Plato Gold Corp. Provides Update on Good Hope Diamond Drilling Program
TORONTO, April 11, 2018 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“Plato” or the “Corporation”) is pleased to be able to provide an update on its drilling program on the Good Hope Niobium Property (“Property”) in the Killala Lake Area of Northwestern Ontario.
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In March 2018, Plato commenced an approximately 5000-metre (HQ-diameter) diamond drilling program on the Property. To date, three diamond drill holes have been completed, totalling 1353 metres in length. A fourth drill hole is in progress. All three completed holes intersected a brecciated system consisting of variably fenitized (metasomatized) quartz syenite/syenite intruded by carbonatite dykes and crosscutting veins.
Table 1. 2018 Drill Hole Collar Information
| Drill Hole | Status | Easting (NAD83- zone 16) | Northing (NAD83- zone 16) | Elevation (m) | Azimuth (°) | Dip (°) | Final Length (m) | Mining Claim | Completion Date |
| PGH-18-01 | Completed | 519527 | 5432369 | 313 | 338 | -50 | 501 | TB 4256251 | 2018-03-21 |
| PGH-18-02 | Completed | 519437 | 5432594 | 310 | 338 | -50 | 372 | TB 4256251, TB 4256258 | 2018-03-25 |
| PGH-18-03 | Failed to reach bedrock | 519435 | 5432302 | 308 | 338 | -50 | 78* | TB 4256251, TB 4256252 | 2018-03-28 |
| PGH-18-03B | Completed | 519527 | 5432369 | 313 | 290 | -50 | 480 | TB 4256251, TB 4256252 | 2018-04-04 |
*Not included in total metres drilled.
The aim of the program is to find the source of high-grade niobium (Nb) mineralization previously identified at surface (see press release – August 16, 2017). It has been observed in previous work on the Property that high-grade niobium mineralization (>1.0 wt.% Nb2O5) occurs predominantly within carbonatite veins that contain cumulates of pyrochlore (niobium-bearing mineral) and apatite (a phosphate mineral). Table 2 lists the most significant carbonatite zones intersected so far by the current work program.
Table 2. Significant Carbonatite Intersections (>5m core width)
| Drill Hole | From (m) | To (m) | Core Width (m)* |
| PGH-18-01 | 65.82 | 81.26 | 15.44 |
| PGH-18-01 | 198 | 204.49 | 6.49 |
| PGH-18-01 | 313.49 | 340.9 | 27.41 |
| PGH-18-02 | 257.8 | 270.77 | 12.97 |
| PGH-18-03 | 52.45 | 62.08 | 9.63 |
| PGH-18-03 | 187.25 | 196 | 8.75 |
| PGH-18-03 | 269.18 | 277.55 | 8.37 |
| PGH-18-03 | 411 | 418.55 | 7.55 |
| PGH-18-03 | 470.76 | 477.06 | 6.3 |
*True widths not yet determined
A preliminary petrographic study of three samples from the first drill hole PGH-18-01 has been undertaken by Dr. Roger Mitchell at Lakehead University. Samples were collected from carbonatite intervals at depths of 81m, 335m and 337m downhole. The presence of the niobium-bearing mineral pyrochlore (and associated apatite) was confirmed in all three samples. Additional petrographic work is expected to be completed as the program progresses.
Figure 1 is available at http://resource.globenewswire.com/Resource/Download/3927f6ad-26d5-4c2d-9887-fe3b3b07b641
Samples from the first three drill holes have been submitted to Activation Laboratories (ActLabs) in Thunder Bay, Ontario. A total of 508 samples were submitted including quality assurance and quality control (“QAQC”) samples. Samples are currently being analyzed for niobium by XRF as well as for a multi-element package than includes phosphorus and rare-earth elements. Analytical results are pending and will be reported as soon as they are available.
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.
Figure 2 is available at http://resource.globenewswire.com/Resource/Download/098530ff-0b2c-4ea6-80bc-bb99d1b2ffde
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.