Mr. Matthew Hornor reports
MAPLE GOLD REPORTS PHASE I DRILL RESULTS AT EAGLE, INCLUDING 6.4 G/T GOLD OVER 3.0 METERS WITHIN 4.0 G/T OVER 7.5 METRES
Maple Gold Mines Ltd. has released assay results from the company's phase 1 drill program at its 100-per-cent-controlled Eagle mine property in Quebec, Canada. The phase 1 program consisted of eight diamond drill holes, totalling 4,462 metres, that begin to test potential extensions of mineralization along the past-producing Eagle-Telbel mine trend. Importantly, drilling has identified at least four additional styles of gold mineralization beyond the known Eagle-Telbel style mined historically, providing further indications for multiple gold events that may provide for broader gold distribution than previously interpreted.
- Drill hole EM-22-005 intersected four grams per tonne gold over 7.5 metres, including 6.4 g/t Au over three m, within a semi-massive pyrite and iron carbonate horizon typical of the historical Eagle-Telbel style of mineralization.
- Drill hole EM-22-001 intersected 4.4 g/t Au over 0.9 m within quartz-carbonate veinlets containing visible gold.
- Drill hole EM-22-002 intersected 2.4 g/t Au over 4.7 m, including 3.8 g/t Au over 2.1 m, within highly altered, graphitic and pyritic Harricana Group sediments, as well as 2.1 g/t Au over 1.8 m farther up hole in altered microgabbro.
Fred Speidel, vice-president of exploration at Maple Gold, stated: "We are pleased with the results to date from our initial Eagle drill campaign. The data collected during phase 1 is already guiding our phase 2 drilling, which tests the Eagle-Telbel mine trend at greater depths, and we expect to reach our target of 12 drill holes, totalling roughly 8,200 m, by the end of this quarter. In addition, we have just completed winter 2022 drilling at Douay, with assay results anticipated in the coming weeks, and initial partnership drilling at Telbel is expected to commence in Q3 2022 as part of a recently approved $4.8-million supplemental budget for deep drilling at Douay and Joutel. This year should prove be the company's busiest one yet for exploration drilling, reflecting our aim of making new discoveries and achieving significant resource gains across our Quebec project portfolio."
Interpretation and summary of results
Nearly all of the phase 1 drill holes contained at least one interval with greater than one g/t Au (see an attached table for complete assay results). In addition to the historically mined Eagle-Telbel-style semi-massive pyrite with iron carbonate veinlets in mixed felsic volcanics and sediments, phase 1 drill core displayed multiple additional distinct styles of gold mineralization, including:
- Quartz-carbonate-visible-gold veinlets in footwall felsic volcanics and pyroclastics;
- Iron-carbonate-pyrite-altered microgabbro;
- Silica-pyrite-altered feldspar porphyry;
- Pyrite-rich, graphitic hangingwall sediments.
The first three holes, EM-22-001 to EM-22-003, tested shallow targets northwest of the Eagle-Telbel mine trend that are primarily associated with microgabbro-hosted mineralization, as well as sulphide-rich, graphitic sediments found at the top of the Harricana Group sediments. The next two holes, EM-22-004 and EM-22-005, tested moderate-depth targets characterized by abundant to semi-massive sulphide and iron carbonate veinlets in different proportions. The last three holes, EM-22-006 to EM-22-008, tested the same pyrite and iron carbonate zones at a slightly greater depth; in addition to this target, the holes also intercepted gold mineralization in microgabbro and feldspar porphyry.
Complete phase 1 drill program results at Eagle are included in an attached table.
Equity incentive plan grant
Pursuant to its equity incentive plan dated Dec. 17, 2020, and the policies of the TSX Venture Exchange, the company has granted stock options to an employee, officer and director of the company. The new options grant is a replacement award for options that recently expired without being exercised.
Options to purchase an aggregate of three million common shares of the company were granted, with an exercise price of 23 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.
Further details regarding the plan are set out in the management information circular of the company filed on May 16, 2022, which is available on SEDAR.
The scientific and technical data contained in this press release were reviewed and prepared under the supervision of Fred Speidel, MSc, PGeo, vice-president of exploration at 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/quality control
The company implements strict quality assurance/quality control protocols at Eagle covering: the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill hole surveying; core transport; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the AGAT laboratory 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 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 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-kilometre 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.
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