Plato Gold Completes Terms for the Acquisition for the Pic River PGM-Copper Project and Provides Exploration Update

Toronto, March 20, 2024 (GLOBE NEWSWIRE) -- 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 it has completed terms for the 100% acquisition of the Pic River PGM-Copper Property in Northwestern Ontario, from owner Rudy Wahl.

The property is located 21 km northwest of Marathon and is contiguous with the western boundary of Generation Mining Limited’s Marathon Palladium-Copper Project. As per the agreement with Dr. Wahl, Plato has made a total cash payment of $125,000, issued 1,650,000 Plato Common Shares, and by completing exploration expenditures in excess of $250,000, has fulfilled the minimum exploration expenditure requirement of $160,000 (Press Release, January 28, 2020).

Figure 1: Property Location Map

Click here for high-resolution image

Generation Mining is in the final stages of development related to their Marathon Pd-Cu-Pt-Au-Ag Deposit adjacent to Plato’s Pic River Property. The Marathon Deposit currently hosts a Measured and Indicated resource of 188.6 Mt @ 0.58 g/t Pd, 0.20% Cu, 0.19 g/t Pt, .07 g/t Au and 1.73 g/t Ag; and an Inferred resource of 1.7 Mt @ 0.37 g/t Pd, 0.16% Cu, 0.14 g/t Pt, .07 g/t Au and 1.25 g/t Ag (Generation Mining Limited Website, March 10, 2024).

A recent press release (March 7, 2024) by Generation Mining indicates they have initiated a diamond drilling exploration program targeting known deposits and prospects of copper along the main trend west and north of the Marathon Deposit. This includes work on the Sally Deposit (copper) located within 3 km of the northeast boundary of Plato’s Pic River property. The main trend follows the Eastern Gabbro on Generation’s property along the northern rim of the host Coldwell Intrusive Complex in a west northwesterly strike toward Plato’s Pic River Property.

As part of this recent activity, Generation has also acquired additional claims to the west of their main property, adjacent to and surrounding Plato’s Pic River Property.

The Coldwell Complex has undergone significant exploration over the past 20 years primarily focused along the eastern margin of the Complex. The western strike extension of the Eastern Gabbro which hosts the Sally Lake Deposit, Wullie Lake, and Boyer prospects on Generation’s Property, continues into the northeastern portion of Plato’s Pic River Property.