14:58:24 EDT Wed 29 Mar 2023
Enter Symbol
or Name

Maple Gold Mines Ltd
Symbol MGM
Shares Issued 322,378,299
Close 2022-04-21 C$ 0.29
Recent Sedar Documents

Maple Gold Mines drills 5,500 m at Douay

2022-04-21 12:11 ET - News Release

Mr. Matthew Hornor reports


Maple Gold Mines Ltd. has provided an update on winter drilling activities and upcoming exploration plans across the company's district-scale 400-square-kilometre property package in Quebec, Canada. Approximately 10,000 metres have been drilled to date this year and the company expects to keep at least one rig active throughout 2022 with total drilling currently anticipated to reach up to 30,000 m.

"The company entered the year with approximately $22-million in cash and approximately $14-million in additional partnership funding (through 2024) to advance our joint venture and 100-per-cent-controlled Quebec gold projects," stated Matthew Hornor, Maple Gold's president and chief executive officer. "Two drills have been active since Q4 2021, with one at Douay and another at Eagle. Our strategic goals in 2022 are to demonstrate the potential for a larger mineralized system at Douay and define extensions of higher-grade mineralization along the entire past-producing Eagle-Telbel mine trend by drilling more aggressive stepouts and testing greater depths at all three of our projects."

Eagle mine project

Maple Gold has an option to earn an undivided 100-per-cent interest in the Eagle mine project (see news from July 27, 2021). The company completed 3-D modelling, targeting and permitting and subsequently commenced a 4,200 m phase I drill campaign (see news from Jan. 17, 2022). The phase I campaign (now complete) included eight drill holes designed to test a possible secondary shoot of mineralization adjacent to the main shoot that was historically mined at Eagle starting in the 1970s during a significantly lower gold price environment. An additional deeper hole (up to 960 m) is now being drilled and three additional deeper sites (up to 1,350 m) are currently being permitted.

Initial drill core observations are encouraging, with multiple drill holes intersecting semi-massive pyrite iron-carbonate as well as other styles of mineralization known to carry gold. The company is sending Eagle samples to a new lab to expedite turnaround times.

Initial assay results from the phase I program at Eagle are expected to be released in Q2 2022 and the company is in the process of permitting sites corresponding to an additional approximately 4,000 m phase II program that will include deeper drill holes (up to 1,400 m) to test the main mine trend at depth below the historical mine workings.

Douay project

Approximately 5,500 m have been drilled to date this year, including the two deepest holes ever drilled at Douay (DO-22-322: 1,036 m at the Nika zone and DO-22-324: 1,161 m at the Douay West zone). Drilling in 2022 (current and planned) at Douay includes more aggressive lateral stepout, discovery and deeper drilling that is designed to test multiple favourable horizons with the aim of making new discoveries and achieving significant resource gains.

While there is limited drilling to date in the Taibi Group sediments north of the Casa Berardi North fault, significant opportunities exist as highlighted by several zones hosted largely or entirely in Taibi Group sediments (NW, Central and Main zones). The company has recently completed two holes from the same collar (DO-22-325/326: the latter drilled north to south) as part of the joint venture's continuing pursuit to discover sediment-hosted mineralization along the northern flank of the resource area.

The current phase of drilling at Douay includes an additional approximately 800 m drill hole at the 531 zone (in progress) that is designed to test the intersection of easterly plunging mineralization from the Porphyry zone (east) and the westerly plunging mineralization from the 531 zone. Follow-up drilling at the northeast induced polarization discovery target (sediment-hosted target located about five kilometres northeast of the resource area) is also planned, where a large sulphide system with gold showings was encountered during 2020/2021 drilling.

The average vertical depth of drilling at Douay is roughly 350 m and significantly deeper drill holes (1,500 to 2,000 m) are in the planning stages for subsequent phases of drilling in 2022.

The company has also received preliminary results from the recently completed high-resolution airborne magnetic and electromagnetic survey, which covered the western half of Douay where a series of base metal and gold-rich VMS (volcanogenic massive sulphide) targets were previously defined. The results and corresponding regional targets generated from the survey at Douay will be released once final interpretations are completed.

Joutel project

Initial targets for phase I drilling in the Telbel mine area at Joutel have been defined and permitting is now under way. Phase I drilling at Telbel is expected to include up to three stepout drill holes designed to test for potential extensions of the main mine trend at depth. Mining at Telbel was primarily focused on the exploitation of a single zone between the 600 and 1,000 m levels and the company's digitization and 3-D modelling work indicate the potential for gold mineralization to extend well beyond the footprint of the past-producing Telbel mine. Drilling at Telbel can be completed year-round with phase I anticipated to commence in 2022 once permits are received.

The regional Mag-EM survey will further support drill targeting across the entire Joutel project, including the main Eagle-Telbel mine trend, interpreted subparallel target trends, as well as the regional Joutel deformation zone West (JDZ West) trend.

Upcoming corporate events

Maple Gold will be exhibiting/presenting at the following investor events and conferences:

  • Noble Capital Markets' 18th Annual Investor Conference: April 19 to 21, 2022, Hard Rock Guitar Hotel, Miami, Fla.;
  • Vancouver Resource Investment Conference: May 17 to 18, 2022, Vancouver Convention Centre;
  • The Mining Investment Event of the North: June 19 to 21, 2022, Fairmont le Chateau Frontenac and Voltigeurs de Quebec Armoury, Quebec City;
  • Precious Metals Summit -- Beaver Creek: Sept. 13 to 16, 2022, Beaver Creek Resort;
  • 121 Mining Investment Conference -- London: Nov. 22 to 23, 2022, ETC. Venues County Hall, Riverside Building, Belvedere Road.

Qualified person

The scientific and technical data contained in this press release were reviewed and prepared under the supervision of Fred 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.

About Maple Gold Mines Ltd.

Maple Gold Mines is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Ltd. 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 km 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.

We seek Safe Harbor.

© 2023 Canjex Publishing Ltd. All rights reserved.