Precipitate Gold Corp. announced results from its fall 2022 diamond drill program comprised of 2,716 metres of drilling in 12 drill holes from the Company's Motherlode Gold Project (Motherlode or the Project) located within the Burin Peninsula of southern Newfoundland, Canada. Highlight core sampling results include drilled intercepts yielding 12.1 metres of 1.0 gram per tonne gold (hole ML22-03), including 3.0m of 2.2 g/t Au and 4.5m of 0.94 g/t Au (hole ML22-04), including 3.5m of 1.07 g/t Au. Though modest in thickness and grade, these results support a reinterpretation of the Motherlode
Zone's gold mineralization model type from the originally postulated orogenic gold model to a low sulphide replacement style model. The latest drill program tested an area less than one third of the more than three- kilometer-long Motherlode structural corridor, leaving much of the corridor open for possible future drilling, should the Company elect to test the reinterpreted model. Drill holes completed in this program ranged in depths from 121 to 403 metres. Drill holes tested select on- trend projections of gold mineralization previously identified in historical drilling and various induced polarization (I') geophysical chargeability high anomalies located near surface and at depth. Drill core logging and laboratory sampling data reveals that ash tuff volcanic rocks are the favoured lithological host for low concentrations of disseminated and fracture related pyrite (plus gold) replacement style mineralization. Notably, the pyrite mineralization observed at depth in hole ML22-12 is unique, not having been observed in other drill holes or in surface rock exposures. This drill hole tested a deep (about 350 metres vertically from surface) and open-ended IP chargeability-high anomaly and intersected a 20 metre long core interval of elevated pyrite concentration (up to 15% by volume) hosted in crudely laminated ash-tuff volcanic rock. Sampling of this core interval reported 20.39 metres of 0.34 g/t Au over the entire pyritic zone (including 1.35 metres of 1.08 g/t Au). Drill hole ML22-11, collared 75 metres northeast of hole ML22-12, attempted to test the same IP anomaly at depth, however the hole overshot the anomaly, and no material sulphide mineralization was intersected. Management is undertaking an extensive review of all new and historical analytical data to determine an appropriate strategy for possible follow up work.