Plato Gold Announces Results of 2-Hole Drill Program on the Marriott Gold Property, Matheson, Ontario
For Immediate Release
Plato Gold Announces Results of 2-Hole Drill Program
on the Marriott Gold Property, Matheson, Ontario
Toronto, January 25, 2024 – Plato Gold Corp. (TSX-V: PGC) (OTCQB: NIOVF) (FRANKFURT:
4Y7 OR WKN: A0M2QX) (“Plato” or the “Company”) is pleased to announce the results of its
2023 winter drill program totalling 419 m and 2 drill holes on the Marriott Gold Property,
Matheson, Northeastern Ontario. The Marriott Property is located within the Abitibi Greenstone
Belt gold mining camp . Plato’s 2023 drill holes are located 11 km east of Agnico Eagle’s Holt
gold mining complex.
The Marriott drill core displays typical characteristics of Abitibi gold deposits with elevated
sulphides and base metals contents:
• Disseminated sulphides up to 35% in blue basaltic breccia (Figure 1)
• Disseminated sulphides up to 2% in massive basalt and brecciated basalt
• Up to 7% pyrite and coarse-grained pyrite up to 2 x 3 cm in size in brecciated basalt
• Anomalous copper up to 177 ppm Cu, in brecciated basalt, sample 889849, drill hole PG -
23-1
• Anomalous nickel up to 116 ppm Ni, in gabbro, sample 889824, drill hole PG-23-1
• Anomalous zinc up to 531 ppm Zn, in massive basalt, sample 889944, drill hole PG-23-2
• Anomalous cobalt up to 57 ppm Co, in gabbro, sample 88901, drill hole PG-23-2
Previous drill programs have intersected gold in drill core. In 1988, a ten-hole, 1989 m diamond
drill program was undertaken on the property by Dickenson Mines Ltd and New Cinch Uranium
Mines Ltd, M88 series ( Figure 6). The best assay obtained was 2.47 g Au/t over 1.0 m (100.4-
101.4 m) within a zone of lower grade assays in hole M88- 09 (MNDM assessment report
32D12SE0087).
In 1995, Hemlo Gold Corp drilled nine diamond drill holes numbered GH95-101 to 107, 111 and
114 with a total length of 2867 m (Figure 6). The highest-grade result from the drill program was
intersected in an IP anomaly in hole GH95- 105. The mineralization in GH95 -105 occurs in
sheared and brecciated, weakly to moderately silicified, sericitized and albitized mafic volcanic
unit which graded 1.71 g/t Au over 2 m (57.0-59.0 m) (MNDM assessment report 32D12SE0078).
In 2005, Plato conducted a diamond drill program on its Marriott Property. The drilling comprised
11 drill holes totalling 2858 m and was the MP-01 to 11 series. MP-01 returned 1.86 g Au g/t over
1.0 m from 185.3 to 186.3 m (Figure 6) (MNDM assessment report 20000001304, 2.32009). Drill
hole MP-10 situated in the northwest corner of the Property adjacent to the DPFZ, returned 2.4 Au
g/t over 1.0 m from 211.8 to 212.8m and 5.14 Au g/t over 1.0 m from 222.3 to 223.2m. MP-10
also cut a zone of brecciated quartz carbonate veining enveloped by strongly sericitic and strongly
pyrite mineralized altered basalt from 269.1 to 274.8m.
The presence of typical characteristics of gold deposits such as anomalous sulphide and base metal
content, breccia, faults, quartz veins and secondary minerals indicates that the property has the
potential to host gold mineralization. Next steps for Plato Gold are to follow up the 2023 drill
program with another drill program with deeper holes along the same geophysics’ anomalies and
geology units.
The presence of breccias in rocks are fluid pathways for hydrothermal fluids enriched in gold and
base metals. Drill hole PG-23-1 is characterized by the presence of blue breccia from 181.62 to
196.85 m, 15.23 m interval with black clasts up to 10 cm in diameter rimmed and veined by an
unknown secondary silicified blue mineral (Figure 1 and Figure 2). The blue mineral is possibly
blue quartz, as it is hard and does not react to hydrochloric acid. The brown fine-grained matrix
contains up to 35% sulphides and has pervasive chloritization.
Figure 1 Blue breccia with up to 35% sulphides in the matrix, at 183 m, sample 889863, PG-23-1.
Figure 2 Blue breccia with unknown blue mineral and green epidote clasts (second row), at 194.5 m, sample 889876, PG-23-1.
Faults are also fluid pathways for gold and base metals. Drill hole PG-23-2 is characterized by the
intersection of 5 fault zones: three fault zones are obvious in gabbro and massive basalt (13.9- 15
m, 78-79 m and 166.6- 168.4 m) and two faults are possible in massive basalt (139- 140 m and
140.8-141.1 m).
Late-stage hydrothermal quartz veins and secondary minerals are typically present in Abitibi gold
deposits. Quartz veining with carbonate -epidote-sericite-chlorite ±hematite occurs in both drill
holes at Marriott. Quartz veins are typically up to 1 cm wide. The longest quartz vein intersection
in drill hole PG -23-1 is 118.9- 119.3 m, 0.40 m interval ( Figure 3). The longest quartz vein
intersection in drill hole PG-23-2 is 30.32-30.6 m, 0.30 m interval (Figure 4). Drill hole PG-23-2
has secondary purple fluorite with epidote and sulphides in brecciated basalt from 134.2- 135.36
m, 1.2 m interval (Figure 5).
Figure 3 Quartz vein with green epidote, yellow-brown ankerite and small dark red garnets at 119 m, PG-23-1.
Figure 4 Quartz vein with epidote-sericite-chlorite-hematite at 30.32 m, sample 889907, PG-23-2.
Figure 5 Secondary purple fluorite with green epidote and sulphides at 135m, sample 889925, PG-23-2.
The drill hole collar locations were selected based on geology and geophysics characteristics of
Abitibi gold deposits:
• Deformation zone parallel to Porcupine-Destor Deformation Zone
• NE-SW trending faults
• Magnetic, electromagnetic (EM) and gravity anomalies
• Same stratigraphic unit as the historic Harker gold mine and Iris gold mine.
The Marriott Property is located within the Abitibi Greenstone Belt, which is an established gold
mining camp. The geology of the drill hole locations is within a south deformation zone parallel
to the Porcupine-Destor Deformation Zone along the north edge of the Property ( Figure 6). The
2022 UAV drone magnetic survey first vertical derivative identified NE -SW trending crosscut
faults near the proposed holes. These faults are possible transportation pathways for gold-bearing
fluids. Within the Abitibi Greenstone Belt, gold minera lization tends to be associated with the
Porcupine-Destor Fault, splay faults and crosscut faults.
The most common lithologies in the drill core is massive basalt, brecciated basalt and gabbro all
of which are crosscut by quartz -carbonate ±epidote veins and altered to epidote, chlorite,
carbonates and ±sericite. The massive basalt is dark grey to black, fine -grained and strongly
magnetic. The brecciated basalt is dark green, fine- to medium -grained and weakly to non-
magnetic.
The 2023 Marriott drill hole collar coordinates are given in Table 1. No significant gold was found
in both drill holes however typical characteristics pf gold deposits indicate that gold has the
potential to occur at depth on the Property.
Table 1 Marriott drill hole collar locations, UTM NAD 83, Z17.
Drill
Hole
No
Easting
(m)
Northing
(m)
Elevation
(m)
Azimuth
(°) Dip (°)
Length
(m)
PG-23-
1 603605 5372666 307 0 -45 222
PG-23-
2 603711 5373026 314 0 -45 197
total 419
Figure 6 Map of 2023 drill hole collar locations on Marriott Property with local geology from MNDM assessment report
32D12SE2030, 2003. Map plots the locations of historic 1988 and 1995 drill holes.
The regional geophysics second derivative magnetic high indicates that the 2023 drill holes are on
a southwest trending stratigraphic unit that continues to Harker gold mine (Au, Ag), Iris mine (Au,
W) and Howey-Cochenour-Williams occurrence (Au, Cu, Pb, Zn) (Figure 7). Harker gold mine
is located 14.7 km southwest of the 2023 drill holes. In 1986-1988, New Strategic Metals in joint
venture with Silverhawk Resources Ltd, completed underground exploration in No. 1 shaft area
by a ramp driven down to 500 ft level at Harker Gold Mine. Underground exploration resulted in
6,000 tons at 0.115 oz Au/ton and 10,500 tons at 0.051 oz Au/ton being stockpiled and later
processed at Holt -McDermont Mine Mill (Ontario Mineral Inventory, MDI 32D05NW00159).
This Harker gold mine historic resource is not NI 43- 101 compliant and not conside red to be
current. It is given here for a ballpark idea of the potential of the Property.
The Marriott Property has excellent access as it is located on Highway 101. The Property also has
excellent infrastructure as it is located 45 km northeast of Kirkland Lake and 130 km east of
Timmins.
Figure 7 Regional second vertical derivative of the Total Magnetic Field showing the 2023 drill holes are on the same
stratigraphic unit as Harker Gold Mine.
Quality Control
Drill core samples were dropped off at Actlabs preparation laboratory in Timmins (RX1) by Plato
Gold’s geologists and were analyzed for gold by 30 g fire assay (1A2B -30) Actlabs in Timmins.
The samples were then sent Actlabs analytical laboratory in Ancaster for lithogeochemistry. Both
Actlabs Timmins and Ancaster labs are ISO 17025 accredited laboratories. Five selected blue
breccia samples were assayed for whole rock contents by fusion digestion followed by inductively
coupled plasma (FUS-ICP) and Loss of Ignition (LOI) by gravimetrics (4Litho). Trace elements
for all drill core samples were assayed by fusion digestion followed by mass spectrometry (FUS -
MS) (4B1, 4B-INAA) and 4 acid near total digestion and ICP-OES analysis (1F2) for 36 elements.
Actlabs inserted internal standards, blanks and duplicates. Plato Gold also inserted external gold
standards (CDN -GS-P5H and CDN- 1P5W), quartz chip blanks and core duplicates every 10
samples to monitor the quality control. All QC samples passed.
Qualified Person
Julie Selway, Ph.D., P.Geo., Principal Geologist for J J Minerals Inc. supervised the preparation
of the scientific and technical disclosure in this news release. Dr. Selway is the Qualified Person
("QP") as defined by National Instrument 43-101. Dr. Selway supervised the 2023 drill program.
Marriott Property
The Marriott property is located 66 km east of Matheson, in Marriott and Hollway Townships,
Ontario. The east side of the property is coincident with the Ontario- Quebec provincial border.
The property consists of 142 cell claims and covers an area of approximately 2728 ha and is 8.0
km x 6.7 km in size. The claims are held 100% by Plato Gold Corp. and are in good standing.
The Marriott property is located in the Timmins -Kirkland Lake area of the Abitibi Greenstone
Belt. Abitibi Greenstone Belt is known for its abundance of lode gold deposits, which occur in
deformed and metamorphosed terranes along the major structures: Porcupine -Destor fault zone
(“PDF”) and Larder Lake – Cadillac fault zone (“LLCD”).
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 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 tota lling 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.
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