Plato Gold Commences Drill Program on Marriott Gold Property, Matheson, Ontario

Toronto, ON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (OTCQB: NIOVF) (Frankfurt: 4Y7 or WKN: A0M2QX) (“Plato” or the “Company”) is pleased to announce that it has commenced a drill program on Marriott Gold Property, Matheson, Ontario. The drill program will consist of 450 m and 2 drill holes on exploration targets based on prospective geology and geophysics (Figure 1). The drill program is a follow up on Plato’s airborne magnetic survey using Unmanned Aerial Vehicle (UAV) in the spring of 2022. The drill holes are located 11 km east of Agnico Eagle’s Holt gold mining complex.

Marriott Property highlights:

• Located within Abitibi Greenstone Belt gold mining camp
• Excellent access - located on Highway 101
• Excellent infrastructure – located 45 km northeast of Kirkland Lake and 130 km east of Timmins
  
  

The proposed drill holes were selected based on geophysics and geology characteristics of Abitibi gold deposits:

• Magnetic, electromagnetic (EM) and gravity anomalies
• Deformation zone parallel to Porcupine-Destor Deformation Zone
• NE-SW trending fault
• Same stratigraphic unit as the historic Harker gold mine and Iris gold mine.

The location of the drill hole collars was selected based on geophysics anomalies. The drill hole collars correspond to magnetic high, electromagnetic (EM) high and gravity high. The total magnetic intensity high corresponds to iron-rich tholeiitic basalts lithology unit. The EM and magnetic anomalies can also correspond to sulphide and gold mineralization. The proposed drill holes have the same regional gravity high signature as the historic Harker gold mine and Iris gold mine.

“Plato is pleased to commence drilling on one of our well-located gold properties in the Harker/Holloway gold camp.  All of our properties have excellent infrastructure nearby, as well as either currently operating or historic mining operations,” said Anthony Cohen, President and CEO.

Figure 1 Drill set up on the first drill hole on Marriott Property.

Please click here to view image

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. 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 mineralization tends to be associated with the Porcupine-Destor Fault, splay faults and crosscut faults.