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Plato Gold adds Claim Units to Option Agreement with Rudy Wahl for the Pic River PGM (Platinum Group Metals) Project
TORONTO, April 28, 2020 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC) (“Plato” or the “Company”), an exploration company with a portfolio of properties in N
About this update from Plato Gold Corp.
[{"type":"text","content":" TORONTO, April 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 an amendment to the Pic River PGM Option Agreement with an addition of 6 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 (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 ind...