Plato Gold Corp Completes 5000m Drill Program on Good Hope Niobium Property

TORONTO, June 06, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“Plato” or the “Corporation”) is pleased to provide an update on its drilling program on the Good Hope Niobium Property (“Property”) in the Killala Lake Area near Marathon, Ontario.

Figure 1. Location of 2018 Drill Holes

On May 25th, 2018, Plato completed its first round of exploratory drilling on the Property drilling a total of 5016 metres. All completed holes intersected a brecciated system consisting of variably fenitized (metasomatized) quartz syenite/syenite intruded by carbonatite dykes and crosscutting carbonatite veins.

Table 1. 2018 Drill Hole Collar Information

A principal aim of the program was to identify new zones of high-grade niobium (Nb) mineralization. It has been observed in previous surface sampling programs on the Property that high-grade niobium mineralization (>1.0 wt.% Nb2O5) occurs predominantly within carbonatite veins/dykes that contain cumulates of pyrochlore (a niobium-bearing mineral) and apatite (a phosphate mineral). High-grade niobium mineralization has also been identified at surface within carbonatite-syenite (alkalic) breccias.

The most significant carbonatite/breccia zones intersected in drill holes PGH-18-04 through PGH-18-08 from the current work program are listed in Table 2 (see press release dated April 11, 2018 for holes PGH-18-01 to PGH-18-03B). The largest intersection of carbonatite was in hole PGH-18-06 where a 68.57 metre wide zone was intersected, which included two approximately 25 metre wide intervals of massive carbonatite interrupted by a diabase dyke (381.85-407.47m and 414.4-441.13m; insufficient data is available to determine true width). The intersection of massive carbonatite and breccias in every drill hole suggests that significant potential exists for niobium mineralization over a large area.

Table 2. Significant Carbonatite/Breccia Intersections for hole 4 through 8 (>5m core width)

*True widths not yet determined;
**CRBT = Massive carbonatite; SYE = Un-brecciated syenite/quartz-syenite; CRBT/SYE-BX = Mix of massive carbonatite and breccia (syenitic clasts in carbonatite matrix); CRBT-BX = Breccia where carbonatite content greater than syenite; DIAB = Diabase dyke; Highlighting denotes continuous zones.

The logging and sampling of holes PGH-18-09 and PGH-18-10A is ongoing. All samples from the drill program are being submitted to Activation Laboratories (ActLabs) in Thunder Bay, Ontario. Samples from hole PGH-18-04 onwards have been submitted for ActLabs’ Coltan XRF package which includes an analysis of niobium by fusion-XRF. Analytical results are expected to be released shortly.

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 content.

A figure accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/829242a7-7cde-47e8-9208-24d25e56172e

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 THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

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, and future plans and objectives. Generally, these forward-looking statements 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”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, use of proceeds,  level of activity, performance or achievements of Plato to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: risks related to exploration; actual resource viability, and other risks of the mining industry .  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 Company does not undertake to update any forward-looking statements that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.