Drilling At Copey Hill Gold Zone Within Ponton Project
VANCOUVER - Precipitate Gold Corp. reported commencement of its maiden diamond drilling program at the Company's Copey Hill Gold Zone within its 100% owned Ponton Project located approximately 25 kilometers ("km") due east of Barrick's world-class Pueblo Viejo mining operation and the Company's Pueblo Grande project in the Dominican Republic.
The Company's maiden drilling campaign at the Copey Hill zone is planned to consist of up to 10 diamond drill holes totaling up to 2,000 meters (m) of drilling. The program is designed to test multiple highly prospective geochemical and geophysical target areas within both the North and South Gold Anomalies of the Copey Hill zone where previously reported geophysical magnetic lows commonly coincide with elevated gold values at surface (up to 53.0 g/t gold and 17.0 g/t silver ). The broader Copey Hill geochemical zone measures over 1 km by 1.5 km and has not previously been drill tested. The epithermal affinities of the coincidental geological, geophysical and multi-element geochemical anomalies within the zone represent priority targets for this first phase of drilling.
Jeffrey Wilson, President and CEO, stated, "We are excited to announce the commencement of this highly anticipated first phase of drilling at our Ponton Project in the Dominican Republic. Our groundwork to date has successfully delineated substantial geochemical and geophysical anomalies with numerous high-grade rock samples situated over compelling magnetic signatures. The opportunity to deploy the Company's own drilling equipment and crews to initiate drill testing of these prospective targets is a significant catalyst for the Company. With drilling already underway by Barrick Gold Corp. at our nearby Pueblo Grande Project, we're looking forward to an active start to 2021."
The Company's recent target-delineation work identified numerous large and strong magnetic-low 3D Inversion anomalies (near surface and concealed at depth) possibly attributed to magnetite destruction alteration, a common alteration/geophysical feature in gold epithermal systems. Additionally, numerous discreet and variably linear magnetic-low anomalies commonly align with gold enriched surface soil-rock samples and silica-argillic clay alteration zones. This correlation is particularly apparent at the South Anomaly where surface rock samples have reported highlight values of 53.0 g/t gold and 17.0 g/t gold . The 3D Inversion magnetic-lows at the South Zone extend more than 200 meters below surface, supporting the potential for a significant sized system.