Mr. Anthony Cohen reports

PLATO GOLD ANNOUNCES RESULTS OF 2-HOLE DRILL PROGRAM ON THE MARRIOTT GOLD PROPERTY, MATHESON, ONTARIO

Plato Gold Corp. has released the results of its 2023 winter drill program totalling 419 metres and two drill holes on the Marriott gold property, Matheson, Northeastern Ontario. The Marriott property is located within the Abitibi greenstone belt gold mining camp. Plato's 2023 drill holes are located 11 kilometres east of Agnico Eagle's Holt gold mining complex.

The Marriott drill core displays typical characteristics of Abitibi gold deposits with elevated sulphides and base metals contents:

• Disseminated sulphides up to 35 per cent in blue basaltic breccia;
• Disseminated sulphides up to 2 per cent in massive basalt and brecciated basalt;
• Up to 7 per cent pyrite and coarse-grained pyrite up to two by three centimetres in size in brecciated basalt;
• Anomalous copper up to 177 parts per million Cu, in brecciated basalt, sample 889849, drill hole PG-23-1;
• Anomalous nickel up to 116 ppm Ni, in gabbro, sample 889824, drill hole PG-23-1;
• Anomalous zinc up to 531 ppm Zn, in massive basalt, sample 889944, drill hole PG-23-2;
• Anomalous cobalt up to 57 ppm Co, in gabbro, sample 88901, drill hole PG-23-2.

Previous drill programs have intersected gold in drill core. In 1988, a 10-hole, 1,989-metre diamond drill program was undertaken on the property by Dickenson Mines Ltd. and New Cinch Uranium Mines Ltd., M88 series. The best assay obtained was 2.47 grams per tonne gold over one m (100.4 to 101.4 m) within a zone of lower-grade assays in hole M88-09 (MNDM assessment report 32D12SE0087).

In 1995, Hemlo Gold Corp. drilled nine diamond drill holes numbered GH95-101 to 107, 111 and 114 with a total length of 2,867 m. The highest-grade result from the drill program was intersected in an induced polarization anomaly in hole GH95-105. The mineralization in GH95-105 occurs in sheared and brecciated, weakly to moderately silicified, sericitized and albitized mafic volcanic unit which graded 1.71 g/t Au over two m (57 to 59 m) (MNDM assessment report 32D12SE0078).

In 2005, Plato conducted a diamond drill program on its Marriott property. The drilling comprised 11 drill holes totalling 2,858 m and was the MP-01 to 11 series. MP-01 returned 1.86 g Au g/t over one m from 185.3 to 186.3 m (MNDM assessment report 20000001304, 2.32009). Drill hole MP-10, situated in the northwest corner of the property adjacent to the DPFZ, returned 2.4 Au g/t over one m from 211.8 to 212.8 m and 5.14 Au g/t over one m from 222.3 to 223.2 m. MP-10 also cut a zone of brecciated quartz carbonate veining enveloped by strongly sericitic and strongly pyrite mineralized altered basalt from 269.1 to 274.8 m.

The presence of typical characteristics of gold deposits such as anomalous sulphide and base metal content, breccia, faults, quartz veins and secondary minerals indicates that the property has the potential to host gold mineralization. Next steps for Plato Gold are to follow up the 2023 drill program with another drill program with deeper holes along the same geophysics' anomalies and geology units.

The presence of breccias in rocks are fluid pathways for hydrothermal fluids enriched in gold and base metals. Drill hole PG-23-1 is characterized by the presence of blue breccia from 181.62 to 196.85 m, 15.23 m interval with black clasts up to 10 cm in diameter rimmed and veined by an unknown secondary silicified blue mineral. The blue mineral is possibly blue quartz, as it is hard and does not react to hydrochloric acid. The brown fine-grained matrix contains up to 35 per cent sulphides and has pervasive chloritization.

Faults are also fluid pathways for gold and base metals. Drill hole PG-23-2 is characterized by the intersection of five fault zones: three fault zones are obvious in gabbro and massive basalt (13.9 to 15 m, 78 to 79 m and 166.6 to 168.4 m) and two faults are possible in massive basalt (139 to 140 m and 140.8 to 141.1 m).

Late-stage hydrothermal quartz veins and secondary minerals are typically present in Abitibi gold deposits. Quartz veining with carbonate-epidote-sericite-chlorite plus or minus hematite occurs in both drill holes at Marriott. Quartz veins are typically up to one cm wide. The longest quartz vein intersection in drill hole PG-23-1 is 118.9 to 119.3 m, 0.40 m interval. The longest quartz vein intersection in drill hole PG-23-2 is 30.32 to 30.6 m, 0.30 m interval. Drill hole PG-23-2 has secondary purple fluorite with epidote and sulphides in brecciated basalt from 134.2 to 135.36 m, 1.2 m interval.

The drill hole collar locations were selected based on geology and geophysics characteristics of Abitibi gold deposits:

• Deformation zone parallel to Porcupine-Destor deformation zone;
• Northeast-southwest-trending faults;
• Magnetic, electromagnetic (EM) and gravity anomalies;
• Same stratigraphic unit as the historic Harker gold mine and Iris gold mine.

The Marriott property is located within the Abitibi greenstone belt, which is an established gold mining camp. The geology of the drill hole locations is within a south deformation zone parallel to the Porcupine-Destor deformation zone along the north edge of the property. The 2022 unmanned aerial vehicle drone magnetic survey first vertical derivative identified northeast-southwest-trending crosscut faults near the proposed holes. These faults are possible transportation pathways for gold-bearing fluids. Within the Abitibi greenstone belt, gold mineralization tends to be associated with the Porcupine-Destor fault, splay faults and crosscut faults.

The most common lithologies in the drill core are massive basalt, brecciated basalt and gabbro, all of which are crosscut by quartz-carbonate plus or minus epidote veins and altered to epidote, chlorite, carbonates, and plus or minus sericite. The massive basalt is dark grey to black, fine-grained and strongly magnetic. The brecciated basalt is dark green, fine-to-medium-grained and weakly to non-magnetic. No significant gold was found in both drill holes; however, typical characteristics pf gold deposits indicate that gold has the potential to occur at depth on the property.

The regional geophysics second derivatived magnetic high indicates that the 2023 drill holes are on a southwest-trending stratigraphic unit that continues to Harker gold mine (gold, silver), Iris mine (gold, tungsten) and Howey-Cochenour-Williams occurrence (gold, copper, lead, zinc). Harker gold mine is located 14.7 kilometres southwest of the 2023 drill holes. In 1986 to 1988, New Strategic Metals, in joint venture with Silverhawk Resources Ltd., completed underground exploration in No. 1 shaft area by a ramp driven down to 500-foot level at Harker gold mine. Underground exploration resulted in 6,000 tons at 0.115 ounce Au/ton and 10,500 tons at 0.051 oz Au/ton being stockpiled and later processed at Holt-McDermont mine mill (Ontario Mineral Inventory, MDI 32D05NW00159). This Harker gold mine historic resource is not National Instrument 43-101 compliant and not considered to be current. It is given here for a ballpark idea of the potential of the property.

The Marriott property has excellent access as it is located on Highway 101. The property also has excellent infrastructure as it is located 45 km northeast of Kirkland Lake and 130 km east of Timmins.

Quality control

Drill core samples were dropped off at Actlabs' preparation laboratory in Timmins (RX1) by Plato Gold's geologists and were analyzed for gold by 30-gram fire assay (1A2B-30) Actlabs in Timmins. The samples were then sent to Actlabs' analytical laboratory in Ancaster for lithogeochemistry. Both Actlabs' Timmins and Ancaster labs are ISO 17025 accredited laboratories. Five selected blue breccia samples were assayed for whole rock contents by fusion digestion followed by inductively coupled plasma (FUS-ICP) and loss of ignition (LOI) by gravimetrics (4Litho). Trace elements for all drill core samples were assayed by fusion digestion followed by mass spectrometry (FUS-MS) (4B1, 4B-INAA) and four-acid near-total digestion and inductively coupled plasma optical emission spectroscopy analysis (1F2) for 36 elements. Actlabs inserted internal standards, blanks and duplicates. Plato Gold also inserted external gold standards (CDN-GS-P5H and CDN-1P5W), quartz chip blanks and core duplicates every 10 samples to monitor the quality control. All QC samples passed.

Qualified person

Dr. Julie Selway, PhD, PGeo, principal geologist for J.J. Minerals Inc., supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is the qualified person as defined by National Instrument 43-101. Dr. Selway supervised the 2023 drill program.

Marriott property

The Marriott property is located 66 km east of Matheson, in Marriott and Hollway townships, Ontario. The east side of the property is coincident with the Ontario-Quebec provincial border. The property consists of 142 cell claims and covers an area of approximately 2,728 hectares and is eight km by 6.7 km in size. The claims are held 100 per cent by Plato Gold and are in good standing. The Marriott property is located in the Timmins-Kirkland Lake area of the Abitibi greenstone belt. The Abitibi greenstone belt is known for its abundance of lode gold deposits, which occur in deformed and metamorphosed terranes along the major structures: Porcupine-Destor fault zone (PDF) and Larder Lake-Cadillac fault zone (LLCD).

About Plato Gold Corp.

Plato Gold is a Canadian exploration company traded on the TSX Venture Exchange, OTC Markets and Frankfurt Exchange with projects in Timmins, Ont., Marathon, Ont., and Santa Cruz, Argentina.

The Timmins, Ont., project includes four properties: Guibord, Harker, Holloway and Marriott in the Harker/Holloway gold camp located east of Timmins, Ont., with a focus on gold.

In Argentina, Plato owns a 95-per-cent interest in Winnipeg Minerals SA (WMSA), an Argentina-incorporated company that holds a number of contiguous mineral rights totalling 9,672 hectares with potential for gold and silver.

The Good Hope niobium project consists of approximately 5,146 hectares in Killala Lake area and Cairngorm Lake area townships, near Marathon, Ont., with the primary target being niobium.

The Pic River platinum group metals (PGM) project consists of 2,247 hectares in Foxtrap Lake and Grain township, near Marathon, Ont., of which 19 claims are contiguous to the western boundary of Generation Mining's Marathon PGM project and is located on strike to Generation Mining's Sally deposit.

We seek Safe Harbor.