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Exploring in Prospective Mining Jurisdictions in the Dominican Republic
Precipitate Gold Corp. (TSXV:PRG,OTCQB:PREIF) is a mineral exploration company that is advancing its Pueblo Grande and Juan de Herrera gold projects in the Dominican Republic. The company is also looking to acquire additional properties to expand its portfolio. Precipitate Gold acquires 100 percent of the properties that it owns and ensures that they are not subject to any underlying vendor payments or work commitments.
Precipitate Gold’s current projects are strategically located in two of the Dominican Republic’s most prospective and active gold and copper mining camps. The company’s flagship Pueblo Grande project is contiguous to Barrick Gold (TSX:ABX) and Newmont Goldcorp’s (TSX:NGT,NYSE:NEM) Pueblo Viejo mine site on the north, east and west sides. The Pueblo Viejo mine is the eighth-largest gold mine in the world and is the largest gold mining operation in Latin America. The mine has a projected production of approximately 600,000 ounces of gold at an all-in sustaining cost of US$650 per ounce for 2019.
Precipitate Gold has been focusing its exploration on the Loma Cuaba lithocap zone, which abuts the Pueblo Viejo mine. Precipitate is fully permitted to drill from up to 30 individual drill locations with this large target area and delineated eight highly-prospective target areas for drilling in its upcoming initial fully-funded 8 to 10-hole drill program.
The Juan de Herrera project is also adjacent to another major player in another region of the country. The project is next to GoldQuest Mining Corp.’s (TSXV:GQC) Tireo project in the western Dominican Republic. The project features numerous gold, copper and zinc targets that require follow up exploration. Initial drill campaigns by Precipitate evidenced the existence of mineralization on the Juan de Herrera project that is similar to the mineralization found on GoldQuest’s Tireo project. Several key targets within Precipitate’s Juan de Herrera are permitted and ready for follow up drilling.
Aside from having major mining companies for neighbors, Precipitate Gold also benefits from the experience of its directors. Alistair Waddell is a geologist with over 20 years of diverse resource industry experience, with 10 years of that centered in the Dominican Republic. Waddell is the founder and former President and CEO of GoldQuest and is responsible for much of GoldQuest’s initial work at the Romero deposit. Another notable member of the board of directors is Quinton Hennigh, an economic geologist with 25 years of exploration experience. Hennigh helped form Novo Resources (TSXV:NVO) and its portfolio of Australian assets and has worked for major mining firms such as Homestake Mining Company, Newcrest Mining Ltd. (ASX:NCM) and Newmont Mining Corporation.
Precipitate Gold’s Company Highlights
- Precipitate Gold is operating in two prospective and active gold and copper mining camps in the Dominican Republic.
- Both projects are adjacent to significant deposits and exploration targets.
- Barrick Gold has expressed an interest in investing further in the Dominican Republic’s mining industry and expanding its exploration activities in the country.
- An initial 8 to 10-hole drill program is planned to commence in the near term on the Pueblo Grande project near Barrick Gold’s Pueblo Viejo mine.
- Work is planned on the Juan de Herrera project to confirm mineralization and test new targets with similarities to GoldQuest’s Tireo project.
- Strategic shareholders include Strategic Metals Ltd. (TSXV:SMD), which owns 26 percent of the company shares.
- Management and insiders hold 10 percent of the company’s shares.