Barrick Gold Increases Commitment to Pueblo Grande Project in Dominican Republic

Precipitate Gold, a TSX-V-listed company, announced that Barrick Gold has amended their earn-in agreement for the Pueblo Grande project in the Dominican Republic, raising its total required work expenditures from $10 million to $22 million.

This represents a 120% increase in Barrick’s financial commitment to the project, which is located next to Barrick’s Pueblo Viejo mine.

As per the revised agreement, Barrick must now spend an additional $17 million to fulfill its earn-in obligations, which would grant it a 70% stake in the Pueblo Grande project.

Since the original agreement was signed in April 2020, Barrick has already invested over $5 million in work expenditures.

The amendment also adjusts the timeline for the remaining work expenditures and the delivery of a prefeasibility study (PFS). Barrick’s exploration efforts will focus on two high-priority drill targets, Pueblo Grande Norte and Pueblo Grande Sur, both situated within the 7,105.73-hectare project area, which borders the Pueblo Viejo mine on three sides.

Precipitate Gold’s President and CEO, Jeffrey Wilson, expressed satisfaction with Barrick’s increased commitment: “We’re pleased to see Barrick increase its work expenditure commitment while maintaining the requisite delivery of a PFS to earn a 70% interest in Precipitate’s Pueblo Grande project.”

The Pueblo Grande project is 100% owned by Precipitate Gold and is considered highly prospective due to its proximity to the Pueblo Viejo mine, one of the world’s largest gold operations.

Barrick holds an exclusive option to earn a 70% interest in the project by meeting the specified work expenditures and delivering the PFS.