Precipitate Gold Corp. announced that Barrick Gold Corporation has provided an exploration update including the status of the current diamond drilling program and the delineation of a new target area within Precipitate's 100% owned Pueblo Grande Project, located immediately adjacent to Barrick's Pueblo Viejo gold mine in the Dominican Republic. Barrick's work is part of an earn-in agreement whereby Barrick has the right to earn a 70% interest in Precipitate's Pueblo Grande Project.

Barrick's Phase Two Drill Program Update. Drilling is in progress on three porphyry and epithermal targets within the Lithocap Zone (now being called Pueblo Grande Norte), immediately adjacent to Barick's Pueblo Viejo mining pits; Two holes for more than 800 metres have been completed to date; Barrick expects to complete up to 3,000m of diamond drilling in up to 10 holes in this second phase of drilling; Drilling is expected to be completed by the end of November 2023. New Target Delineation and Ongoing Exploration.

A new area of interest called Pueblo Grande Sur is emerging to the southeast of Barrick's Pueblo Vjo mining concessions; Within Pueblo Grande Sur, Barrick has conducted initial phases of field mapping, soil sampling and ground geophysics; Work to date is delineating drill-worthy targets in this emerging area of the project, with additional detailed groundwork anticipated in the months ahead; An initial phase of drilling within Pueblo Grande Sur is expected to commence during H1 2024. See accompanying property map figure for location details. To date, Barrick has drilled approximately 800 metres in two holes in the Pueblo Grande Norte ("Lithocap Zone") region and will continue to test several additional target anomalies as the Phase II program continues.

At Pueblo Grande Sur, current field work is focused on the region between the historical La Lechosa occurrence and the Barrick mining tenement to the southwest, with various surface work planned, including induced polarization geophysical surveying in advance of future drill testing. In accordance with the Earn-in Agreement between Precipitate and Barrick, as announced April 14, 2020, Barrick can earn a 70% interest in Precipitate's PuebloGrand project by incurring a minimum USD 10.0 million in qualifying Work Expenditures and delivering a qualifying pre-feasibility study prior to the sixth anniversary of the entering into of the Agreement.