- Precipitate Gold Corp. (PRG) announces it has acquired the Ace Gold Project in Newfoundland
- It has exclusive rights to acquire 100 per cent interest in three mineral exploration licenses totalling 2,500 hectares of the project
- Precipitate will also reimburse the vendors for staking out the costs totalling $6,500
- Highlights from the project’s history include a recent discovery of a 10 to 20 metre wide zone with select grab rock samples up to 5.4 g/t gold
- Precipitate Gold Corporation (PRG) is unchanged trading at $0.08 per share at 11:01 a.m. ET
Precipitate Gold (PRG) has acquired the Ace Gold Project in Newfoundland.
It has exclusive rights to acquire 100 per cent interest in three mineral exploration licenses totalling 2,500 hectares of the project by fulfilling certain elective annual cash and share payments.
It will happen over a four-year option term, as listed:
| Date | Cash | Precipitate common shares |
|---|---|---|
| On closing | $15,000 | 200,000 |
| 12 month mark | $20,000 | 250,000 |
| 24 month mark | $25,000 | 300,000 |
| 36 month mark | $30,000 | 350,000 |
| 48 month mark | $40,000 | 500,000 |
Precipitate will also reimburse the vendors for staking out the costs totalling $6,500.
Precipitate will have exclusive rights to purchase up to 1 per cent of the net smelter returns(NSR) from the vendors at any time for $500,000 per 0.5 per cent, and retain a right of first refusal to purchase the balance of all NSR’s at any time.
Highlights from the project’s history include a recent discovery of a 10 to 20-metre wide zone with select grab rock samples up to 5.4 g/t gold, is located at the end of a gold enriched geological trend which includes numerous high-grade gold occurrences and has reported visible gold and rock grab samples up to 164 g/t gold one kilometre south of the property.
Jeffrey Wilson, President and CEO of Precipitate, is excited to obtain the property to add to the company’s portfolio.
“Securing the rights to acquire the Ace project establishes the company within the highly prospective exploits subzone geological district,” he said. “We’re additionally happy to be acquiring this project from well-regarded local prospectors and project generators… This acquisition strengthens Precipitate’s presence in Newfoundland as an augment to its 100% owned property assets in the Dominican Republic.”
Precipitate Gold Corporation (PRG) is unchanged trading at $0.08 per share at 11:01 a.m. ET.
