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Plato Gold outlines targets at Lolita property

|Includes: Peapack-Gladstone Financial Corporation (PGC)

On Wednesday, Plato Gold (CVE:PGC) released the results from the ground magnetic survey completed on its Lolita property in Santa Cruz, Argentina, outlining numerous structures and geochemical anomalies.

The company said a previously unknown northeast-trending cross-structure has been defined at the Panza and Colita areas, and is associated with structures known to host anomalous trace elements often associated with gold and silver deposits.

Meanwhile, at the Corazón area, a magnetic high of 1.5 kilometres in diameter has been associated with the northwest-trending, potentially mineralized structures known to host hydrothermal structures and anomalous arsenic values. Within this high are strong, linear, northwest-trending magnetic features, Plato added.

"I am very pleased that Plato, with the help of Dr. Paul Lhotka, has taken the Lolita property in Santa Cruz to the current stage," said president and CEO, Anthony J. Cohen.

"What was a pure green-fields exploration property is now a property that has outlined structures with geochemical anomalies."

Rock sample results from the property have also returned highly anomalous values for arsenic, antimony and mercury, which are often considered pathfinder elements for precious metal deposits. Trace element values returned over 10,000 parts per million (ppm) arsenic, over 2,000 ppm antimony, and 106,548 parts per billion mercury.

Plato Gold said it is currently planning a ground induced polarization survey to further define targets for a drill program later this year.

Plato holds a 75% interest in the joint venture Lolita property, with Dr. Paul Lhotka holding the remaining 25%.

The company, whose stock on the TSX Venture Exchange was up 12.5%, trading at $0.045 per share on Wednesday afternoon, also has projects in Ontario and Quebec.

The Nordeau mineral resource in Val d'Or, Quebec recently posted indicated resources of 30,212 ounces of gold on an average grade of 4.17 grams per tonne (g/t), and inferred resources of 146,315 ounces of gold, at an average grade of 4.09 g/t.