Barrick Identifies New Gold-in-Soil Anomalies and Advances Drill Targeting at Precipitate Gold's Pueblo Grande 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 III 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-sulfidation type alteration with several events of strong sulfide 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 Ongoing Exploration

• Soil sample laboratory data received to date (20% of the multi-element results are pending) reveals 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 2.8km x 1.0km (as defined by 90th percentile values 13 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 ongoing 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.

See accompanying property map figure for location details.

Jeffrey Wilson, Precipitate's President and CEO 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."

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Figure 1: Pueblo Grande Location Map

In accordance with the 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, maps and figures of recent and historical Pueblo Grande project data.

For reference: g/t = grams per tonne, Au = gold, m = metres, millivolts per volt = mv/v, IP = induced polarization

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 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.