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Precipitate Jointly Acquires Multiple Drills and Equipment to Reduce Costs and Streamline Exploration in the Dominican Republic
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2020) - Precipitate Gold Corp. &#x...
About this update from Precipitate Gold Corp.
[{"type":"text","content":"Precipitate Jointly Acquires Multiple Drills and Equipment to Reduce Costs and Streamline Exploration in the Dominican RepublicVancouver, British Columbia--(Newsfile Corp. - January 16, 2020) - Precipitate Gold Corp. (TSXV: PRG) (\"Precipitate\" or the \"Company\") is pleased to announce that in partnership with GoldQuest Mining Corp. (\"GoldQuest\") it has completed the purchase, out of receivership/bankruptcy of drills and associated equipment sufficient to assemble up to 5 operational man-portable diamond drill rigs at a substantial discount to the assessed replacement value of the equipment. The entire inventory acquired in this transaction is currently domiciled in the Dominican Republic (\"DR\") and accessible to the Company. See accompanying photos of some of the acquired drilling equipment and associated inventory, or visit the Company's website at www.precipitategold.com.The drills and equipment being acquired are the same types of man-portable drills and equipment previously utilized by Precipitate in multiple prior DR drilling campaigns. It is therefore familiar to the Company's technical team and ideally suited for the upcoming drill program planned for the Company's Loma Cuaba Lithocap Zone of its 100% owned Pueblo Grande Project, and possible future drilling at its 100% owned Juan de Herrera Project. In addition, to streamline operations, the Company has engaged a senior in-country \"ex-pat\" Foreman with extensive local expertise to get the equipment drill-ready while assembling and managing an experienced drill crew.Jeffrey Wilson, President & CEO, stated, \"We are pleased to benefit from this unique opportunity to acquire, own, and have ongoing access to multiple drills and related equipment at a fraction of the assessed value. The cost savings of owning the drills and inventory and avoiding possible delays and unnecessary overhead costs, mobilization costs and standby charges typically associated with contract drilling should be immediately reflected in a savings \"per metre\" in our pending and future diamond drilling campaigns. Because the items acquired are already in-country, we avoid potential future costs and delays often associated with importing drilling equipment. Importantly, many of the highly trained and experienced in-country personnel who had been working with this equipment in the D...