Plato Gold sells three Timmins mining properties to Mayfair for C$2.5M
Plato Gold Corp. has agreed to sell three of its mining properties to Mayfair Gold Corp. for C$2.5 million. The deal includes the Guibord, Marriott, and Holloway properties, all located in the Timmins gold district. The transaction remains subject to regulatory approvals and other standard conditions before completion. The properties involved in the sale are situated along the Destor-Porcupine structural corridor, a key area within the Timmins gold district. The Guibord Property covers around 275 hectares, consisting of 16 mineral claims and two mining leases, with Plato holding a 50% interest. Additionally, the Guibord property includes a broader portfolio of 1,247 mineral claims and mining rights in total.
The Marriott Property spans approximately 2,728 hectares, made up of 142 contiguous mining claims, all fully owned by Plato. Meanwhile, the Holloway Property comprises 10 contiguous mining claims under a mining lease, totalling about 156 hectares, also with 100% ownership by Plato. Under the agreement, the C$2.5 million payment will be held in escrow and released in stages. Half of the amount will be paid upon the transfer of the Marriott Property, with the remaining 50% split equally between the transfers of the Holloway and Guibord Properties. The transaction is classified as a Reviewable Disposition by the TSX Venture Exchange and requires Exchange acceptance. Plato Gold Corp., a Canadian exploration company, operates projects in Timmins, Marathon in Ontario, and Santa Cruz in Argentina. The sale aligns with its strategic focus on refining its asset portfolio.
The deal will see Mayfair Gold Corp. acquire key mining assets in a prominent gold district. Plato Gold Corp. will receive C$2.5 million in staged payments, pending regulatory and Exchange approvals. The transaction is expected to proceed once all conditions are met.
