Results of this work will be reported on as it is completed and interpreted. Selective ground geophysical magnetic surveying will follow the gravity work as a means to identify drill worthy targets with combined non-magnetic and gravity positive signature. Precipitate's initial priority is to complete a detailed geophysical gravity survey over much of the property to identify any potential large and dense sphalerite-galena mineral bodies within the host limestone rocks near, distal, or down dip from known mineral surface occurrences. See the accompanying two map figures or the Company's website for the additional information. These peripheral areas have never been explored by modern methods. However there is unexplored potential, particularly along strike (east to west) and down dip (to the south) where prospective mineralization may be masked by either glacial till or relatively thin layers of overlying volcanic rocks. Most prior work focused on the impressive surface showings of massive (up to 2 metres wide) banded sphalerite and galena at the Main historical showing. Historical project records note widespread replacement style mineralization showings within the host exploration target limestone over a strike distance of 800 metres ("m"), representing only a portion of the estimated 3,000m of mapped host limestone bisecting the property.
Management believes this acquisition represents another example of our commitment to grow the Company through project opportunities that can add and maximize shareholder value." This, combined with the agreement's manageable acquisition terms, allows Precipitate the opportunity to efficiently advance the Island Zinc project to a drill decision stage. The right to acquire 100% of the Island Zinc property expands our project portfolio with a prospective new high grade base metal project in another jurisdiction with year-round exploration access, simple and inexpensive logistics and favourable mining and taxation policies. Jeffrey Wilson, Company President & CEO states, "As we ramp up activities at our flagship asset in the Dominican Republic, we're pleased with the opportunity to complement our project portfolio with a new acquisition. The reclaimed Island Copper Porphyry deposit mine site is 25 kilometres to the southeast. Access to the property is via a high quality, all season gravel road and a number of subsidiary access roads which have facilitated of a few generations of logging. The Project is located in northern Vancouver Island British Columbia, approximately 20 kilometres west of the Pacific Ocean port community of Port Hardy. Drill hole NL66-20: 5.5 metres 7.3% zinc, 6.9% lead and 370 g/t silver from 17.4m depth*.Drill hole NL66-19: 8.8 metres 5.6% zinc, 2.8% lead and 178 g/t silver from 13.4m depth.Rock chip channel sample: 2.1 metres 3.9% zinc, 2.5% lead and 744 g/t silver (1989).Select rock grab samples assay up to 12.3% zinc, 9.4% lead and 932 g/t silver (Precipitate 2017) *.
Select highlight results reported by prior operators and recent Precipitate rock samples include: Work by previous operators includes sampling, mapping, trenching, surface blasting, geophysics, shallow depth diamond drilling and small scale sub-surface mining. The Island Zinc project is a high grade zinc-lead-silver carbonate replacement target hosting historical workings (including a collapsed inclined adit and two shallow shafts) centered on surface exposures of large and lengthy bands of sphalerite-galena mineralization. (the "Company" or "Precipitate") (TSX VENTURE:PRG) is pleased to announce the Company has reached an option agreement whereby Precipitate can acquire a 100% interest in the Island Zinc zinc-lead-silver project located near Port Hardy, north Vancouver Island, British Columbia. VANCOUVER, BRITISH COLUMBIA-(Marketwired - Apr 18, 2017) - Precipitate Gold Corp.
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