REPEAT: Plato Gold Intercepts 5.66 g/t Au Over 8.50 m Including 10.08 g/t Au Over 2.5 m
May 06 2008 - 12:12PM
Marketwired Canada
NOT FOR DISTRIBUTION IN THE UNITED STATES.
Plato Gold Corp. (TSX VENTURE:PGC) ("Plato") an exploration company with a
portfolio of properties in significant gold mining camps in Northern Ontario,
Northern Quebec, and Santa Cruz, Argentina is pleased to release assay results
from the last 3 drill holes completed this year at the Nordeau Project. The
Property is located 50 km east of Val-d'Or, Quebec and has been optioned from
Globex Mining Enterprises Inc. ("Globex"). The recent drill results further
exemplify a widening and an increasing grade in the "Main Zone" at Nordeau West.
Highlights Include:
NW-08-06 8.5m of 5.66 g/t Au - From 553.80m - 562.30m
Including 2.5m of 10.08 g/t Au - From 558.05m - 560.55m
All three holes namely, NW-08-04 to NW-08-06, inclusive, successfully
intersected gold bearing mineralization within the favourably altered mafic
volcanic horizons. Hole NW-08-06 intersected a broad zone of mineralization at a
vertical depth of 525m that graded 5.66 g/t Au over 8.50m and included a
narrower high grade interval of 10.08 g/t Au over 2.5m. Hole NW-08-05 drilled on
the same north-south section intersected the same horizon at a vertical depth of
425m (100m above hole NW-08-06) and graded 1.00 g/t Au over 8.65m including a
narrow interval grading 4.29 g/t Au over 0.65m. Hole NW-08-04 intersected a much
wider lower grade zone within the same mineralized horizon 125m west along
strike of hole NW-08-06 and at the same approximate vertical depth of 525m. The
mineral zone intersection in hole NW-08-04 graded 0.77 g/t Au over 18.65 m.
The six hole NQ diamond drill core program (3,369 meters) conducted by Forage
Val d'Or and completed in 2008 at the Project was designed to target gold zones
indicated by new 3D geological and gold grade models developed within GEMCOM's
GEMS 6.1 software system. The model indicates the Nordeau West claims overlay an
extensive zone of alteration and lower grade gold mineralization throughout the
approximately 1 km strike length of the claims. This broad zone of lower grade
mineralization appears to plunge moderately to steeply northwest. The model
further indicates that within this larger lower grade zone occurs several high
grade shoots that plunge relatively shallow towards the northeast. The present
interpretation suggests that a series of "en echelon" high grade lenses plunge
shallow to the northeast and are "stacked" within the larger lower grade zone
plunging steeply to the northwest.
The successful intersection of the wide lower grade zones in holes NW-08-04 and
NW-08-05 in the central portion of the claims represents significant up-side
potential for developing resources. The successful high grade intersection in
hole NW-08-06 indicates potential to develop high grade shoots along the shallow
northeast plunge from shallower historic high grade intersections near the
western limits of the property. Notably this deeper intersection represents an
area which has received very little attention from previous exploration
campaigns.
The principal gold mineralization on the property is found within sheared and
altered mafic volcanics near a contact with metamorphosed sediments containing
magnetite iron formations proximal to the contact. The gold mineralization is
typically within quartz veins containing disseminated to locally semi-massive
sulphides. Gold is found as free grains within quartz veins or associated with
sulphide mineralization. The associated sulphide mineralization consists of
arsenopyrite, pyrite, pyrhotite, and minor chalcopyrite.
The most significant drill assay intervals from the last three holes are:
----------------------------------------------------------------------------
NW-08-04 FROM TO LENGTH Au
m m m g/t
548.45 567.40 18.95 0.77
INCLUDING 550.60 554.85 4.25 1.01
AND 565.55 567.40 1.85 2.49
----------------------------------------------------------------------------
NW-08-05 FROM TO LENGTH Au
m m m g/t
393.65 402.30 8.65 1.00
INCLUDING 393.65 394.30 0.65 4.29
----------------------------------------------------------------------------
NW-08-06 FROM TO LENGTH Au
M m m g/t
553.80 562.30 8.50 5.66
INCLUDING 558.05 560.55 2.50 10.08
AND 558.05 558.95 0.90 15.25
AND 559.80 560.55 0.75 14.45
AND 561.50 562.30 0.80 4.66
----------------------------------------------------------------------------
The results from the recently completed drill program will be added to the
database and the geological model updated and re-evaluated by A.S. Horvath
Engineering Inc. Recommendations for follow-up exploration drilling are
anticipated.
The program is being managed by Jason Ross and Martin Bourgoin, P.Geo., who are
independent consultants. Martin Bourgoin, P.Geo., is the Project's Qualified
Person under the guidelines of National Instrument 43-101, and he has reviewed
and approved this release.
QA/QC Procedures
The Company has implemented a quality control program to ensure best practices
in sampling and analysis of the core samples. The core is first logged and then
split in half during the sampling process with the remaining half being retained
for verification and reference purposes. Duplicates, standards and blanks are
inserted randomly into the sample stream. The samples are delivered directly in
security bags to ALS-Chemex Laboratories Ltd. in Val-d'Or, Quebec (Certification
ISO 9001) for analysis by fire assay - AA techniques. ALS-Chemex Laboratories
Ltd. of Val-d'Or, Quebec an accredited lab is the primary assay laboratory.
Additionally ALS Chemex has attained ISO 9001:2000 registration which requires
evidence of a quality management system covering all aspects of the assaying
process. To ensure compliance with this system regular internal audits are
undertaken by staff members specially trained in auditing techniques.
About Plato Gold Corp.
Plato Gold Corp. ("Plato") is a Canadian junior gold exploration company listed
on the TSX Venture Exchange. Plato has Canadian exploration projects in Northern
Ontario, Northern Quebec and the Lolita Property in the province of Santa Cruz,
Argentina. The Northern Ontario project includes 5 properties: Guibord, Harker,
Harker-Garrison, Holloway and Marriott in the Harker/Holloway gold camp located
east of Timmins, Ontario. The Northern Quebec project includes 7 properties:
Nordeau Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing
Denain, Hop O'My Thumb and Once Upon a Time. All 7 properties are located near
Val d'Or, Quebec and Plato is in the early stage of exploring these projects. In
Argentina, the Lolita Property is comprised of 3 contiguous concessions and
initial work has been started on this property. For additional company
information, please visit: www.platogold.com.
For all Plato Gold Corp. investor relations needs, investors are asked to visit
the Plato Gold Corp. IR Hub at http://www.agoracom.com/ir/platogold where they
can post questions and receive answers within the same day, or simply review
questions and answers posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to pgc@agoracom.com where they
can also request addition to the investor e-mail list to receive all future
press releases and updates in real time.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and similar
Canadian legislation, concerning the business, operations and financial
performance and condition of Plato. Forward-looking statements include, but are
not limited to, statements concerning Plato's plans for its mineral properties,
which involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Plato, or industry
results, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information..
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made, and they are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Plato to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to risks related to: risks related to
exploration; actual resource viability, and other risks of the mining industry.
Although management of Plato has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Plato
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws.
Plato Gold (TSXV:PGC)
Historical Stock Chart
From May 2024 to Jun 2024
Plato Gold (TSXV:PGC)
Historical Stock Chart
From Jun 2023 to Jun 2024
