EXPLORATION & DEVELOPMENT

Barrick to explore near Pueblo Viejo

Two rigs sent to Pueblo Grande

Staff reporter
 Earlier exploration at Precipitate Gold’s Pueblo Grande project in the Dominican Republic

Earlier exploration at Precipitate Gold’s Pueblo Grande project in the Dominican Republic

Precipitate Gold said Barrick had mobilised two rigs to its adjacent Pueblo Grande project, where the gold major can earn up to 70% under a six-year, US$10 million deal announced in April

Barrick told Precipitate it would drill 12 to 15 holes testing targets within the "Lithocap zone", immediately west and northwest of the Pueblo Viejo mine. 

Precipitate president and CEO Jeffrey Wilson said he was excited to see drilling get underway and pleased with the work to date by Barrick's exploration team.

"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," he said.

Barrick operates Pueblo Viejo, which is 40%-owned by Newmont and expected to produce 530,000-580,000 ounces for Barrick this year at an all-in sustaining cost of $720-$770/oz.

Precipitate had acquired Pueblo Grande in 2019 and has two other exploration projects in the Dominican Republic.

Barrick owns about 12% of the junior.

Precipitate shares (TSXV: PRG), which have ranged from C5-45c over the past year, closed up 18.4% to 22.5c yesterday, capitalising it at $23.9 million (US$18.8 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.