TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“Plato” or the “Corporation”), an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to announce that it has started a diamond drilling program on it’s approximately 4,200-hectare Good Hope Niobium Property northwest of Marathon, Ontario. The drill program follows up on a program of prospecting, sampling, and mapping completed in June 2017 (see press release – August 16, 2017).
The goal of the program is to find the source of high-grade niobium mineralization occurring at surface. The minimum 5000 metre diamond drilling program will start by targeting a magnetic low under a swampy area to the northwest and west of Discovery Pit #1 (Site #28). Past work has indicated that the carbonatite dyke identified at Pit #1 dips in this direction to the northwest. Plato’s resampling of carbonatite from Pit #1 in 2017 found 1.055% Nb2O5 and 9.25% P2O5.
Chibougamau Diamond Drilling has been contracted for the program.
Laura Giroux, P.Geo., Msc., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this news release and has reviewed and approved its contents.
About Good Hope
The Good Hope Property is located approximately 45 kilometers northwest of Marathon, Ontario in the Killala Lake and Cairngorm Lake Areas and is readily accessed from Trans Canada Highway (17) via a logging road. The Property surrounds Nuinsco Resources Limited’s Prairie Lake Carbonatite Complex.
In 2010, prospector Rudy Wahl discovered niobium mineralization on the Property when he identified 1.63% Nb2O5 and 20.66% P2O5 in a small outcrop at Discovery Pit #1. Since then work on the property has included grab sampling, channel sampling, trenching, ground radiometrics survey, airborne magnetic- radiometrics surveys, and mineralogical studies. Past drilling on the property has been limited to two shorter holes (approximately 140 metres each) drilled by Wahl in 2016.
About Plato Gold Corp.
Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange with projects in Marathon Ontario, Timmins, Ontario and Santa Cruz, Argentina.
The Good Hope Niobium Project consists of a total of 19 claims, 263 claim units and 4,208 hectares in Killala Lake Area and Cairngorm Lake Area Townships, near Marathon Ontario. In May 2017, Plato signed an option agreement with Rudy Wahl and co-owners to acquire 100% interest in the Good Hope Property.
The Timmins Ontario project includes 4 properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ontario. Plato holds 50% interest in the Guibord property with the remaining 50% held by Osisko Mining Inc. (“Osisko”). Osisko also holds 80% interest in the Harker property with Plato holding the remaining 20%.
In Argentina, Plato owns a 75% interest in Winnipeg Minerals S.A. (“WMSA”), an Argentina incorporated company. The Lolita Property, held by WMSA, is comprised of a number of contiguous mineral rights totaling 9,672 hectares. Work has advanced on this exploration property to the point that it is drill-ready or ready to be optioned to a partner.
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
info@platogold.com www.platogold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates with respect to the Offering, the potential mineralization and resources, exploration results, and future plans and objectives. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Such information is based on information currently available to Plato and Plato provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of Plato to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, approval and completion of the Offering, results of exploration, project development, reclamation and capital costs of Plato’s mineral properties, and Plato’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Plato’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Plato’s forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. Plato does not undertake to update any forward-looking information, except in accordance with applicable securities laws.