Mr. Matthew Hornor reports

MAPLE GOLD COMPLETES FIRST PHASE OF JV DEEP DRILLING AT DOUAY AND JOUTEL

Maple Gold Mines Ltd. has completed the first phase of deep drilling at the company's Douay and Joutel gold projects located in Quebec, Canada, which are held by a 50/50 joint venture (JV) between the company and Agnico Eagle Mines Ltd. The JV completed more than 13,100 metres (m) of drilling across Douay and Joutel prior to winter break-up.

Deep drilling program summary and observations:

• In the Telbel mine area at Joutel, the JV drilled a total of 7,343 m in three master drill holes and four successful wedge drill holes.
• All Telbel drill holes intersected broad zones of semi-massive to massive sulphide mineralization.
• Drill hole TB-22-003 and its associated wedges intersected three mineralized zones and bottomed in mineralization, with sphalerite observed in drill core and elevated zinc values observed through pXRF analysis at site.
• At Douay, the JV drilled a total of 5,792 m in five drill holes testing beneath the Douay West, Porphyry, Central and 531 zones, as well as one shallow NW zone stepout hole.
• The most compelling visual core observations at Douay were in the final hole (DO-23-326X), collared near the Central zone and extending beneath the Porphyry zone at depth), with significant alteration, deformation and mineralization (abundant fine-grained pyrite) from approximately 850 m to 1,400 m downhole.

"Early indications from the JV's first phase of deep drilling are encouraging, particularly at Telbel with the upper mineralized zones in TB-22-003, which are well north of the main mine horizon and the fact that both TB-23-001W1 and TB-23-003W2 intersected the downdip continuity of the sulphide-rich main mine horizon," stated Matthew Hornor, president and chief executive officer of Maple Gold. "Sphalerite is a key indicator of VMS style of mineralization and we look forward to the gold and multielement assay results from these holes with the aim of vectoring towards a significant mineralized zone at depth. At Douay, we are also excited by what we've observed in the drill core beneath the Porphyry zone and look forward to the assay results and valuable data that this first phase of deep drilling will generate."

The company has completed final core splitting and has sent final sample shipments to the lab. Assay results are expected in Q2 2023 and will be reported once they are vetted and interpreted. The company has identified additional targets that were previously permitted and approved for drilling at Douay but will wait on the additional assay results and internal 3-D (three-dimensional) model updates before commencing the next phases of drilling at Douay/Joutel, as any successes from the first phase of deep drilling could significantly impact target priorities and corresponding JV capital allocation.

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 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.

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