Toronto-based Plato Gold Corp. (CVE:PGC) said today that Victory Gold (CNSX:VGO), a company in which it holds 1 million shares, announced what it called "positive" exploration drill results from 12 new holes on the Gold Pike mine property in Timmins, Ontario.
Victory said it drilled 15.6 metres at 3.91 grams per tonne (g/t) gold from the latest 12 holes, which were drilled to follow up on previous results.
The holes were drilled into the 300 metre long gold mineralized structure that contains the former-producing open pit mine, Victory said, adding that they were designed to outline gold zones from surface to a depth of 150 metres along the 300-metre strike length.
"The program was successful with more than 10 intersections indicating potentially economic open pit gold mineralization," Victory said in its statement yesterday.
The company is focused on delineating gold mineral inventory between surface and 500 metres deep over the next 12 months, with additional potential seen below 500 metres on the steeply dipping Gold Pike deposit.
Plato Gold holds 1.0 million shares of Victory Gold, resulting from the sale this past summer of its 50 per cent interest in 16 claims known as the Guibord property in Timmins.
The claims are now owned 40 per cent by Victory Gold Mines, 10 per cent by St Andrew Goldfields Ltd. (TSE:SAS), with Plato retaining control of the remaining 50 per cent.
Plato is a Canadian gold exploration company with exploration projects in northern Ontario, northern Quebec and the Lolita Property in the province of Santa Cruz, Argentina.
Its stock rose 50 per cent to 1.5 cents on Wednesday morning.
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