07:43:56 EST Fri 03 Feb 2023
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Maple Gold Mines Ltd
Symbol MGM
Shares Issued 337,619,691
Close 2022-11-30 C$ 0.145
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Maple Gold, Agnico drill one m of 9.8 g/t Au at Nika

2022-11-30 17:11 ET - News Release

Also News Release (C-AEM) Agnico Eagle Mines Ltd

Mr. B. Matthew Hornor of Maple Gold reports

MAPLE GOLD REPORTS DOUAY DRILL RESULTS FROM H1 2022 DRILLING

Maple Gold Mines Ltd. has released results from drilling completed at the Douay gold project during first half 2022. Douay is held by a 50/50 joint venture between the company and Agnico Eagle Mines Ltd. The JV's first year of drilling focused primarily on infill and local stepout drilling, which resulted in positive conversion (21-per-cent increase) from inferred mineral resources to indicated mineral resources (SLR 2022 versus RPA 2019) and incremental mineral resource gains within the known Douay mineral resource area. The JV's second year has focused on additional stepouts, deep drilling and discovery targets, with the same growth-oriented approach expected in year three to better define the full extent and potential of the mineralized system at Douay.

The company has received all assay results for 2022 drilling to date at Douay, which included 11 drill holes plus two drill hole extensions for approximately 7,800 metres. An additional approximately 10,000 metres of drilling has been completed at the Eagle and Telbel mine areas with assays pending.

Highlights from the H1 2022 exploration drilling at Douay:

  • Ten of the 12 holes returned intercepts over 0.45 gram per tonne gold, and seven of these returned intercepts over one g/t Au.
  • Nika zone stepout DO-22-322A intersected 9.8 g/t Au over one m starting from 584 m downhole, as well as multiple additional intercepts including 0.8 g/t Au over 10 m and 1.6 g/t Au over two m farther downhole. These intercepts occur 250 to 600 m vertically below the base of the Nika pit, with no nearby drilling. This entire interval is strongly altered and foliated, and appears to confirm depth continuity of the intrusive-hydrothermal gold system at Douay.
  • Douay West stepout hole DO-22-324 intersected 4.1 g/t Au over 0.6 m from 505.6 m. It also returned the deepest intercept yet on the property of 1.2 g/t Au over 1.0 m at 1,139 m downhole, near end of hole, downdip of the Nika zone, again with no nearby drilling. The company plans to deepen this hole to about 1,500 m.
  • Additional sediment-hosted gold showings at the northeast induced polarization target include 3.3 g/t Au over 0.7 m from 155 m downhole and 2.2 g/t Au over one m from 322.7 m downhole in DO-22-328, the latter forming part of an approximately 200-metre (downhole length) altered and pyritic sedimentary interval including a distinctive fine conglomerate with red jasper fragments. This provides further support for a new gold zone four kilometres to the northeast of the current Douay mineral resource area, open laterally and at depth.
  • Central zone area hole DO-22-326 (collared 375 m from the nearest historical hole) returned four intercepts over one g/t Au, with the best being 3.0 g/t Au over 1.0 m from only 67 m downhole, further showing gold potential in the sparsely drilled Taibi sedimentary domain.

"The company understands that stepout and discovery drilling may be inherently higher risk than infill drilling, but the reward can be game changing on successes," stated Fred Speidel, vice-president, exploration, of Maple Gold. "With that in mind, the company views the H1 2022 drilling results at Douay as positive from an exploration perspective, particularly regarding sediment-hosted gold mineralization north of the Casa Berardi North Fault, where there is still only very limited drilling: There is a drilling gap of over seven km between the NW zone and NE IP target, and multiple drilling gaps of up to approximately 700 m adjacent to the Central zone. In addition, the H1 2022 drilling campaign also confirmed depth continuity of the intrusive-hydrothermal gold system at Douay. We look forward to initiating the 10,000-metre-deep drilling program at Douay in the coming weeks."

The NE IP target clearly stands out as a cluster of sediment-hosted gold anomalies, including several intervals above one g/t Au. This is consistent with a kilometric sulphide system originally defined by geophysics and now confirmed by drilling. Seven holes have been drilled so far over a strike distance of approximately 1.2 kilometres. The system is open to the west-southwest, to east-northeast and to depth. Multielement assays are pending and will provide data for additional vectoring for subsequent drilling in this area.

Similarly, the current Central zone conceptual pit only covers approximately 350 m of strike along the Casa Berardi North fault, but known gold mineralization occurs over at least 1,400 m, open to the east and to the west. There are several drilling gaps, notably a gap of 700 to 800 m to the east and about 700 m to the northwest, and in general, drill spacing in this area is between 100 and 200 m.

At Nika, the 9.8-gram-per-tonne-gold-over-one-metre intercept in DO-22-322A occurs approximately 250 m below base of pit and also about 310 m below the original discovery hole (DO-18-218, see press release of May 14, 2018). This discovery intercept, and a later even better intercept (DO-21-282X, see press release of May 26, 2021), forms the core of the Nika zone. There is no further drilling beneath or adjacent to DO-22-322A. Nika and the western part of the Porphyry zone are currently interpreted to form the centre of the Douay intrusive-hydrothermal gold system, and coming deeper drilling will test for potential feeders in this area. Except for DO-22-326, all winter 2022 holes were drilled northerly.

All reported intercepts are downhole core lengths. Holes, started in December, 2021, and completed in January, 2022, are not reported herein. Given the nature of these holes, true widths are not known but are estimated to be 70 to 90 per cent of downhole lengths.

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.

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 the Val d'Or, QC, ALS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the company's QA/QC page on its website.

About Maple Gold Mines Ltd.

Maple Gold is a Canadian advanced exploration company in a 50/50 joint venture with Agnico 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 increase resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi.

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