Precipitate's Airborne Magnetic Survey Delineates Multiple New Priority Targets at Motherlode Gold Project, Newfoundland Canada

Vancouver, British Columbia--(Newsfile Corp. - December 1, 2021) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") is pleased to announce results and interpretation of the airborne geophysical survey conducted over the entire Motherlode Gold Project, within the Burin Peninsula of southern Newfoundland, Canada.

Interpretation of the high sensitivity magnetic and radiometric geophysical survey data, in tandem with the recently completed Project-wide analysis of surface geochemical samples (soil, rock, till and lake) and surface structural lineaments, has successfully delineated numerous exploration target areas: 7 high priority targets, 11 secondary targets and 7 lower priority target areas. See the accompanying maps or the Company's website for additional illustrations of the Motherlode magnetic and historical data illustration maps.

Figure 1: Priority Target Areas

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Figure 2: Magnetic Survey

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Figure 3: Magnetic Target Compilation

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Jeffrey Wilson, Precipitate's President & CEO, stated, "Airborne magnetic geophysical surveying is a proven and highly effective guide for highlighting areas of potential gold mineralization. We are very pleased with the Motherlode geophysical survey results as they provide far greater geophysical detail than the existing government regional scale magnetic data. When this latest information is combined with our historical exploration analysis, we are able to identify new potential targets and refine existing ones where additional field work is warranted. The Company will now commence a follow up program of detailed sampling, geological mapping and focused ground geophysical surveying within prioritized areas for ongoing advancement and drill target delineation."

These prioritized target areas are characterized by combinations of important coinciding characteristics for vectoring structurally related orogenic gold style mineralization observed at Motherlode. Favourable characteristics include (i) magnetic linears and their crosscutting intersections that denote potential quartz-silica-gold mineralization structural hosts (contacts, faults, shears and folds), (ii) surface sample geochemistry with elevated concentrations of gold and arsenic, and various other pathfinder elements, and (iii) preferred host rock types, particularly metavolcanic or gabbro lithologies. Interestingly, a number of the high and secondary priority areas have little to no reported historical surface sampling and none of the target zones have seen a modern ground geophysical survey.

Additionally, the Company plans to conduct 3D inversion computer modelling of the magnetic data to gain insight on the sub-surface geophysical characteristics of the various linear features in advance of ground geophysical surveying and future drill target selection.

The airborne geophysical survey was carried out by Precision GeoSurveys (Langley, British Columbia). A total of 1,745 line kilometres were surveyed, with 135˚/315˚ oriented lines, at 75 metre wide line spacing and a mean terrain clearance of 40 metres.

Motherlode Gold Project, Major Attributes:

• 11 historical mineral occurrences, including 8 gold showings;
  
  
• Select Historical sampling highlights*: Rock grab samples: 25.0 g/t Au, 15.7 g/t Au, 11.6 g/t Au, 6.3 g/t Au & 4.5 g/t Au. Channel samples: 0.5m of 4.5 g/t Au, 1.5m of 10.1 g/t Au, 6.2m of 3.6 g/t Au;
  
  
• Airborne magnetic geophysics, surface geochemical samples (elevated gold and arsenic) and surface structural lineaments, identifies 7 high priority and 11 secondary priority target areas;
  
  
• Located within Newfoundland's Burin Peninsula, a current gold exploration focus of many other junior explorationists;
  
  
• District-scale potential within a 12,350 hectare project, an estimated 16.5-km long exploration trend hosted in late Proterozoic-age Burin Group volcanic and ultramafic rocks;
  
  
• Structurally related orogenic gold style mineralization, where gold enriched quartz veins-stockworks are strongly associated with shears, faults and folds containing low pyrite and arsenopyrite sulphide concentrations; and
  
  
• Excellent year-round road access, with highway access, a high-power electrical line bisecting the project, and nearby Atlantic Ocean ports.

For reference: g/t = grams per tonne, Au = gold, m = metres

* High grade rock grab samples are selective by nature and are unlikely to represent average grades on the property.

This news release has been reviewed by Michael Moore, Vice President, Exploration of Precipitate Gold Corporation, the Qualified Person for the technical information in this news release under NI 43-101 standards.

The helicopter-borne (Bell 206) geophysical survey was completed by Precision GeoSurveys (Langley, British Columbia) using high sensitivity magnetic and radiometric detectors. Specifically, a Scintrex CS-3 cesium vapor airborne magnetometer sensor; sensitivity >0.01 nT and sampling rate of 20 Hz providing sample spacings of 1-2 meters, in a nose-mounted stinger configuration with 3-axis real-time compensation and a 8.4 liter of self-calibrating downward-looking NaI(Tl) gamma radiation detection crystals with 256 channel output at 1 Hz sampling rate. A total of 1,745 line kilometres were surveyed, with 135˚/315˚ oriented lines, at 75 metre wide line spacing and a mean terrain clearance of 40 metres.

About Precipitate Gold:

Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in Newfoundland Canada and the Dominican Republic. The Company has entered into an Earn-In Agreement with Barrick Gold Corporation, whereby Barrick can earn a 70% interest in the Company's Pueblo Grande Project by incurring US$10M within six years and producing a qualifying Pre-feasibility 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.

Additional information can be viewed at the Company's website www.precipitategold.com.

On Behalf of the Board of Directors of Precipitate Gold Corp.,
"Jeffrey Wilson"
President & CEO

For further information, please contact:

Tel: 604-558-0335
Toll Free: 855-558-0335
[email protected]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.'s ("Precipitate" or the "Company") current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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