Barrick has also provided Precipitate an update on exploration activities conducted to date as part of its earn-in agreement whereby Barrick has the right to earn a 70 per cent interest in the company's Pueblo Grande Project located immediately adjacent to Barrick's Pueblo Viejo gold-silver mine.
Barrick has advised Precipitate that it will initiate a first phase exploration drilling programme of up to 3,750m 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 mine. Barrick has advised Precipitate that drilling will be conducted by two drill rigs simultaneously testing two distinct areas.
Jeffrey Wilson, Precipitate's president and CEO said: "We are excited to see drilling get underway at our Pueblo Grande project and we are pleased with the work completed to date by Barrick's Dominican exploration team.
"The opportunity to see several targets previously delineated and prioritised by Precipitate's exploration team now being the subject of a substantial exploration drill programme is an exciting and positive step forward for the project as part of our earn-in agreement with one of the world's premier gold mining companies.
"With two drills turning, we anticipate an efficient drill programme with analytical results to follow in due course."
Barrick's recent exploration update to Precipitate indicates that preparatory work conducted in advance of drilling included detailed surface geological mapping and geo-stratigraphic modelling in relation to the nearby 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.
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