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Plato Gold Announces Preparations for First Ever Drill Program at Lolita Project, Santa Cruz, Argentina
Toronto, May 01, 2025 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC ) (OTCQB: NIOVF ) ...
About this update from Plato Gold Corp.
[{"type":"text","content":"Plato Gold Announces Preparations for First Ever Drill Program at Lolita Project, Santa Cruz, Argentina\n\n\n\n Toronto, May 01, 2025 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:\n \n PGC\n \n ) (OTCQB:\n \n NIOVF\n \n ) (FRANKFURT:\n \n 4Y7\n \n OR WKN:\n \n A0M2QX\n \n ) (“\n \n Plato\n \n ” or the “\n \n Company\n \n ”) an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to announces preparations are advancing for the first ever drill program at the gold-silver Lolita Project, Santa Cruz, Argentina.\n \n\n\n\n Representatives from Plato and its subsidiary in Argentina, Winnipeg Minerals S.A., met with representatives from the Government of the Province of Santa Cruz at the Prospectors and Developers Conference (PDAC) in Toronto in early March. The Secretariat of Mining of Santa Cruz is encouraging new exploration projects to feed the existing pipeline of production. Previously, Plato had submitted studies and documentation constituting an updated environment impact assessment report. The Secretariat of Mining of Santa Cruz approved the report in late March of 2025, and Plato is now authorized to conduct a diamond drilling campaign. Santa Cruz Province is the largest producer of precious metals in Argentina with exports values at USD$1.789 billion in 2024.\n \n 1\n \n\n\n\n\n In parallel, Plato began talks with drilling, camp and geological contractors to undertake the planned work. Contractors have been selected and the process of signing formal contracts is underway.\n \n\n\n\n In conjunction with the financing of the drill program, Plato has entered into loan agreements whereby it will borrow an aggregate principal amount of US$1,050,000. The loans are unsecured and will bear interest at 7% per annum and become due and payable one year from the date of issuance (the “\n \n Maturity Date\n \n ”) unless repaid earlier at the option of Plato. At the option of the lenders, the loans may be convertible into common shares of Plato at the closing price of Plato’s common shares on the trading day prior to the Maturity Date or the date of any early repayment of the principal amount at the option of Plato, subject to a minimum allowable conversion price of $0.05 per common share. A portion of the proceeds from the loans are als...