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Plato Gold Completed Airborne Surveys on the Good Hope Niobium and the Pic River PGE-Cu-Ni Projects and received exploration permits for four Ontario projects

GlobeNewswire ·  {{timeTz}}

TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC; Frankfurt: 4Y7 or WKN: A0M2QX) is pleased to announce it has completed airborne Magnetic-Spectrometer and high resolution Magnetic-Time-Domain Electromagnetic (MAG-SPEC & MAG-TDEM) surveys over the Good Hope Niobium and the Pic River PGE-Cu-Ni Projects located along the north shore of Lake Superior in the Marathon area. Prospectair Geosurveys Inc. conducted the surveys.

Plato Gold Corp. is also pleased to announce it has been granted exploration permits (3-year term) from the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry for the following 4 Projects:

  1. Good Hope Niobium Project
  2. Pic River Palladium Project
  3. Marriott Gold Project
  4. Holloway Gold Project

The Good Hope Niobium Project was optioned from 2020 PDAC Prospector of the Year, Rudy Wahl, in 2017. In 2019 Plato Gold completed work and made payments to earn its 100% interest in the Good Hope Property following a 5,000 m diamond drilling program. Results from preliminary sampling of this drill core are provided below (see News Release, Plato Gold Corp. August 25, 2021):


Plato Gold Corp Good Hope Project 2018 Drill Holes From
(Nb %)
PGH-18-01 324 342.16 18.16 0.232
Incl 324 331.89 7.81 0.320
PGH-18-02 39.25 50.50 11.25 0.218
incl 39.25 44.00 4.74 0.334
PGH-18-03B 188.73 196.00 7.27 0.247
218.86 223.30 4.44 0.381
PGH-18-04 527.22 551.25 24.03 0.279
Incl 537.75 551.25 13.50 0.363
PGH-18-06 371.34 402.67 31.33 0.262
Incl 381.85 390.84 8.99 0.402
PGH-18-07 573.14 586.42 13.28 0.300
PGH-18-08 376 380.24 4.24 0.201
PGH-18-09 446.17 459.65 13.48 0.179
PGH-18-10A 364.24 396.24 32.00 0.307
Incl 364.24 377.3 13.06 0.391

In 2021 the company submitted over 2,000 one-meter samples of additional drill core from the Good Hope Niobium Project's 2018 diamond drilling program to Activation Laboratories Ltd. (ActLabs) in Thunder Bay. Results are expected by early to mid-December. These new results will be added to our previous diamond drilling data to build a better understanding of the Good Hope carbonatite system. A helicopter airborne MAG-SPEC 50-meter line spacing survey was also recently conducted by Prospectair Geosurveys Inc. over the property. Anomalies defined by this survey combined with the expected assay results from Actlabs, will help target future exploration work on the Good Hope Niobium Project. Niobium is on the 'technology-critical elements' list in the U.S., the E.U., Canada, and numerous other countries. There are only three operating niobium mines in the world today, two in Brazil and one in Canada. Niobium's most important uses are in the production of superconducting alloys for jet and rocket engines and in superconducting magnets for MRI scanners and the electronics industry. Niobium also has a new use as a component in the EV battery segment.

The Pic River Platinum Group Elements (PGE) Project was optioned by Plato Gold Corp. from Rudy Wahl in 2020. The property is strategically located on the western boundary of Generation Mining's Marathon Palladium-Copper Project. Plato recently completed a helicopter airborne MAG-TDEM 50-meter line spacing survey over the property. In addition to the known PGE-gold occurrences on the property, it is hoped this survey will assist in outlining additional PGE-Cu-Ni targets within the favourable layered gabbro series that extends west onto Plato Gold's Pic River claims from Generation Mining Limited's Sally Zone Deposit.
Plato's Marriott Gold Property is strategically located on the Ontario/Quebec border with "Golden Highway" 101 running through the northern portion of Plato's property. Previous exploration work has uncovered gold mineralization and defined several IP targets on the property.

Plato's Holloway Gold Property is strategically located about 2 km east of the Holloway and Holt McDermott Gold Mine headframes on Kirkland Lake Gold's property. Kirkland Lake Gold has identified gold mineralized zones and conducted underground mining and exploration in close proximity to the Plato property. However, it should be noted that no gold zones extending from the Kirkland Lake Property have yet been identified on Plato's Holloway Property.

Plato Gold's exploration efforts are currently focused on the Good Hope Niobium Project and the Pic River Platinum Group Elements Project in the Marathon area. A small exploration program will be initiated on the Marriott Gold Property within the next 2 to 3 months. The Holloway Gold Property is 'drill ready', with a modelling program completed last year.

The technical and scientific disclosures in this news release have been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) under National Instrument 43-101.

About Plato Gold Corp.

Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange and Frankfurt Exchange with projects in Timmins Ontario, Marathon Ontario, and Santa Cruz, Argentina.

The Timmins Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario with a focus on gold.

In Argentina, Plato owns a 95% interest in Winnipeg Minerals S.A. ("WMSA"), an Argentina incorporated company that holds a number of contiguous mineral rights totalling 9,672 hectares with potential for gold and silver.

The Good Hope Niobium Project consists of approximately 5,146 hectares in Killala Lake Area and Cairngorm Lake Area Townships, near Marathon Ontario with the primary target being niobium.

The Pic River Platinum Group Metals (PGM) Project consists of 2,247 hectares in Foxtrap Lake and Grain Township, near Marathon Ontario of which 19 claims are contiguous to the western boundary of Generation Mining's Marathon PGM project and is located on strike to Generation Mining's Sally deposit.

For additional company information, please visit www.platogold.com.


For further information, please contact:

Anthony Cohen
President and CEO
Plato Gold Corp.
T: 416-968-0608
F: 416-968-3339

Forward-Looking Statements

This news release contains "forward-looking statements", within the meaning of applicable securities laws. These statements include, but are not limited to, statements regarding the potential mineralization and resources, exploration results, concentrations of pay minerals that may offset operating costs and future plans and objectives. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include but are not limited to: changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; testing of our process may not prove successful and even it tests are successful, the economic and other outcomes may not be as expected; the availability of labour, equipment and markets for the products produced; and conditions changing such that the minerals on our property cannot be economically mined, or that the required permits cannot be obtained. Although management of Plato has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

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