Precipitate Gold purchases gold-copper project in the Dominican Republic
Precipitate Gold (TSXV: PRG) and Everton Resources signed the final papers through which Precipitate acquired ownership of all of Everton's Dominican Republic exploration concessions, consisting of Pueblo Grande project, adjoining Barrick and Goldcorp's Pueblo Viejo gold-silver mine, and the Ponton project, located 30 kilometres east of Pueblo Grande.
"We are pleased to have completed our due diligence, satisfied all requirements, and attained the necessary government and regulatory approvals to close this transaction and acquire a 100% interest in this exciting new landholding adjacent to one of the largest gold-silver mining operations in the world," Precipitate's President and CEO, Jeffrey Wilson, said in a media statement.
According to Wilson, while the transaction was being finalized, his company's technical team has been designing proposed first phases of work within certain priority target areas. They expect work activities on the ground to commence soon.
The Vancouver miner's CEO also said that the immediate exploration priority will be the area directly west of Barrick's mining pits, where a notable geophysical magnetic high coincides with an equally substantial area of advanced argillic lithocap alteration.
"This highly prospective lithocap target area measuring approximately 2.5 km by 3.0 km has seen little systematic exploration and will be the focus of initial phases of work," Wilson stated.
The Pueblo Grande concessions cover an area of about 9,863 hectares and are located in the central Sanchez Ramirez province, some 50 kilometres north of the capital city of Santo Domingo.
To complete the transaction, Precipitate has to deliver to Everton C$25,000 cash and issue seven million common shares subject to sale legend restrictions for up to three years.