[Marinir] {Disarmed} Plato Gold (TSX-V: PGC) drill campaign hits gold mineralization in distinct zones in all 5 iron formation horizons in Nordeau East, Val d’Or Quebec.
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Wed Aug 31 20:13:26 CEST 2011
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Plato Gold Announces Results from Drilling Program:
Nordeau East Property
Plato Gold Corp. (TSX VENTURE: PGC
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=PGC®ion=C&lookup=symbol&snapshot=default
) , an exploration company with a portfolio of properties in established
gold mining camps in Northern Ontario, Northern Québec, and Santa
Cruz, Argentina, is pleased to release assay results from the Nordeau
East Property ("Nordeau East" or, the "Property"), which is located in
the Abitibi Greenstone Belt, 40 km east of Val-d'Or, Quebec.
The Nordeau East Property covers part of the eastern extension of the
prolific "Larder Lake - Cadillac Break" and is underlain by strata
comprised mainly of interbedded greywacke and iron formation.
Gold-mineralized zones are spatially associated with the iron formation
horizons. Historical(1) reserves of 345,900 tonnes grading 6.33 gpt Au
were reported by Roche Ltée – Groupe conseil for Nordeau
East (Tremblay, 1988(2)).
The latest phase of diamond drilling on Nordeau East comprised 17 holes
(NE11-01 to NE11-17), totaling 8,754 metres, and was designed to further
delineate mineralized zones intersected by the Plato drilling campaigns
of 2006, 2009, and 2010, and by earlier Companies' exploration
programmes. Data from the 2011 diamond-drilling programme have been
integrated into the Gemcom® database already established for the
Project.
Preliminary in-house modeling of the updated Gemcom database shows that
there are five (5) main iron formation horizons that individually
transect at least 1.5 km of strike length through the Property, and
drilling has intersected gold mineralization in distinct zones along all
of these horizons. The mineralized zones are not continuous along the
entire strike length of the iron formations, but rather appear to be
arranged in an en echelon pattern, both along strike and down dip. Along
the individual iron formations, elliptical mineralized areas plunge
shallowly to the east; however, there is an overall steep westerly
plunge to the stacking of these zones between the iron formations. This
implies that the mineralized quartz-veins may be localized into large
shute-like systems on the Property.
A 3-D Gemcom® model is currently being created for the Project to
confirm this preliminary interpretation and to provide drill targets for
further exploration.
Anthony J. Cohen, President of Plato Gold Corp. said "I am pleased with
the progress and results coming out of our Nordeau East Property. Our
goal is to continue to outline gold mineralization on the Property
leading to a 43-101 Resource Estimate. We have already outlined a NI
43-101 compliant resource at Nordeau West, and with continued success at
Nordeau East, we will be able to build a respectable sized gold resource
on our large Val d'Or property portfolio," added Cohen.
click here to view table in PDF form
http://media3.marketwire.com/docs/830pgc_table1.pdf
The Nordeau East drilling program is being supervised by Martin Bourgoin
P.Geo. and John Langton M.Sc. P.Geo., of MRB & Associates, Val-d'Or, who
are the Project's Qualified Persons under the guidelines of National
Instrument 43-101.
For further information see Plato's website at: www.platogold.com
http://www.platogold.com
About Plato Gold Corp.
Plato Gold Corp. is a Canadian gold exploration company listed on the
TSX Venture Exchange with exploration projects in Northern Ontario,
Northern Québec and the Lolita Property in the province of Santa
Cruz, Argentina.
The Northern Ontario project includes 4 properties: Guibord, Harker,
Holloway and Marriott in the Harker/Holloway gold camp located east of
Timmins, Ontario. In November 2010, Plato signed an agreement granting
St Andrew Goldfields Ltd. the option to earn a 75% interest in the above
properties.
The Northern Québec project includes 7 properties: Nordeau
Bateman, Vauquelin, Vauquelin Pershing, Vauquelin Horseshoe, Pershing
Denain, Hop O'My Thumb and Vauquelin II. All 7 properties are located
near Val d'Or, Québec. In November 2010, Plato signed an
agreement granting Threegold Resources Inc. the option to earn a 75%
interest in two of the above properties.
Plato is in the advanced exploration stage on the Nordeau West site with
a NI 43-101 compliant gold resource reported on March 12, 2009.
Highlights of the Nordeau West mineral resource update include:
indicated resources of 30,212 oz Au on average grade of 4.17 g/t and
225,342 tonnes; and
inferred resources of 146,315 oz Au on average grade of 4.09 g/t and
1,112,321 tonnes.
In Argentina, the Lolita Property is comprised of 3 contiguous
concessions and work is advancing on this property with drill targets by
year end.
For additional company information, please visit: www.platogold.com
http://www.platogold.com
For further information, please contact:
Anthony Cohen
President and CEO
Plato Gold Corp.
T: 416-968-0608
F: 416-968-3339
info at platogold.com
www.platogold.com
http://www.platogold.com
Forward Looking Statements
This news release contains "forward-looking statements", within the
meaning of applicable securities laws. These statements include, but are
not limited to, statements regarding the,potential mineralization and
resources, exploration results, and future plans and objectives.
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, use of proceeds, 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. The Company does
not undertake to update any forward-looking statements that are
incorporated by reference herein, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws.
(1) The quoted mineral resource estimate is historical in nature and is
taken from documents prepared by a previous operator (i.e., Roche
Ltée – Groupe conseil, 1988, 1989). The mineral resources
have not been verified by Plato Gold Corp. and the mineral resources
therefore cannot be treated as National Instrument (NI) 43-101 defined
resources verified by a Qualified Person (QP). There is no direct
evidence that the reported historical mineral resource estimate, or any
portion thereof, will ever be achieved at any time with additional
exploration work, and should not be relied upon. Furthermore, there can
be no assurance that any of the mineral resource, in whole or in part,
will ever become economically viable. Plato therefore considers the
above estimates to be strictly historical in nature and cautions the
reader to make use of these estimates in accordance with the provisions
of Part 2 of Regulation 43-101 (Requirements Applicable to All
Disclosure).
(2) TREMBLAY, A., 1988 – RAPPORT SUR LE BLOC NORDEAU - CAMPAGNE
D'EXPLORATION 1987, Mines Vauquelin Ltée, rapport interne par
Roche Groupe-conseil, 6782-0000-0000 Feb. 1988, 34 pages.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
For more information about this service, please see:
www.infostockbiz.com
http://www.infostockbiz.com
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