- Precipitate Gold (PRG) and Canadian mining giant Barrick (ABX) have kicked off the latest round of drilling at the Pueblo Grande project in the Dominican Republic
- Barrick has already mobilised two drill rigs to the project to start up the exploration program’s initial phase
- The program will begin by drilling 3,750 metres over 12 to 15 holes, focussing on the Lithocap zone
- Barrick currently has an earn-in agreement with Precipitate, through which it can assume a 70 per cent stake in the property
- Precipitate Gold shares have bounced 15.79 per cent up to 22 cents per share
- Barrick Gold is up 1.05 per cent and is trading at C$28.92 per share
Precipitate Gold (PRG) and Canadian mining giant Barrick (ABX) have kicked off the latest round of drilling at the Pueblo Grande project.
Barrick has already mobilised two drill rigs to the project to start up the exploration program’s initial phase, which will cover 3,750 metres over 12 to 15 holes. The program will initially focus on the Lithocap zone.
Barrick currently has an earn-in agreement with Precipitate, through which it can earn up to 70 per cent stake in the property, which borders Barrick’s own Pueblo Viejo gold and silver mine in the Dominican Republic.
To earn the stake, Barrick must spend $10 million on the property within six years and produce a qualifying pre-feasibility study.
Leading up to the current program, Barrick performed detailed surface geological mapping and geo-stratigraphic modelling in relation to the nearby Pueblo Viejo mine.
The company also re-logged 24 previously drilled historical cores, alongside complementary short wave infrared spectroscope readings.
Jeffrey Wilson, Precipitate’s President & CEO, said the team was excited to see drilling get underway at the project.
“The opportunity to see several targets previously delineated and prioritized by Precipitate’s exploration team now being the subject of a substantial exploration drill program 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,” he added.
Following the news, Precipitate Gold shares have bounced 15.79 per cent up to 22 cents per share at 12:58pm EST.
Meanwhile, Barrick Gold is up 1.05 per cent and is trading at C$28.92 per share at 2:26am EST.