21:12:35 EST Sat 02 Mar 2024
Enter Symbol
or Name
USA
CA



Maple Gold Mines Ltd
Symbol MGM
Shares Issued 337,619,691
Close 2022-10-06 C$ 0.17
Market Cap C$ 57,395,347
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Maple Gold Mines arranges third drill rig for Eagle

2022-10-07 09:15 ET - News Release

Mr. Matthew Hornor reports

MAPLE GOLD SECURES THIRD DRILL RIG TO COMMENCE PHASE III DRILLING AT EAGLE AND REMAINS ON TRACK TO COMPLETE 30,000 METRES ACROSS ITS QUEBEC PROJECT PORTFOLIO BY YEAR-END

Maple Gold Mines Ltd. has secured a third drill rig to commence a 5,000-metre phase III drill program at its 100-per-cent-controlled Eagle mine. The third rig is expected to arrive at site by mid-October, keeping the company on track to complete approximately 30,000 metres across its district-scale, 400-square-kilometre property package in Quebec, Canada, by year-end. Further to the company's news release on Aug. 3, 2022, two rigs are now turning on deep drill holes beneath and adjacent to the historical underground mine workings in the Telbel mine area at the Joutel project, which is held by a 50/50 joint venture between Maple Gold and Agnico Eagle Mines Ltd. In addition, the company expects to secure a fourth drill rig in November to commence deep drilling at the joint venture's Douay project.

The company has also resolved the electrical issues at site that affected its core saws, effectively removing its core cutting backlog and enabling several large batches of samples from previously completed drilling to be sent to the assay labs.

"We are excited to commence phase III drilling at Eagle that will follow up on the best results of the first two drilling phases and test additional targets while we are also ramping up the pace of our supplemental $4.8-million deep drilling program at Douay and Joutel," stated Matthew Hornor, president and chief executive officer of Maple Gold. "With normal site operations now restored, our backlog of core splitting and sample shipments has been effectively eliminated and we anticipate additional assay results throughout Q4 2022. The company expects to be continuously drilling more aggressive stepout and deep drill holes at Douay, Joutel and Eagle with at least three rigs from mid-October through the end of Q1 2023."

Deep drilling progress

Deep drilling at Telbel is progressing steadily with two drill rigs actively testing the downplunge continuity of gold mineralization in this area. Drill hole TB-22-001 (drilled from south to north) is approaching 1,500 metres downhole and has encountered a broad, near-surface zone of felsic-pyroclastic-hosted pyrite mineralization en route to a planned total downhole depth of 2,000 metres. Initial samples from TB-22-001 have already been shipped to the assay lab. Drill hole TB-22-002 (drilled from north to south) is collared 2.4 kilometres to the east of TB-22-001 and is currently nearing 900 metres downhole.

In addition, the company anticipates commencing an approximately 10,000-metre deep drilling program at Douay with a fourth drill rig in November. The joint venture has approved a combined approximately 16,000 metres of deep drilling at Douay and Telbel under the previously announced $4.8-million increase to its year 2 exploration budget (see news release from May 18, 2022).

New exploration drill hole completed at Douay

The company has also recently completed a new 534-metre exploration drill hole at Douay (DO-22-330) collared approximately four kilometres south of the 531 zone along the regional Casa Berardi South fault, locally known as the Joutel deformation zone (JDZ). The JDZ has seen very limited drilling to date in this area, with only a single historical drill hole over a nine-kilometre segment of this structural corridor. The company's recently completed airborne magnetic and electromagnetic (Mag-EM) survey identified several conductive targets along trend to the southwest on the Joutel property (see news release from July 19, 2022) providing further support for the JDZ as a favourable structural corridor for hosting gold mineralization. Initial drill core observations from DO-22-330 highlight the potential for Casa Berardi style gold mineralization associated with brecciated and pyritic quartz veins in graphitic fault zones.

Qualified person

The scientific and technical data contained in this press release was 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 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-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 region.

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