14:28:41 EDT Wed 29 Mar 2023
Enter Symbol
or Name

Maple Gold Mines Ltd
Symbol MGM
Shares Issued 322,178,298
Close 2022-04-04 C$ 0.325
Recent Sedar Documents

Maple Gold drills 6.7 m of 4.63 g/t Au at Douay Gold

2022-04-05 09:33 ET - News Release

Mr. Matthew Hornor reports


Maple Gold Mines Ltd. has released final assay results from the fall 2021 drill program at the company's Douay gold project in Quebec, Canada, which is held by a 50/50 joint venture between the company and Agnico Eagle Mines Ltd. The JV completed a total of seven holes and roughly 3,420 metres under the fall 2021 drill program, with every hole intersecting multiple intervals of over one gram per tonne gold.


  • Drill hole DO-21-316 at the 531 zone intersected 1.54 g/t Au over 32.2 m (from 430 m down hole), including 4.63 g/t Au over 6.7 m within 2.13 g/t Au over 18.9 m.
  • DO-21-316 intercepts are located approximately 135 m down plunge from the best intercept drilled to date at the 531 zone (DO-21-310; see news from Sept. 9, 2021) and below the SLR 2022 National Instrument 43-101 mineral resource estimate conceptual pit limits, indicating down-plunge continuity of high-grade mineralized trends and resource expansion potential at depth in the 531 zone.
  • Drill hole DO-21-317 intersected three discrete gold zones: 5.58 g/t Au over three m (from 258 m down hole); 1.62 g/t Au over 16 m (from 284 m down hole); and 3.42 g/t Au over eight m (from 369 m down hole).
  • DO-21-317 intercepts are located up plunge relative to the DO-21-310 intercept and within a different stratigraphic horizon relative to DO-21-316 that is also favourable for gold mineralization, indicating multiple stacked gold zones that remain open.

"Our exploration team has delivered significant drill intercepts every year at the 531 zone since 2019 when our targeting became supported by 3-D modelling," stated Fred Speidel, vice-president, exploration, of Maple Gold. "These new intercepts further support our belief that there are multiple stacked gold zones with apparent cross-plunges that appear to be structurally controlled. Demonstrated gold mineralization combined with a general lack of drilling has our team excited about the potential for the 531 zone to deliver additional pit-constrained and underground resources as we continue with larger stepout and deeper drilling in 2022."

Fall 2021 drill program interpretation and summary of results

The JV's fall 2021 drill program included drilling in three separate areas outlined below with corresponding objectives:

  1. 531 zone (three holes): Targeting farther up plunge and down plunge along one of the two main interpreted mineralized trends.
  2. Central zone (two holes): Located 450 m and 650 m east of the SLR 2022 Central zone conceptual pit and designed to test the eastern continuity of sediment-hosted gold mineralization and support further drilling along a 700 m drilling gap.
  3. Nika zone/Porphyry zone gap area (two holes): The Porphyry zone and Nika zone are geologically similar and these two drill holes were drilled in the gap area between these two zones and their respective SLR 2022 conceptual pits.

The 531 zone has several geological similarities to the Douay West zone; however, the former has seen significantly less drilling to date and represents an opportunity to expand resources with mineralization remaining open in multiple directions.

Gold mineralization extends down plunge over 300 m from D-93-08 through DO-21-317 to beyond DO-21-316 and then to 70531 (the original 531 zone discovery hole). Mineralization remains open along both trends at the 531 zone. Apart from historical drill holes D-92-41 (two g/t Au over 22.9 m) and D-93-08 (1.52 g/t Au over 13.7 m), there is no drilling up plunge to test at shallower depths on this section, leaving mineralization open toward surface. DO-21-319 (2.12 g/t Au over 2.20 m, including 3.56 g/t Au over 1.5 m and 1.44 g/t Au over five m, including 2.47 g/t Au over two m) was an approximately 160 m stepout drill hole that appears to have just intersected the lower edge of westerly plunging mineralization in this area, which warrants follow-up drilling.

A second, roughly perpendicular trend or cross-plunge, currently less defined but consistent with the typical easterly plunging mineralization at Douay, is supported by current geological interpretations and the distribution of SLR 2022 resource blocks. This trend is also open to depth with very little drilling, but does include DO-20-262X, one of the most significant holes drilled at 531 zone (see news releases from June 5, 2019, and March 16, 2020).

The DO-21-316 intercept (1.54 g/t Au over 32.2 m, including 2.13 g/t Au over 18.9 m and 4.63 g/t Au over 6.70 m) is hosted in bleached, massive and relatively homogenous brecciated mafic intrusive that is geologically similar to the previously reported DO-21-310 intercept (8.8 g/t Au over 28 m) located approximately 135 m up plunge. The DO-21-317 intercepts (5.58 g/t Au over three m; 1.62 g/t Au over 16 m; and 3.42 g/t Au over eight m) are hosted in altered and mineralized fenitized basalts or interflow sediments, also favourable for gold, and are interpreted as additional stacked gold zones.

The altered mafic (and to a lesser degree sedimentary) host rocks, as observed in drill core, point to the possibility of an additional alkaline intrusive complex beneath the 531 zone. The JV's continuing and planned drilling in 2022 includes larger stepout and deeper drilling to target areas with significant resource expansion potential. Drill testing the 531 zone at greater depths continues to rank high on the JV's priority list.

Central zone drilling intersected multiple narrow zones of mostly sediment-hosted gold mineralization, including multigram intercepts in both drill holes. DO-21-318 intersected 2.53 g/t Au over four m (from 286 m down hole); DO-21-315 intersected 1.25 g/t Au over four m (from 260 m down hole) and 4.24 g/t Au over one m (from 362 m down hole). Collectively, these two holes confirm that gold mineralization continues well to the east of the current SLR 2022 Central zone conceptual pit and support drilling still farther to the east along a 700 m drilling gap.

Drilling in the Nika zone intersected multiple broad intervals of lower-grade mineralization in a gap area with very limited drilling between the Nika and Porphyry zones. This gap area has a similar magnetic signature as the centre of the Nika zone (some 500 m to the northwest) where hole DO-21-282X intersected 1.58 g/t Au over 132 m (see news release from May 26, 2021). Given the general lack of drilling within this gap area, and particularly the presence of near-surface gold mineralization starting at top of bedrock, the results will be further interpreted with the aim of vectoring in toward larger near-surface concentrations of over one g/t Au mineralization.

Complete fall 2021 drill program results at Douay are included in the attached table.

Notes: All intervals are down-hole core lengths. True widths estimated to be approximately 70 per cent to 90 per cent of core lengths.

Annual equity incentive plan grants

Pursuant to its equity incentive plan dated Dec. 17, 2020, and the policies of the TSX Venture Exchange, the company has granted stock options, restricted share units and deferred share units to certain employees, officers and directors of the company.

Options to purchase an aggregate of 3.5 million common shares of the company were granted, with an exercise price of 42 cents per common share. Each option grant vests one-third on the date of the grant, one-third 12 months from the date of the grant and one-third 24 months from the date of the grant. Once vested, each option is exercisable into one common share for a period of five years from the date of the grant.

The company also granted a total of 3.53 million RSUs and 900,000 DSUs. Each RSU grant vests one-third on April 30, 2022, one-third 12 months from the date of the grant and one-third 24 months from the date of the grant. Once vested, each RSU and DSU entitles the holder thereof to receive either one common share, the cash equivalent of one common share or a combination of cash and common shares, as determined by the company, net of applicable withholdings.

Further details regarding the plan are set out in the management information circular of the company filed on May 19, 2021, which is available on SEDAR.

Qualified person

The scientific and technical data contained in this press release were reviewed and prepared under the supervision of Mr. Speidel, MSc, PGeo, vice-president, exploration, of Maple Gold. Mr. Speidel is a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.

Quality assurance (QA) and quality control (QC)

The JV implements strict quality assurance and quality control protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill hole surveying; core transport to the Douay camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to ALS laboratories in Val d'Or, Que.; sample preparation for assaying; and analysis, recording and final statistical vetting of results.

About Maple Gold Mines Ltd.

Maple Gold Mines is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines to jointly advance the district-scale Douay and Joutel gold projects located in Quebec's prolific Abitibi greenstone gold belt. The projects benefit from exceptional infrastructure access and boast approximately 400 square kilometres of highly prospective ground, including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the company holds an exclusive option to acquire 100 per cent of the Eagle mine property.

The district-scale property package also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi deformation zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi region.

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