Plato Gold Announces the Signing of an Option Agreement with Rudy Wahl for the Pic River PGM (Platinum Group Metals) Project

TORONTO, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Company”), an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to announce the signing of Pic River PGM Option Agreement to acquire 100% interest in the Pic River PGM Project in Foxtrap Lake and Grain Township, Thunder Bay Mining District, in Ontario (Figure 1). The acquisition is subject to approval by the TSX Venture Exchange.

"I am very pleased with the acquisition of the Pic River PGM property,” said Anthony J Cohen, President and CEO of Plato Gold Corp. "With palladium prices well over $2,000 per ounce, and the contiguous location of these claims to the gabbros of the Generation Mining property, I am looking forward to a methodical exploration program on this exciting piece of ground located just outside of Marathon, where we have a lot of good experience in our current operations," added Cohen. "The infrastructure, Trans-Canada Highway, CP national rail line, Great Lakes ports, hydro transmission lines, and mining culture of Marathon are second to none."

About the Pic River PGM Project

Mapping by Walker et al (1993) indicates the favourable layered gabbro series (the basal portion of the Coldwell Complex) of rocks that host the PGE-Cu-Ni mineralized zone of Generation Mining Inc.’s Sally, Willie, Skipper, Four Dams zones and the Marathon Deposit trend onto the Pic River PGM-Cu-Ni property (Figure 2).  Previous ground magnetic surveys indicate magnetic highs that may correspond to the higher magnetic zones within the gabbroic rocks (Figure 3).

According to Generation Mining’s webpage, the Marathon deposit is “one of” the largest undeveloped platinum group metal mineral resources in North America hosting several PGM-Copper deposits, including the 7.1 million ounce palladium-equivalent Marathon Deposit. On January 6, 2020, Generation Mining Limited released a preliminary economic assessment (PEA) giving Marathon an after-tax net present value (NPV) of $871 million (Press Release Generation Mining January 6, 2020).

Mineralization hosted on the Marathon property is not necessarily indicative or representative of mineralization hosted on the Company’s property.

The Generation Mining Inc.’s Sally Area 41 zone is indicated to be on strike to the Pic River PGM-Cu-Ni property.  This PGM-Cu-Ni drill defined mineralized zone is located on the northern margin of the East Gabbro and is comprised of four mineralized zones.