Precipitate Completes Two Drill Holes and Pauses Program at Ponton Project, Dominican Republic

Vancouver, British Columbia--(Newsfile Corp. - February 25, 2021) - Precipitate Gold Corp. (TSXV: PRG) (OTCQB: PREIF) (the "Company" or "Precipitate") announces it has completed two initial drill holes of its planned 10-hole diamond drill campaign at the Copey Hill Gold Zone, part of the Company's 100% owned Ponton Project in the Dominican Republic. Following completion of the first two holes, a small faction of the local community requested additional information regarding the drill program and the Company's ongoing exploration plans therefore the Company has elected to pause the program to allow for additional dialogue and transparency with local stakeholders.

Two holes were completed as planned within the North Anomaly of the Copey Hill Gold Zone, targeting potential sub-surface mineralization within coincident geological, geophysical and multi-element geochemical anomalies hosting elevated gold and silver values. Drill core from these holes has been logged, cut and shipped for laboratory analysis. The potential for technical teams to assess and evaluate data from these initial holes in the interim will be advantageous in planning subsequent drill locations in advance of recommencing the balance of the fully permitted and budgeted drill program. The drill will be stored offsite during the recess period in anticipation of near-term redeployment to resume the program.

The Company wishes to reiterate it has obtained all necessary government permits and licenses from both the Ministry of Environment and the Ministry of Energy & Mines and has secured all necessary surface access authorizations required from pertinent local private surface rights landholders to conduct the drill program. The government is liaising with the Company in support of the local engagement.

Additional information on initial drill hole results and/or an update on the status of the drilling program will be reported as information becomes available.

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 is actively exploring its 100% owned Ponton and Juan de Herrera projects. 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 the Dominican Republic and 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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