Barrick Completes Targeting Surveys and Readies for Drilling at Precipitate Gold's Pueblo Grande Project

Barrick has completed its surface exploration program at the Lithocap Zone ("Loma Cuaba" or "APV") of the Pueblo Grande project, located immediately west of Barrick's Pueblo Viejo gold mine. As part of its ongoing exploration work program, Barrick is now preparing land access routes and drill pads for a second phase diamond drill program expected to total an estimated 3,000 metres.

Barrick Drill Targeting Highlights for the Lithocap Zone

• Interpretation of new and historical project data has led to an expanded exploration program, targeting near surface high sulphidation epithermal "Pueblo Viejo style" gold mineralization along with a possible concealed copper-gold porphyry style target at depth.

• Deep penetrating 2D pole-dipole induced polarization ("IP") geophysical surveying has identified numerous untested high chargeability anomalies, with reading values exceeding 40 mv/v. The 2D IP survey is comprised of three (3) north-south oriented survey lines, at 400 metre spacing (about 9.5 line kilometers total).

• Multiple drill targets have been delineated in large favourable zones where anomalies have been identified by surface sampling (geochemistry), geological features (rock types and various fault structures), geophysics (IP and magnetic) and spectrometric studies (clay alteration).

See accompanying map figure for details

Jeffrey Wilson, Precipitate's President and CEO stated, "We are pleased that Barrick has completed important geological and geophysical work to better understand the Lithocap's potential. This data and subsequent interpretations have provided Barrick's exploration team with newly delineated, and highly prospective untested anomalies that will be the focus of a next phase of drill testing. An amended drill permit application, with an expanded scope of drilling (up to 22 drill holes within the Lithocap Zone) has now been received, thus the Company anticipates drilling to commence in the coming weeks once road and drill pad preparations are complete."

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Figure 1: Barrick's IP Geophysical Results and DDH Targeting at Precipitate's Lithocap Zone

While drill preparations for the Lithocap Zone are underway, Barrick has also notified the Company that further exploration programs, including geochemistry, geophysics and historical data review are being considered for additional areas within the broader Pueblo Grande project land package. Plans and results from Barrick's ongoing exploration programs will be reported as they become available.

In accordance with Earn-in Agreement between Precipitate and Barrick as announced April 14, 2020, Barrick can earn a 70% interest in Precipitate's Pueblo Grande project by incurring a minimum US$10.0 million in qualifying Work Expenditures and delivering a qualifying pre-feasibility 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 and illustrations of recent and historical Motherlode project data.

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

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

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 Pueblo Viejo Mining Camp and Tireo Gold Trend of 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 investor@precipitategold.com

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.