Mr. B. Matthew Hornor of Maple Gold Mines reports

MAPLE GOLD REPORTS FINAL ASSAY RESULTS AT EAGLE AND COMPLETES MORE THAN 7,000 METRES OF DEEP DRILLING AT TELBEL

Maple Gold Mines Ltd. has released results from the final 20 per cent of assays that were received from the previously completed 14,720 metres of drilling at the 100-per-cent-controlled Eagle mine property, which is under option from Globex Mining Enterprises Inc. The company is also pleased to report that more than 7,000 metres have now been completed (6,000 metres planned) at the Telbel mine area of the Joutel project, which is held by a 50/50 joint venture between the company and Agnico Eagle Gold Mines Ltd.

The final batch of assays received from completed drilling at Eagle correspond to approximately 3,000 metres of the 14,720 metres drilled to date. The results continue to demonstrate continuity of mineralization and the potential significance of the multiple horizons/splays to the northwest of the former Eagle mine. Highlights include the following (see attached table for highlighted results from all Maple Gold drilling at Eagle to date):

• EM-22-008W intersected 6.2 grams per tonne gold over 2.0 metres in the South mine horizon (SMH) and 4.2 grams per tonne gold over 3.9 metres in sediments farther downhole.
• EM-22-006W1 intersected multiple intercepts, including 6.5 grams per tonne gold over 1.2 metres and 2.0 grams per tonne gold over 3.0 metres in the SMH and 2.3 grams per tonne gold over 3.0 metres at the microgabbro/Harricana sediment contact farther downhole.
• EM-22-006W4 intersected 4.0 grams per tonne gold over 0.7 metre within a broader 1.1 grams per tonne gold over a 14.2-metre intercept within the SMH.
• EM-22-017A intersected 2.9 grams per tonne gold over 2.0 metres and additional lower grade over broader near-surface intervals (1.0 gram per tonne gold over 15.5 metres from 93 metres downhole).

"We have come a long way since first consolidating the Joutel ground into our JV property package," stated Matthew Hornor, chief executive officer of Maple Gold. "All of our exploration and drilling work along the past-producing Eagle-Telbel mine trend is designed with the aim of defining high-grade zones of gold mineralization and additional mineral resources to complement the established potentially bulk-mineable resource present at Douay. Our first year of drilling at Eagle has more than covered our exploration spending commitments to earn a 100% interest and we are now in position to finalize our compilation and model updates to support focused follow-up drilling in areas we believe have the most promise to deliver additional high-quality ounces."

Overview summary and key take-aways from drilling at Eagle

The Eagle-Telbel mine trend produced 1.1 million ounces at 6.5 grams per tonne gold from 1974 to 1993, during a period when the price of gold averaged approximately $350 per ounce. During the first year of the joint venture (2021), all historical mining, stope and drilling data were digitized to underpin a new 3-D geological model. The company signed an option agreement to acquire a 100-per-cent interest in the Eagle mine property (see press release dated July 19, 2021) and has since completed more than 21,500 metres of drilling across the four-kilometre-long Eagle-Telbel mine trend, with 14,720 metres at Eagle and more than 7,000 metres (assays pending) of joint venture drilling at Telbel.

The company's drilling to date at Eagle has served to confirm that gold mineralization is not limited to a narrow stratigraphic interval (Eagle-Telbel mine horizon) but instead covers a significantly broader stratigraphic interval of over 100 metres straddling the Harricana deformation zone. Drill core observations also support the company's concept of a significant structural component to gold mineralization in the form of an orogenic gold overprint.

Several highlights from the company's first year of drilling at Eagle are summarized as follows:

• EM-22-005: 4.0 grams per tonne gold over 7.5 metres, including 6.4 grams per tonne gold over 3.0 metres;
• EM-22-009: 11.4 grams per tonne gold over three metres, including 24.4 grams per tonne gold over one metre;
• EM-22-013: 2.3 grams per tonne gold over 10.4 metres, including 5.0 grams per tonne gold over 3.2 metres;
• EM-22-015: 10.3 grams per tonne gold over 7.8 metres, including 41.1 grams per tonne gold over 1.0 metre;
• EM-22-015: 4.3 grams per tonne gold over 3.9 metres, including 7.4 grams per tonne gold over 1.5 metres;
• EM-22-016: 3.1 grams per tonne gold over 7.3 metres, including 4.0 grams per tonne gold over 3.6 metres.

When combining the company's drilling results and observations with notable historical results and new geophysical data, several priority target areas emerge along the SMH and North mine horizon (NMH), including multiple cross-plunging target concepts that will form part of the focus for the company's next phase of drilling (approximately 5,000 metres). The company has initiated target definition and permitting work for a planned summer 2023 follow-up program at Eagle (see press release dated March 16, 2023), and priority follow-up targets will also be defined at Telbel once assay results have been received and interpreted from the first phase of deep drilling.

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.

Quality assurance and quality control

The company implements strict QA/QC 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. 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 web page.

About Maple Gold Mines 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.

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