work."
Receipt of the Extracto represents a critical threshold in the concession approval process. Precipitate will complete the remaining applicant obligations in anticipation of final grant of the concession, expected in the coming months.
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.
Rock samples were bagged, sealed and delivered directly to Acme Labs preparation facility in Maimon Dominican Republic where they were dried, crushed and pulped. Sample pulps were then delivered to Acme labs facilities in Vancouver BC (an ISO 9001 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 (74micron). A 15 gram sub-split from the resulting pulp was then subjected to aqua regia digestion and multi-element ICP-MS analysis.
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
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.
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.
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