Business
Precipitate Secures Option to Acquire 100% of Ace Gold Project in Northern Newfoundland, Canada
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - Precipitate Gold Corp.
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About this update from Precipitate Gold Corp.
[{"type":"text","content":"Precipitate Secures Option to Acquire 100% of Ace Gold Project in Northern Newfoundland, CanadaVancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the \"Company\" or \"Precipitate\") is pleased to announce it has secured exclusive rights to acquire a 100% interest in three mineral exploration licenses totalling 2,500 hectares making up the Ace Gold Project (the \"Ace Project\" or the \"Project\") located at the northern end of the Exploits Subzone (Dunnage Tectonic Zone) of north-central Newfoundland, Canada.Ace Project Highlights *Gold Mineralization, Geology, Regional Geochemistry *Ace Gold Zone: A recent new discovery of a 10-20 metre wide alteration and shear zone that trends northeast-southwest, with select grab rock samples up to 5.4 g/t gold;Ace Gold Zone is situated at the northeast end of a gold enriched geological trend which includes numerous high grade gold occurrences;13 kilometres northeast along trend from Ethos Gold Corp's Toogood Property (reported high grade grab samples included: 7,877, 1,276, 1,113, 226 g/t Au) (1)9 kilometres northeast along trend from Exploits Discovery Corp's Quinlan Veins (reported sample results include: 61.3, 59.0, 14.4, 14.2, and 12.6 g/t Au) (1)Historical reported visible gold and select rock grab samples up to 164 g/t gold at the 'Change Island' mineral occurrence located about 1 kilometre to northeast of property border.Underlain by Exploits Subzone rocks (Dunnage Zone); highly prospective lithologies that host significant gold mineralization across central Newfoundland, including Marathon Gold Corp's Valentine Project which hosts 3.14 Moz M&I at a grade of 1.72 g/t gold.(2)InfrastructurePaved highway and high voltage electrical power lines bisects island in a north-south direction.Accessible subdued topographical terrain, with excellent outcrop exposure on seashores and local hill tops. Accessible by 20-minute Newfoundland government vehicle ferry departing hourly.For reference: g/t = grams per tonne, Au = gold, m = metres. Moz = million ouncesJeffrey Wilson, Company President & CEO stated, \"We are excited to bolster Precipitate's project portfolio with another property acquisition in Newfoundland, Canada. Securing the rights to acquire the Ace project establishes the Company within the highly pros...