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Plate Resources Inc. (PLR-TSXV) Concludes 2015 Exploration Drilling Program near Merritt B.C.

November 19, 2015 – Vancouver, British Columbia   Plate Resources Inc. (the “Company”) (PLR - TSX-V) is pleased to announce that it has completed Phase 2 exploration of the Lucky Mike property near Swakum Mountain 26 kilometres north of Merritt B.C.  The 29 claims of the Lucky Mike property cover 5,591 hectares under option from prospector Craig Lynes.  

The program was funded by Nexgeo Inc. and Korea Resources Corporation (together the “Consortium”) who have the right to earn 60% interest in the property by expending $1.5 million before December 31, 2015 and can acquire an additional 10% interest in the Project, for a total 70% interest, by expending an  additional $1,000,000 before to December 31, 2016.   A NSR of 2% is payable to the original vendor.

The 2015 drill program consisted of 17 drill holes totalling 4,828 meters. The program was completed in August under the supervision of James Turner, P.Geo., a Qualified Person.Drill logging and sampling continued to September.  Mineralized core was split and half core submitted to Bureau Veritas Laboratory Vancouver, (previously Acme Analytical Laboratory) an accredited laboratory for analysis by industry-recognizedmethods using standards, blanks and duplicates.  

The current drilling had the objectives offollowing up the results from the 2014 drilling.  Two zones were tested:  

  • The skarn showing with tungsten and copper mineralization found in previous drill holes in 2014.  
  • A large deep magnetic anomaly initially drilled in 2014, with significant intervals of molybdenite mineralization.  Three holes tested this anomaly in 2015 (15, 16 and 17).

Locations and data for the drillholes are shown below:


LUCKY MIKE PROJECT

Drill hole Locations and data  UTM WGS 84

Drillhole ID

Easting

Northing

Elevation

Depth)

Azimuth

Incl. (dip)

Completed

 

m

m

m

m

deg.

deg.

Date.

DDH LM2015-01

664,289

5,574,956

1,559

328.37

270

-60.00

Jun-01

DDH LM2015-02

664,353

5,575,041

1,562

128.02

90

-45.00

Jun-03

DDH LM2015-03

664,351

5,575,040

1,562

192.02

vert

-90.00

Jun-06

DDH LM2015-04

664,325

5,574,824

1,555

301.45

270

-45.00

Jun-11

DDH LM2015-05

664,328

5,574,824

1,555

295.66

270

-75.00

Jun-15

DDH LM2015-06

664,354

5,574,716

1,557

268.22

270

-45.00

Jun-18

DDH LM2015-07

664,354

5,574,715

1,557

27.43

90

-75.00

Jun-19

DDH LM2015-07A

664,354

5,574,715

1,557

240.77

90

-75.00

Jun-22

DDH LM2015-08

664,229

5,574,831

1,565

301.75

270

-75.00

Jun-26

DDH LM2015-09

664,153

5,574,756

1,574

298.70

270

-75.00

Jun-30

DDH LM2015-10

664,390

5,574,827

1,548

201.17

270

-75.00

Jul-04

DDH LM2015-11

664,335

5,574,425

1,584

301.75

243

-50.00

Jul-12

DDH LM2015-12

664,327

5,574,524

1,583

301.75

243

-50.00

Jul-16

DDH LM2015-13

664,368

5,574,615

1,579

316.38

243

-50.00

Jul-21

DDH LM2015-14

664,413

5,574,316

1,581

182.88

243

-60.00

Jul-23

DDH LM2015-15

663,768

5,574,592

1,571

426.72

45

-60.00

Jul-28

DDH LM2015-16

663,709

5,574,770

1,548

214.88

270

-60.00

Aug-01

DDH LM2015-17

663,769

5,574,586

1,571

499.87

90

-60.00

Aug-10

Locations and elevations rounded.

Lucky Mike Skarn
The 2014 drillholes 1-4 and hole 7 produced copper and tungsten anomalous values of 

  • 19 m of 0.1% W in hole LM-1, 
  • 20m of 0.15% W in LM-2, 
  • 9m of 0.17% Cu, 26.37 gm Ag and 0.12 % W in LM-3, 
  • 23.9 m of 0.17% W in LM-4 and 
  • 24.83m of 0.2% Cu, 8.6 gm Ag, 0.08 % W in LM-7

The 2015 drilling had a number of anomalous tungsten sections of which the only significant one in LM 2015-05 was:

  • 194.4m -204m​9.6m ​0.142% WO3​

Molybdenum target
The Molybdenum anomaly is coincident with a magnetic high surrounded by chargeability high and is about 500m x 500m or 25 hectares in area.

2014 Drill holes 9 and 10 drilled from the same drill pad have long sections of strongly anomalous Molybdenite (MoS2). The occurrence of the MoS2 in this area is a new discovery.  Hole 10 for example includes 34 meters (from 79 m to 113 m) with 0.033% MoS2.  Parts of holes 9 and 10 that were not analyzed in 2014 were split and analyzed in 2015.  

Several 10’s of metres of anomalous Mo occur in Holes LM-9 & 10. (News release November 2014).  Hole 2014-9 although not assayed throughout, has the following intercepts:

  • 39m-98.6 m​49.6 m  0.017% Mo and
  • 236m – 263 m​27 m ​0.022% Mo

Drillhole 2014-10 had scattered molybdenite throughout with the following intercepts:

  • 19m – 113m​94m ​0.016% Mo and
  • 142m-188m ​46m ​0.011% Mo

Based on the 2014 and 2015 drill results, a broad porphyry molybdenum (copper) deposit model is emerging with a subordinate copper-tungsten skarn zones in altered limy horizons on the flanks.  The skarns may be polymetallic with variable Copper, silver and tungsten, and rarely molybdenum.  The porphyry molybdenum target also has scattered copperintercepts which do not always correlate with molybdenum.

Rhenium
Some porphyry copper-molybdenum deposits contain low but significant amounts of rhenium.  Drill-holes 15 to 17 were analyzed for this element.  Rhenium is a silvery-white, heavymetal with an estimated average concentration of 1 part per billion (ppb), and is one of the rarest elements in the Earth's crust. Rhenium is obtained as a by-product of molybdenum and copper ore's extraction and refinement.   

Nickel-based alloys of rhenium are used in the combustion chambers, turbine blades, and exhaust nozzles of jet and rocket engines and catalysts. Because of the low availability relative to demand, rhenium is among the most expensive of metals, with an average price of approximately US$2,750 per kilogram (US$85.53 per troy ounce) as of April 2015 (Wikipedia) ; it is also of critical strategic military importance.

Rhenium is probably not found free in nature, but occurs in amounts up to 0.2% in the mineral molybdenite (which is primarily molybdenum disulfide or MoS2), particularly where copper is also present. Rhenium is recovered from gases released during the roasting of molybdenite concentrates fromporphyry copper deposits and of copper sulfide ores from sediment-hosted stratabound copper deposits.

During 2014, ores containing rhenium were mined at seven operations, four in Arizona, and one each in Montana, New Mexico, and Utah(USGS).  It has also been produced at the closed Island Copper mine at Vancouver Island.  Data on average contents of porphyry deposits is difficult to obtain, but porphyry copper ores typically contain less than 0.5 gramsper metric ton rhenium; however rhenium production is feasible because of the large ore tonnage processed.  Concentrations in molybdenite range from 2.5 ppm at Climax Colorado, to 80 ppm at Brenda (BC) and 1300 ppm at Island Copper (Sutilov, 1979).  The significance of rhenium content at Lucky Mike is not well understood at present but is being studied.

A list of the mineralized intercepts is given below; widths are core widths and are not necessarily true widths, which are not known at present until the geometry of the various zones is understood:

Copper Targets
Two copper intercepts were seen in drillholes 7 and 7A and are near surface with narrow porphyry copper grades.


Lucky Mike 2015 Drilling - Mineralized Intervals

Hole ID

From (m)

To (m)

Length
(m)

Mo (%)

Cu (%)

WO3
%

Re (gm/t)

LM 2015-01

No significant intercepts

LM 2015-02

No significant intercepts  

LM 2015-03

Notassayed, no apparent mineralization

LM 2015-04

209

217

8

0.031

   

NA

 

253

277

24

0.029

   

NA

LM 2015-05

146.74

174.35

27.15

 

0.159

 

NA

 

194.36

204

9.64

   

0.142

NA

LM 2015-06

222.2

230

7.8

 

0.132

0.022

NA

LM 2015-07

15

27.43

12.43

 

0.371

 

NA

LM 2015-07A

17

30

13.00

 

0.270

 

NA

LM 2015-08

221

240

19

0.054

0.09

 

NA

LM 2015-09

215

223

8

 

0.121

 

NA

LM 2015-10

No significant intercepts

LM 2015-11

No significant intercepts

LM 2015-12

One narrow tungsten zone, sub-economic

LM 2015-13

No significant intercepts

LM 2015-14

No significant intercepts

LM 2015-15

85

115

30

0.057

   

0.132

 

342

400

58

0.026

   

0.032

LM 2015-16

Narrow Mo/Re intervals

LM 2015-17

250

499.82

249.82

0.0245

   

0.025

Mo=Molybdenum, Cu=Copper, WO3 = Tungsten Oxide, Re=Rhenium

ABOUT PLATE RESOURCES:
The Company is a junior resource exploration company focused on acquiring mineral and oil and gas properties and exploring for economically viable mineral and petroleum resources.  For more information, please refer to the Company’s profile on SEDAR (www.sedar.com), or contact Harry Katevatis, President and Director of the Company, a t (604) 601-2008.

ON BEHALF OF THE BOARD OF DIRECTORS
“Barry J. Price, M.Sc., P.Geo” 
Director


Neither TSX Venture exchange nor its regulation service provider (as that term is defined in the policies of the TSX Venture exchange) accept responsibility for the adequacy or accuracy of this release.

All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forwardlooking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.

This press release has been prepared by Barry J. Price, M.Sc., P.Geo., who is a Qualified Person and who accepts responsibility for its contents.