Bullion major Barrick Gold has mobilised two drill rigs to Precipitate Gold’s Pueblo Grande project to start an initial phase of exploration drilling, the TSX-V-listed junior announced on Tuesday.
Barrick has the right to earn a 70% interest in the Pueblo Grande project, located immediately adjacent to Barrick's Pueblo Viejo gold/silver mine in the Dominican Republic.
Barrick has advised Precipitate that it will initiate a first phase exploration drilling program of up to 3 750 m 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 the company that drilling will be conducted by two drill rigs simultaneously testing two distinct areas.
“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 program with analytical results to follow in due course,” said Precipitate president and CEO Jeffrey Wilson.