Shares in Plato Gold (TSX-V: PGC) ("Plato") were in demand after the Argentina and Canada focused junior gold exploration company reported further encouraging results from its third phase of prospecting on the Lolita Property.
The Lolita Project is a joint venture with Dr. Paul Lhotka, who holds a 25% interest in it. Lolita is located in Santa Cruz in southern Argentina. The province has recently emerged as one of the most successful jurisdictions for mineral exploration in South America. In the past few years, it has attracted interest from exploration companies worldwide resulting in the construction of four new precious metal mines. Lolita has great acreage of 29,904 hectares, and is easily accessible being adjacent to a gravel provincial highway.
Dr. Lhotka supervised an 18 day prospecting and geological mapping program in October and November (2009) undertaken by a qualified Argentine geologist. Results from the mapping program were released yesterday, which included 86 rock samples from in the eastern and southern parts of the property. The results extended further the known hydrothermal structures: “Gold and silver values are at or near detection limits, but the trace elements often associated with these precious metals, including arsenic, mercury and antimony, are highly anomalous at Lolita,” Plato reported.
Plato further noted that its interpretation of the results to date from Lolita suggest that the project was prospective for precious metals at deeper levels. “Geochemical results of rock samples from phase three continues to return highly anomalous values for antimony, arsenic and mercury; all traditional pathfinder elements for precious metal deposits… Results for gold and silver are generally below the levels of detection which is common for the upper parts of these systems.”
Anthony Cohen, President and CEO of Plato Gold said he was pleased with the results: "With our technical team's discovery of these large hydrothermal systems on Lolita, and our various neighbors' recent exploration successes in Santa Cruz, there is big upside potential for our Argentine exploration program. I am very excited about moving this project forward during 2010."
Plato is now considering how to further define drill ready targets at Lolita.
Disclosure: The author holds no positions in the company