Management announces additional claimsobtained in their Platinum project.
"PLATO GOLD ADDS CLAIM UNITS TO OPTION AGREEMENT WITH RUDY WAHL FOR THE PIC RIVER PGM (PLATINUM GROUP METALS) PROJECT
Plato Gold Corp. has amended the Pic River PGM (platinum group metal) project option agreement with an addition of six new claims to the total property. The amended property now totals 111 Single Cell Mining Claims and covers an area of approximately 2,247 hectares including 19 claims on the eastern boundary next to Generation PGM.
As announced on January 28, 2020, Plato entered into an option agreement to acquire a 100% interest in the Pic River PGM Project in Foxtrap Lake and Grain Township, Thunder Bay Mining District. The original option agreement was subjected to approval by the TSX Venture Exchange and such approval was received.
"I am very pleased about the acquisition of these claims to our Pic River PGM Project, which is contiguous to the western boundary of Generation Mining's platinum/palladium project," said Anthony J. Cohen, President & CEO of Plato Gold Corp. "There are interesting ground magnetic survey results on these newest additional claims which are on strike with the Sally deposit on Generation Mining's land package," added Cohen.
About the Pic River PGM Project
As disclosed in the press release of January 28, 2020, 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. Previous ground magnetic surveys indicate magnetic highs that may correspond to the higher magnetic zones within the gabbroic rocks.
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.
Exploration by Plato will focus on defining the gabbroic units on the Pic River PGM-Cu-Ni property and determining the PGM-Cu-Ni mineralization.
Ground magnetic survey over the target area outlined potential PGM-Cu-Ni targets.
Target sites
29: Isolated oblong low anomaly of about 600 to 800 nT presenting a N-S general trend and a dimension of 150 x 250 m.
34-35-36: Anomaly 34, to the north, consists of an isolated circular zone of magnetic high of about 750 to 1 000 nT with a diameter of about 250 m. Anomaly 35, to the south-west, is defined by a cluster of more or less isolated peaks of 100 to 300 nT forming a pseudo-circular pattern of about 350 m in diameter, traversed by a NE-SW dike.
Anomaly 36, to the east, consists of an isolated oblong zone of weak magnetic high of about 100 nT with a NW-SE orientation, located inside a much larger zone (400 x 600 m) of low magnetic crossed by a NW-SE dike.
38 Anomaly: Large zone of magnetic high of about 1 000 to 2 000 nT presenting an oval shape with a N-S elongation. Located on the north flank of a large zone of very strong magnetic intensity.
Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the "Qualified Person" as defined in NI 43-101, who has reviewed and approved the technical content in this press release. Garry also is a Director of various junior listed companies including Canadian Palladium.