Plato Gold Expands Horizons: Secures Ruffle Lake Property Acquisition in Ontario

Plato Gold Corp., an exploration firm active in Northern Ontario and Santa Cruz, Argentina, is pleased to announce the signing of a binding agreement with Rudolf Wahl and Mike Dorval (the "Wahl Group"). On July 8, 2024, the company signed a definitive agreement to secure full ownership (100% interest) of 42 unpatented mineral claims. These claims are situated in the Killala Lake Area Townships, Thunder Bay Mining District, Ontario (collectively referred to as the "Claims" or "Ruffle Lake Property"). The Ruffle Lake Property, contiguous to Plato's Good Hope Niobium Project, is conveniently accessible via an all-weather road just 35 km north of Trans Canada Highway 17.

The geological setting of the Ruffle Lake Property is characterized by the presence of the Prairie Lake Carbonatite Complex, situated immediately south of the property and adjacent to Plato Gold Corp.'s Good Hope Property. These Carbonatite Complexes are rare geological formations known to host valuable rare earth elements and critical minerals such as Niobium, Phosphate, and Yttrium. These minerals are increasingly sought after for their applications in Electric Vehicles (EVs) and other clean energy technologies.

The emplacement of the Prairie Lake Carbonatite Complex is attributed to a significant rifting or structural event along the north shore of Lake Superior. This geological event led to the formation of a prominent north-trending fault system, facilitating the emplacement of various carbonatite and alkaline intrusions, including the Prairie Lake Complex in this region.

Anthony Cohen, President and CEO of Plato Gold, expressed satisfaction in acquiring contiguous claims that expand the Company’s Good Hope Project. He highlighted the potential of these claims to host additional niobium, phosphates, as well as both light and heavy rare earth elements. Cohen emphasized the strategic importance of these acquisitions in enhancing Plato Gold's mineral portfolio and furthering their exploration and development efforts in the region.

Under the terms of the Agreement, Plato Gold Corp. will acquire a full 100% interest in the Claims upon payment of CAD$20,000.00 and issuance of 2,000,000 common shares ("Common Shares") to the Wahl Group. The Wahl Group will retain a 3.0% net smelter return royalty ("Royalty") from all future commercial production on the Claims. Plato Gold Corp. retains the option to buy back 2.5% of this Royalty for CAD$2,000,000 at any time. Subject to TSX Venture Exchange approval, this acquisition is targeted to close on or around July 9, 2024. Newly issued common shares will be subject to a four-month and one-day restriction period following their issuance date.

Plato Gold Corp. is strategically positioned as a Canadian exploration company with a diverse portfolio of projects across key mining jurisdictions. Its presence on the TSX Venture Exchange, OTC Markets, and Frankfurt Exchange reflects its commitment to transparency and accessibility for investors globally. With projects spanning Timmins and Marathon in Ontario, Canada, and Santa Cruz in Argentina, Plato Gold Corp. leverages geological diversity to explore and develop potential mineral resources. This geographic spread not only mitigates operational risks but also enhances opportunities for discovering and capitalizing on valuable mineral deposits, thereby strengthening its position in the mining sector.