NRPlato Gold Reports on Silver Fox Project in Timmins
TORONTO, ONTARIO--(Marketwire - Dec.22, 2009) - Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") an explorationcompany with a portfolio of properties in the prolific gold miningcamps of Northern Ontario, Northern Quebec, and Santa Cruz, Argentina,is pleased to announce the successful completion of its diamond drillprogram on their Silver Fox Project located along the Destor PorcupineFault Zone, east of Timmins, Ontario in Guibord township.
"We are pleased with the results to date and look forward tocontinuing our exploration program on Silver Fox and our other Timminsproperties. With the numerous activities in nearby projects, there isthe potential for many gold discoveries yet to come in this historicgold camp. Plato is strongly positioned with 5 different groups ofwell-located claims along the Highway 101 gold corridor," said AnthonyCohen, President and CEO.
Drilling on the property in Guibord Township, some 5 km southeastof Apollo Gold's Black Fox Project, east of Matheson, Ontario has beencompleted with a total of 7 drill holes totalling 2,623 metres. HolesG09-01 to G09-05 inclusive were collared in iron rich basalticthoeliites. Holes G09-06 and G09-07 were collared in magnesium richbasaltic thoeliites.
Brief descriptions of the drill results are as follows:
G09-01 was advanced to a length of 345 metres to test the westernextent of the quartz carbonate zone. This hole intersected a quartzcarbonate stringer zone hosted in ultramafics from 215 to 224.96 metresdown hole. This intersection is on strike and equivalent to the quartzcarbonate zone intersected in Plato's 2005 drill campaigns.
Of interest, G09-01 intersected a syenite dyke containing visiblegold and disseminated pyrite and assayed 265 g/t Au over 0.5 metres. Aquartz stringer hosted in the Syenite dyke contained the visible gold.
G09-02 was advanced to a length of 390 metres to fill a gap in thedrilling in the mid-western portion of the quartz carbonate zone.G09-02 intersected ultramafics from 309.55 to 379.55. The quartzcarbonate zone was absent. Several sulphide enriched zones containingup to 5% sulphides, primarily finely disseminated pyrite carriedelevated values of gold mineralization. Of particular interest was thesulphide enriched zone from 104.65 to 113.65 which included intervalsgrading to 3.59 g/t Au as detailed in Table 1.
G09-03 was advanced to a length of 349 metres to test the quartzcarbonate zone at a vertical depth of 250 metres from surface, andapproximately150 metres below previous drilling. G09-03 intersectedquartz carbonate zones from 255.42 to 282.7; from 287.13 to 296.57; andfrom 304.6 to 307. These intersections confirm the continuation of thequartz carbonate zone intersected in previous drilling to depth.
G09-04 was advanced to a length of 407.19 metres to the southernproperty boundary into a relatively under-explored area of theproperty. G09-04 intersected iron rich basaltic thoeliites over itsentire length with local sulphide enriched zones and quartz carbonatestringers through out its length. A sulphide enriched zone from 439.65to 440.5 returned an Au value of 1.965 g/t Au.
G09-05 was advanced to a length of 465 metres to test thecontinuity of the quartz carbonate zone 350 metres vertically belowsurface and, 200 metres below historic drilling. The hole encounteredultramafics with associated quartz carbonate stringers commencing at286.95 and continuing to the end of the hole. A sulphide enrichedintersection from 121.25 to 121.92 returned a value of 5.31 g/t Au.
Holes G09-06 and G09-07 were advanced to lengths of 420 and 204metres respectively. These were collared in the northern portion of theproperty in magnesium thoeliites and adjacent to the argillite unitslocated there. G09-06 intersected argillites at 354 metres. Thethoeliites were strongly fractured, silicified and locally displayedcarbonaceous alteration, however did not return significant results.These holes were advanced to test the historic results by HollingerConsolidated Gold Mines Ltd. which reported 8.22 g/t Au over 2.13metres.
A brief description of the property and adjacent geology is as follows:
Plato's Silver Fox property is largely underlain by tholeiiticbasalts, komatiite and metasediments consisting of greywacke,argillites and graphitic argillites. These rock sequences generallystrike SE and dip SW. Syenitic dikes are common throughout the basalticand ultramafic sequence in association with increased levels of pyriteand anomalous gold values. These syenite dykes are late stage featuresand discontinuously parallel the regional stratigraphy. Plato believesthat at least one branch fault of the DPFZ crosses the Property.
The northern section of the Property is underlain by a belt ofmetasediments including argillite and graphitic argillite, which arewell bedded and dip south generally at 60 degrees to 70 degrees. Thisbelt of metasediments is interpreted to belong to the Porcupine Group,the equivalent to the Kidd-Monroe Assemblage (Hunter Mine Group) andthe upper member of the Lower Supergroup.
The metasediments are overlain by a sequence of magnesium-richtholeiitic basalts. The contact between these two units appears to beconformable based on the presence of graphite and apparently syngeneticsulphides in the structurally upper part of the metasedimentary unitand the adjacent, structurally lower part of the basaltic sequence.
The basaltic unit is succeeded by a sequence of komatiite belongingto the Stoughton-Roquemaure Assemblage. This sequence of rocksunderlies more than a third of the Property. These rocks also dip southfrom 45 degrees to vertical but irregularly shaped segments ofultramafic rock engulfed by tholeiitic basalts suggest foldingresulting from shearing parallel to strike.
The Stoughton-Roquemaure rocks are overlain by a sequencecomprising mostly iron rich tholeiitic basalts belongs to the KinojevisAssemblage. The contact between these two sequences appears to besheared and magnetic patterns indicate that rocks on either side ofthis contact have diverse strikes. This contact is interpreted as adiscrete break and a branch fault of the DPFZ. Past drilling has shownthat zones of auriferous quartz and carbonate veins occur along thiscontact. This fault extends through the length of the Property, adistance of over 1.7 km.
The portion of the drill program reported on in this release wasundertaken in the above described Kinojevis Assemblage, and focused onthe ultramafic unit containing the auriferous quartz and carbonateveins in the interpreted footwall of the DPFZ.
Indicated in Table 1 below are the significant assay results for holes G09-01 to G09-05 inclusive.