Mr. Jeffrey Wilson reports

PRECIPITATE REPORTS MOTHERLODE GOLD PROJECT DRILLING; INTERSECTS TARGETED PYRITE-GOLD ZONE

Precipitate Gold Corp. has released results from its fall 2022 diamond drill program, comprising 2,716 metres of drilling in 12 drill holes from the company's Motherlode gold project, located within the Burin peninsula of southern Newfoundland, Canada.

Highlight core sampling results include drilled intercepts yielding 12.1 metres of 1.0 gram per tonne gold (hole ML22-03), including 3.0 metres of 2.2 grams per tonne gold and 4.5 metres of 0.94 gram per tonne gold (hole ML22-04), including 3.5 metres of 1.07 grams per tonne gold. Though modest in thickness and grade, these results support a reinterpretation of the Motherlode zone's gold mineralization model type from the originally postulated orogenic gold model to a low-sulphide, replacement-style model. The latest drill program tested an area less than one-third of the more-than-three-kilometre-long Motherlode structural corridor, leaving much of the corridor open for possible future drilling, should the company elect to test the reinterpreted model. See the attached table for highlight core sample results.

Michael Moore, Precipitate's vice-president, exploration, stated: "Since April of last year, we have aggressively explored the Motherlode project, initially by comprehensive propertywide prospecting, then focused ground geophysical surveying and most recently with a sizable drill program at the Motherlode zone. While these drill results are short of our high-grade gold aspirations, drill data has resulted in an interesting reinterpretation of the Motherlode zone's gold mineralization model type, where the previously postulated orogenic gold model has now been amended to a low-sulphide replacement style. Consequently, much of the untested Motherlode structural corridor may have potential to host lower-grade, bulk-tonnage-style gold mineralization. We are now reviewing and assessing the merit of additional drill testing along the corridor's trend, particularly the deep, open-ended IP [induced polarization] anomaly bisected in hole ML22-12, which is coincident with elevated pyrite content and anomalous gold, to test for the reinterpreted target mineralization."

Drill holes completed in this program ranged in depths from 121 metres to 403 metres. Drill holes tested select on-trend projections of gold mineralization previously identified in historical drilling and various induced polarization geophysical chargeability-high anomalies located near surface and at depth.

Drill core logging and laboratory sampling data reveal that ash-tuff volcanic rocks are the favoured lithological host for low concentrations of disseminated and fracture-related pyrite (plus gold) replacement-style mineralization. Notably, the pyrite mineralization observed at depth in hole ML22-12 is unique, not having been observed in other drill holes or in surface rock exposures. This drill hole tested a deep (about 350 metres vertically from surface) and open-ended IP chargeability-high anomaly and intersected a 20-metre-long core interval of elevated pyrite concentration (up to 15 per cent by volume) hosted in crudely laminated ash-tuff volcanic rock. Sampling of this core interval reported 20.39 metres of 0.34 gram per tonne gold over the entire pyritic zone (including 1.35 metres of 1.08 grams per tonne gold). Drill hole ML22-11, collared 75 metres northeast of hole ML22-12, attempted to test the same IP anomaly at depth; however, the hole overshot the anomaly and no material sulphide mineralization was intersected.

Management is undertaking an extensive review of all new and historical analytical data to determine an appropriate strategy for possible follow-up work.

NQ-diameter core from the 2022 drill program was descriptively logged on site, aligned, marked for sampling and then cut in half longitudinally using a rock saw. Core recovery was excellent, averaging 98 per cent. One-half of the core is preserved in wood core boxes for verification and future reference. Rock core samples were bagged, sealed and delivered directly to SGS Minerals (Grand Falls-Windsor, Nfld., preparation lab), where they were dried, crushed and pulped (preparation code PRP89). Samples were crushed to with up to 75 per cent passing two millimetres and split using a riffle splitter. An approximately 250-gram subsample split was pulverized using a ring mill to approximately minus 150 mesh (105 microns). Pulp samples were shipped to SGS in Vancouver, B.C., where the following analyses were carried out: ICP-AES (code GE_ICP21B20) 0.2 gram for select samples and fire assay for gold (30 grams) code GE_FAA30V5 for all samples. All coarse rejects and pulps are currently stored at SGS. A certified gold standard sample pulp and local barren volcanic rock blank samples were inserted into sample shipments as a quality control measure in addition to the internal quality control measures applied by the laboratory, comprising 5 per cent of the total sample volume. Samples were collected under the supervision of Michael Moore, PGeo.

This news release has been reviewed by Michael Moore, vice-president, exploration, of Precipitate Gold, the qualified person for the technical information in this news release under National Instrument 43-101 standards.

About Precipitate Gold Corp.

Precipitate Gold is a mineral exploration company focused on exploring and advancing its mineral property interests in Newfoundland, Canada, and the Pueblo Viejo mining camp and the Tireo gold trend of the Dominican Republic. The company has entered into an earn-in agreement with Barrick Gold Corp., whereby Barrick can earn a 70-per-cent interest in the company's Pueblo Grande project by incurring $10-million (U.S.) within six years and producing a qualifying prefeasibility study. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the company's portfolio and increase shareholder value, in other favourable jurisdictions.

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