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Barrick Gold has mobilized two drill rigs to Precipitate’s 100% owned Pueblo Grande project in the Dominican Republic to commence an initial phase of exploration drilling.
The company will initiate a first phase exploration drilling program of up to 3,750 metres in 12 to 15 holes testing targets within the area the company delineated as the “Lithocap Zone”, located immediately west and northwest of Barrick’s Pueblo Viejo gold-silver mine – the largest active gold mining operation in Latin America. Drilling will be conducted by two drill rigs simultaneously testing two distinct areas.
Midday Tuesday, Precipitate’s stock was up 13% on the TSXV
Barrick said its recent exploration update indicates that preparatory work conducted in advance of drilling included detailed surface geological mapping and geo-stratigraphic modelling in relation to the Pueblo Viejo mine, re-logging historical drill core from 24 previously drilled holes (9,264m) with complementary short wave infrared (SWIR) spectroscope readings, drill site preparation and securing various agreements and approvals including the modification of the Dominican Government drill permit.
In April, Precipitate announced a definitive earn-in agreement with Barrick, whereby Barrick has the right to earn a 70% interest in the project. To earn its interest, Barrick must incur a minimum of $10 million in exploration expenditures and deliver a qualifying Pre-feasibility Study prior to the sixth anniversary of the agreement.
Midday Tuesday, Precipitate’s stock was up 13% on the TSXV. The company has a C$22.8 million market capitalization.
