Mr. B. Matthew Hornor reports

MAPLE GOLD DRILLS 10.3 G/T GOLD OVER 7.8 METRES, INCLUDING 41.1 G/T GOLD OVER 1 METRE, IN THE NORTH MINE HORIZON AT EAGLE

Maple Gold Mines Ltd. has released additional assay results from the 2022 drilling at its 100-per-cent-controlled Eagle mine property located in Quebec, Canada. The new results represent complete assays from five follow-up holes for which partial results were previously reported (see the news release dated Dec. 13, 2022), targeting northwest extensions of the main mine horizon and along multiple subparallel gold horizons. The company's latest drilling in the northern splay of the main mine horizon has returned the best intercept to date from its 2022 program at Eagle.

Highlights

• Drill hole EM-22-015 intersected 10.3 g/t gold over 7.8 metres, including 41.1 g/t Au over one m in the north mine horizon.
• Farther up-hole, EM-22-015 intersected 4.3 g/t Au over 3.9 m, including 6.6 g/t Au over two m, demonstrating the potential for the north mine horizon to be wider than what was previously interpreted.
• The EM-22-015 intercepts are located down-plunge from historical high-grade, near-surface drill results from a geologically similar hole (E-19: 19.6 g/t Au over 7.9 m, as well as 17.5 g/t Au over 5.6 m farther up-hole) in an area with limited drilling that remains open further down-plunge.
• EM-22-015 has now returned seven separate intercepts over a 120-metre interval starting from 142.5 m downhole.
• Assays are still pending for roughly 20 per cent of the company's 2022 drilling at Eagle.

"Drill results continue to support the company's view that multiple subparallel gold horizons exist beyond what was historically mined at Eagle and have expanded our target areas along a broader mineralized corridor over a stratigraphic thickness that now exceeds 100 metres in width," stated Matthew Hornor, chief executive officer of Maple Gold. "There is an apparent concentration of greater than 10 g/t gold starting near surface and extending down-plunge to the EM-22-015 intercepts along the north mine horizon in an area with limited drilling that remains open further down-plunge. This represents just one of several compelling follow-up targets that we are excited to pursue in 2023."

Interpretation and summary of results

Key assay results reported herein are from holes drilled at different orientations from the site of hole EM-22-005 (see the news release dated June 20, 2022); three starting from the same drill collar (EM-22-013, EM-22-015 and EM-22-016) and one wedge drill hole (EM-22-005W). The new results from EM-22-015 support the company's model of multiple subparallel gold horizons, some of which are particularly high-grade (over 10 g/t), extending from the southern splay of the main mine horizon to beyond the north mine horizon over a mineralized corridor that now exceeds 100 m in width. These two horizons merge into a single main mine horizon in the central part of the Eagle property.

Gold mineralization at Eagle is not only limited to the known main mine horizon, hosted in mixed epiclastic and pyroclastic rocks of the northern part of the Joutel-Raymond volcanic complex, but also extends into a sill-like microgabbro occurring close to the Harricana fault and sporadically into the Harricana sediments farther to the north.

The EM-22-015 intercepts are located approximately 60 m down-plunge from historical hole E-19. Additional historical drill holes intersected over five g/t Au roughly 250 m farther down-plunge, highlighting the grade and volume potential of this new zone that will be tested by follow-up drilling in 2023.

In contrast with the south mine horizon, which is hosted in a mixed package of fine-grained crystal tuffs and laminated sediments, with the latter hosting most of the gold-bearing semi-massive sulphide mineralization cut by irregular ankerite-(quartz) veinlets, the north mine horizon is associated with coarser lapilli-tuffs that appear to have been quite permeable and allowed deposition of abundant matrix sulfide adjacent to and overlapping with the microgabbro farther downhole. The distribution of these coarse tuffs adjacent to the microgabbro represent a favourable target that has relatively limited drilling to the northwest as well as down-dip and down-plunge.

Intercepts over two g/t Au have now been obtained at Eagle at downhole depths ranging from 109 to 1,234 m, which is indicative of the significant depth continuity of the system. Multielement geochemistry, a first for the Eagle project, indicates that Au is associated with elevated silver and that several additional elements can be used for targeting purposes as they provide for a significantly broader footprint than Au and Ag alone.

The company completed a total of 28 drill holes corresponding to approximately 13,823 m at Eagle during 2022. Approximately 20 per cent of the assays for the entire program are still pending. Additional assay results will be released on a periodic basis over the coming months once they are received and interpreted.

Outlook for further exploration at Eagle-Telbel

The company's next steps will include a comprehensive review of all available data at Eagle, including incorporating results from the 2022 program into its 3-D geological model, along with definition of priority targets for follow-up drilling in H1 2023. The company also believes that continued drilling success at Eagle will relate positively to continuing exploration on its joint venture ground at Telbel and along the entire Joutel deformation zone.

All intervals are downhole lengths. True widths are estimated to be between 35 per cent (for steeper holes) to 80 per cent (for shallower angle holes) of downhole lengths. Assays are uncut, but overlimits (over 10 g/t Au initial assay) were reassayed using fire assay with gravimetric finish and, subsequently, screen metallics. The latter results are deemed more accurate and are reported here.

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 of 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 company implements strict quality assurance and 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 Val d'Or, Que., AGAT laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. Check assays for gold are being done on a sample subset at ALS's laboratory in Val d'Or. For a complete description of protocols, please visit the company's QA/QC webpage.

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.

We seek Safe Harbor.