Plato Agrees to Acquire Ruffle Lake Phosphate-Rare Earth Property
For Immediate Release
Plato Agrees to Acquire Ruffle Lake
Phosphate-Rare Earth Property
Toronto, July 8, 2024 – Plato Gold Corp. (TSX-V: PGC) (OTCQB: NIOVF) (FRANKFURT: 4Y7
OR WKN: A0M2QX) (“Plato” or the “ Company”) an exploration company with a portfolio of
properties in Northern Ontario and Santa Cruz, Argentina, is pleased to announce that it has signed
a binding agreement of purchase and sale dated July 8, 2024 (the “Agreement”) with Rudolf Wahl
and Mike Dorval (the “Wahl Group”) to acquire (the “Acquisition”) a 100% interest in forty-two
(42) unpatented cell claims in Killala Lake Area Townships, Thunder Bay Mining District, in the
Province of Ontario (the “Claims” or the ”Ruffle Lake Property”) The Ruffle Lake Property is
readily accessible via an all-weather road 35 km north from the Trans Canada Highway 17. The
Claims are contiguous to the Company’s Good Hope Niobium Project.
Description of the Ruffle Lake Property
The geology in this area is dominated by the Prairie Lake Carbonatite Complex which lies
immediately south of the Ruffle Lake Property and the Company’s adjoining Good Hope Property.
In general, these Carbonatite Complexes are unc ommon and known to host rare earth elements
and critical minerals such as niobium, phosphate and yttrium currently in demand for EV (Electric
Vehicle) and other Clean Energy technology.
The emplacement of the Prairie Lake Carbonatite is related to a major rif ting or structural event
along the north shore of Lake Superior. The even t resulted in the deve lopment of a prominent
north-trending fault system which was responsible for the emplacement of several carbonatite and
alkaline intrusions in addition to the Prairie Lake Complex in this area.
Carbonatite related mineralization continues to be recognized along this fault structure in ongoing
exploration which includes recent work on th e Ruffle Lake Property. The Wahl Group, through
preliminary prospecting and sampling have uncovere d two sites (Site #5 and #6) in rusty-altered
carbonatite with analysis returning up to 30% P 2O5, 4558 ppm yttrium and anomalous light and
heavy rare earth elements. Initial scintillometer readings gathered over these areas indicate the
highest values appear to correlate with much higher than background radiation. A recent (May
2024) visit to Site #6 on the property revealed an area of approximately 130 m by 500 m exhibiting
a medium to high radiometric signature covering the carbonatite.
A detailed radiometric survey planned by Compa ny, may help to define the size and extent of
carbonatite body(s) on the Ruffle Lake Property. Anomal ous areas will be targeted for stripping
and trenching followed by detailed mapping and sampling.
Anthony Cohen, President and CEO, commented: “Plato Gold is pleased to add these contiguous
claims to the Company’s Good Ho pe Project with pot ential for additional niobium, phosphates,
and both light and heavy rare earth elements.”
Ruffle Lake Property Acquisition Terms
Pursuant to the Agreement, Plato will acquire a 100% interest in the Claims, subject to the Royalty
(as defined below), in consideration for a payment of CAD$20,000.00 and the issuance of
2,000,000 common shares of the Company (the “Common Shares”) to the Wahl Group. The Wahl
Group shall maintain a 3.0% net smelter return royalty from all commercial production on Claims.
(the “Royalty”). The Company shall have the right to purchase two and one-half percent (2.5%)
of the three percent (3.0%) Royalty at any time for CAD$2,000,000.
Closing of the Acquisition is anticipated to occu r on or around July 9, 2024, and is subject to the
prior approval of the TSX Venture Exchange. The Common Shares to be issued in connection with
the Wahl Agreement will be subject to a statutory hold period of four months and a day from the
date of issuance.
Qualified Person
Gerald D. White, B.Sc., P.Geo., a Qualified Pers on as defined by National Instrument 43-101 -
Standards of Disclosure for Minera l Projects, is responsible for th e scientific and technical data
presented herein and has reviewed and approved this release.
About Plato Gold Corp.
Plato Gold Corp. is a Canadian exploration company traded on the TSX Venture Exchange, OTC
Markets, and Frankfurt Exchange with projects in Timmins, Ontario, Marathon, Ontario and Santa
Cruz, Argentina.
The Timmins Ontario project incl udes 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 appr oximately 5,146 hectares in Killala Lake Area
and Cairngorm Lake Area Townships, near Mara thon Ontario, with the primary target being
niobium.
The Pic River Platinum Group Metals (PGM) Project consists of 2,247 hectar es 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 a nd is located on strike to Generation
Mining’s Sally deposit.
For additional company information, please visit 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.
For further information, please contact:
Anthony Cohen
President and CEO
Plato Gold Corp.
T: 416-968-0608
F: 416-968-3339
www.platogold.com
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 acquisition of the Claims on the terms, timing and conditions anticipated, statements regarding the potential
mineralization and resources, exploration results, concentrations of pay minerals that may offset operating costs, that detailed radiometric survey
is planned by Company and that this may help to define the size and extent of carbonatite body(s) on the Ruffle Lake Property, the exploration
plans on the Ruffle Lake Property, and future plans and objectives, 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 economica lly mined, or that the req uired 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, est imated or intended.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ mate rially from those
anticipated in such statements. Accordi ngly, readers should not place undue reliance on forward-looking statements. The forwa rd-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.