Mr. Jeffrey Wilson reports

BARRICK IDENTIFIES NEW GOLD-IN-SOIL ANOMALIES AND ADVANCES DRILL TARGETING AT PRECIPITATE'S PUEBLO GRANDE PROJECT, DOMINICAN REPUBLIC

Barrick Gold Corp. has provided Precipitate Gold Corp. with a first-quarter (Q1) 2024 exploration update regarding continuing exploration and target delineation within Precipitate's 100-per-cent-owned Pueblo Grande project. Barrick's exploration is part of an earn-in agreement, whereby Barrick has the right to earn a 70-per-cent interest in the project.

Pueblo Grande Norte zone: drill target refinement

Barrick is currently conducting a detailed ground magnetic survey. Subject to results, additional ground geophysical surveys may follow as a prelude to a follow-up phase 3 drilling program within the zone.

As previously reported, latest drilling in this region by Barrick encountered encouraging favourable permeable mafic volcanic tuff lithologies, which are variably affected by high-sulphidation-type alteration with several events of strong sulphide disseminations, similar to observations at the neighbouring Pueblo Viejo mine.

It is anticipated that results from latest drilling combined with newly generated geophysical data will provide the basis for delineating specific targets for a potential next phase of diamond drilling in Pueblo Grande Norte.

Pueblo Grande Sur zone: new gold-in-soil anomalies and continuing exploration

Soil sample laboratory data received to date (20 per cent of the multielement results are pending) reveal several new early stage gold-in-soil anomalies located on west and central parts of Pueblo Grande Sur -- these gold anomalies are often coincident with important silver, arsenic, antimony and thallium pathfinders.

The most sizable soil anomaly measures about 2.8 kilometres by 1.0 km (as defined by 90th percentile values 13 parts per billion (ppb) gold) and is open to the west, trending in the vicinity of Barrick's Zambrana exploration target, which is located southeast of the Pueblo Viejo mine area.

Barrick's continuing exploration work for 2024 for the Pueblo Grande Sur will delineate and refine potential drill-worthy targets in this emerging area of the project, with Pueblo Grande Sur diamond drill permits expected during 2024.

Jeffrey Wilson, Precipitate's president and chief executive officer, stated: "We are pleased to see Barrick continue to advance and explore multiple areas within Precipitate's Pueblo Grande project. Ongoing drill target refinement in advance of follow-up drilling at Pueblo Grande Norte furthers the potential for discovery on Precipitate's ground immediately west of Pueblo Viejo's existing mining pits. Meanwhile, the extensive geochemical sampling coverage conducted by Barrick within Pueblo Grande Sur, and resulting new anomalies, evidences the project's ongoing potential to host additional drill-worthy zones throughout the project. We look forward to Barrick's ongoing advancement of the project under the terms of our earn-in agreement."

In accordance with the earn-in agreement between Precipitate and Barrick, as announced April 14, 2020, Barrick can earn a 70-per-cent interest in Precipitate's Pueblo Grande project by incurring a minimum $10-million (U.S.) in qualifying work expenditures and delivering a qualifying prefeasibility study prior to the sixth anniversary of the entering into of the agreement (see the company's news release dated April 14, 2020, for full earn-in agreement details).

The company's website has additional information, maps and figures of recent and historical Pueblo Grande project data.

This news release has been reviewed by Michael Moore, vice-president of exploration for 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 the Pueblo Viejo mining camp and 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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