On March 15, 2016, the Company announced the commencement of a field program aimed at testing multiple newly identified prospective target areas within the Company’s Juan de Herrera project. These new targets emerged from the Company’s data sharing collaboration with GoldQuest Mining Corp. and the Company’s recent airborne geophysical survey over land acquired since Precipitate’s Ginger Ridge discovery. Multiple underexplored zones with favorable coincident geological, geophysical, and geochemical signatures were selected for further evaluation.
During the month-long field program, crews completed a combination of gridded and ridge-spur soil sampling, detailed stream sediment sampling, prospecting, and geological mapping over several prospective zones and collected a combined total of 1,545 soil, rock, and stream sediment samples for analysis. Ground verification of airborne magnetic geophysical data has shown magnetics to be an effective tool for distinguishing prospective volcanic lithologies, particularly dacite, andesite and rhyolite rocks.
Precipitate’s President & CEO, Jeffrey Wilson stated, “It was great to get back in the field and be able to apply targeting intelligence attained through our own work and the data collaboration with GoldQuest, particularly over new concession areas staked in 2014. Insights gained from the collaboration have saved Precipitate valuable time and expense by expediting our exploration efforts and focusing on the most prospective ground within our project. Given the geological and geophysical characteristics already evidenced over these newly sampled zones, the pending analytical results should provide significant guidance and identify priority targets for follow-up as we seek additional drill-worthy targets to augment the Ginger Ridge discovery.”
With this phase of property-wide prospecting and geological mapping now complete, technical staff will compile incoming data and refine interpretations. Analytical results from the recently completed program will be reported as they become available. Zones reporting anomalous mineralization within favorable geology will be prioritized for follow-up exploration as soon as practical. The next phase of ground work over selected targets will include a combination of detailed geochemical sampling, trenching, and ground geophysical surveying to generate potential drill targets in any new areas of interest.