Business
Precipitate Secures Rights to Acquire 100% of Motherlode Gold Project in Newfoundland, Canada and Reports Board Changes
Vancouver, British Columbia--(Newsfile Corp. - August 17, 2021) - Precipitate Gold Corp. (...
About this update from Precipitate Gold Corp.
[{"type":"text","content":"Precipitate Secures Rights to Acquire 100% of Motherlode Gold Project in Newfoundland, Canada and Reports Board ChangesVancouver, British Columbia--(Newsfile Corp. - August 17, 2021) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the \"Company\" or \"Precipitate\") is pleased to announce it has secured, by a combination of staking and property option agreements, exclusive rights to acquire a 100% interest in mineral exploration licenses totalling 12,350 hectares making up the Motherlode Gold Project (the \"Motherlode Project\" or the \"Project\") located within the Burin Peninsula of southern Newfoundland, Canada.Motherlode Project Highlights: *Select Historical Sampling Results High grade gold rock grab samples: 25.0 g/t Au, 15.7 g/t Au, 11.6 g/t Au, 6.3 g/t Au & 4.5 g/t AuTrench/Channel Results: 0.5m of 4.5 g/t Au, 1.5m of 10.1 g/t Au, 6.2m of 3.6 g/t Au (incl. 0.9m of 7.7 g/t Au)2007 Diamond Drill Results (8 holes, 902m): 0.7m of 3.2 g/t Au, 10.4m of 0.82 g/t Au, 1.5m of 2.8 g/t AuGold Mineralization, Geology, Regional Geochemistry11 historical mineral occurrences, including 8 gold showings;District-scale potential within an estimated 16.5-kilometre-long exploration trend hosted in late Proterozoic-age Burin Group volcanic and ultramafic rocks;Major northeast trending, sub-vertical dipping shear-fault zones up to 30 metres wide;Gold enriched quartz veins and quartz-silica stockworks are strongly associated with 'high strain' rocks (i.e. shears, schists, folds) with a generally low pyrite content;Project regional government till, lake & stream sample geochemistry anomalies include gold, arsenic, antimony, copper, nickel and zinc.Infrastructure12,350 hectare project on Newfoundland's south coast.Excellent access and logistical infrastructure, with year-round road access, high-power electrical lines running through the project, nearby Atlantic Ocean ports, and an active nearby industrial fluorite mine. For reference: g/t = grams per tonne, Au = gold, m = metresJeffrey Wilson, Company President & CEO stated, \"We are excited at the opportunity to diversify the Company's project portfolio with this new property acquisition in one of Canada's most active, mining-friendly, and prospective geological jurisdictions. Combining the contiguous properties with our own staked ground represents the consolidation of an unde...