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Precipitate Terminates Option to Acquire Motherlode Project, Newfoundland
(TheNewswire) Vancouver, BC - TheNewswire - August 11, 2023 - Precipitate G...
About this update from Precipitate Gold Corp.
[{"type":"text","content":"Precipitate Terminates Option to Acquire Motherlode Project, Newfoundland\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire\n-\n \n \n August\n11, 2023 -\n \n \n Precipitate Gold\nCorp.\n \n \n (the “\n \n \n Company\n \n \n ” or\n“\n \n \n Precipitate\n \n \n ”)\n \n \n (TSXV:PRG\n \n \n )\n \n \n (\n \n \n OTC:PREIF)\n \n \n announces it has elected to\nterminate the two underlying property option agreements granting\nPrecipitate the exclusive right to earn a 100% interest in a combined\n6,100 hectares of mineral exploration licences making up a substantial\nportion of the Motherlode Project located within the Burin Peninsula\nof southern Newfoundland, Canada.\n \n \n \n \n In the fall 2022 the Company conducted a diamond drill\nprogram comprised of 2,716 metres of drilling in 12 drill holes.\nHighlight core sampling results included intercepts yielding 12.1\nmetres of 1.0 gram per tonne gold (hole ML22-03), including 3.0m of\n2.2 g/t Au and 4.5m of 0.94 g/t Au (hole ML22-04), including 3.5m of\n1.07 g/t Au. These results supported a reinterpretation of the\nMotherlode Zone’s gold mineralization model type from the originally\npostulated orogenic gold model to a low sulphide replacement style\nmodel. Upon further evaluation of the data, management has determined\nthe project no longer meets the Company’s threshold for ongoing\nexpenditures.\n \n \n \n \n Precipitate maintains its 100% interest in an adjoining\n6,250 hectares of mineral exploration licenses acquired by direct\nstaking and execution of a purchase agreement. These claims are not\npart of the underlying option agreements and remain in good standing\nwithout any immediate work requirements. The Company has no\nexploration plans for this ground and does not expect to carry out any\nfurther work in the area.\n \n \n \n \n Precipitate continues to actively evaluate and review\nadditional properties for possible acquisition.\n \n \n \n \n For reference: g/t = grams per\ntonne, Au = gold, m = metres\n \n \n \n \n This news release has been reviewed by Michael Moore,\nVice President, Exploration of Precipitate Gold Corporation, the\nQualified Person for the technical information in this news release\nunder NI 43-101 standards.\n \n \n \n...