Maple Gold Mines Reports Updated Douay Mineral Resource Estimate; Indicated Resources Increase 21% to 511000 Oz Au and Inferred Resources Increase 7% to 2525000 Oz Au on Limited Drilling – Junior Mining Network
TSX.V: MGM
www.maplegoldmines.com
Mr. Matthew Hornor reports:
Vancouver, British Columbia–(Newsfile Corp. – March 17, 2022) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to report the positive results of an updated Mineral Resource Estimate (the “2022 MRE”) for the Douay Gold Project (“Douay” or the “Project”) in Quebec, Canada, which is held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited. Total contained gold ounces at Douay have increased along with further conversion from Inferred to Indicated Resources categories based on successful exploration and infill drilling, comprehensive mineralization modeling, and using higher cost and gold price assumptions compared to the RPA 2019 MRE[1].
Highlights from the 2022 MRE:
Discovery Costs
Since the RPA 2019 MRE, the Company and the JV have incurred an aggregate of approximately US$6.1 million in direct exploration expenditures. This equates to a discovery cost of approximately US$23/oz Au for the incremental resources defined in the 2022 MRE.
“We completed two modest drill programs in 2020 amid a global pandemic and followed that up with a roughly 10,000-m maiden JV drill campaign in 2021 that, in line with our expectations, successfully converted Inferred to Indicated ounces and ultimately increased the overall gold endowment at Douay,” commented Matthew Hornor, President and CEO of Maple Gold. “Targeted infill drilling demonstrates the potential for future resource conversion within the currently defined mineralized zones and continues to de-risk the deposit; however, the updated model that underpins the 2022 MRE indicates significant room for growth. Looking ahead, the Company is targeting larger step-out and deeper drilling along the full extent of the Douay resource area.”
The 2022 MRE is based on a total Douay drill database of 674 holes (241,626 m) within the resource area, of which 38 holes (15,647 m) were completed by the Company and the JV between 2019-2021. Approximately 6,200 m of drilling has been completed by the JV since the 2022 MRE and roughly 10,000 m has been approved and permitted for future drilling, with additional step-out and deeper holes planned. For further clarity, Fall 2021 and Winter 2022 drilling results at Douay are not included in the 2022 MRE.
The 2022 MRE was independently prepared by SLR Consulting (Canada) Ltd. (“SLR”) and has an effective date of March 17, 2022. A technical report is being prepared in accordance with National Instrument 43-101 (“NI 43-101”) and will be available on the Company’s website and SEDAR within 45 days of the date of this press release.
Table 1 – Douay Resource Summary – March 17, 2022
Table 2 – Douay Pit-Constrained & Underground Resource Summary by Zone
Notes to Douay 2022 MRE Tables:
Table 3 – Douay Pit-Constrained Indicated & Inferred Resource Sensitivity Table
Notes to Douay 2022 MRE Sensitivity Table:
Table 4 – SLR 2022 MRE Compared to RPA 2019 MRE
Notes to Douay MRE Comparison Table:
Figure 1: Douay oblique view showing SLR 2022 resource block model.
Figure 2: NW-SE longitudinal section showing distribution of below-pit-shell underground blocks and resource expansion potential at depth. Other mine/project information is shown for reference only.
Qualified Person
The Mineral Resources disclosed in this press release have been estimated by Ms. Marie-Christine Gosselin, P.Geo., an employee of SLR and independent of Maple Gold Mines. By virtue of her education and relevant experience, Ms. Gosselin is a “Qualified Person” for the purpose of NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014). Ms. Gosselin, P.Geo. has read and approved the contents of this press release as it pertains to the disclosed Mineral Resource estimates. Further information about key assumptions, parameters, and methods used to estimate the Mineral Resources, as well as legal, political, environmental, or other risks that may affect the Mineral Resource estimate will be included in a NI 43-101 Technical Report to be filed on SEDAR within 45 days following the date of this press release.
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Mr. Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under NI 43-101. 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 (“QA”) and Quality Control (“QC”) protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drillhole 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, SGS 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 webpage at www.maplegoldmines.com.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited 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 ~400 km2 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% of the Eagle Mine Property.
The district-scale property package also hosts a significant number of regional exploration targets along a 55 km 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. For more information, please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
“Matthew Hornor”
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
document.getElementById(‘cloak6fa66e82375163fee362dba184820903’).innerHTML = ”;
var prefix = ‘ma’ + ‘il’ + ‘to’;
var path = ‘hr’ + ‘ef’ + ‘=’;
var addy6fa66e82375163fee362dba184820903 = ‘jlang’ + ‘@’;
addy6fa66e82375163fee362dba184820903 = addy6fa66e82375163fee362dba184820903 + ‘maplegoldmines’ + ‘.’ + ‘com’;
var addy_text6fa66e82375163fee362dba184820903 = ‘jlang’ + ‘@’ + ‘maplegoldmines’ + ‘.’ + ‘com’;document.getElementById(‘cloak6fa66e82375163fee362dba184820903’).innerHTML += ‘‘+addy_text6fa66e82375163fee362dba184820903+’‘;
Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
document.getElementById(‘cloakaeebabb3ebf77b2dce782e195584ed0d’).innerHTML = ”;
var prefix = ‘ma’ + ‘il’ + ‘to’;
var path = ‘hr’ + ‘ef’ + ‘=’;
var addyaeebabb3ebf77b2dce782e195584ed0d = ‘kpatankar’ + ‘@’;
addyaeebabb3ebf77b2dce782e195584ed0d = addyaeebabb3ebf77b2dce782e195584ed0d + ‘maplegoldmines’ + ‘.’ + ‘com’;
var addy_textaeebabb3ebf77b2dce782e195584ed0d = ‘kpatankar’ + ‘@’ + ‘maplegoldmines’ + ‘.’ + ‘com’;document.getElementById(‘cloakaeebabb3ebf77b2dce782e195584ed0d’).innerHTML += ‘‘+addy_textaeebabb3ebf77b2dce782e195584ed0d+’‘;
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Forward-Looking Statements:
This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
1 For additional details on the RPA 2019 MRE, please refer to the Company’s press release dated October 24, 2019 which can be found on the Company’s website (www.maplegoldmines.com).
2 Please refer to the Company’s press releases dated May 26, 2021 and September 9, 2021.
For more information visit www.maplegoldmines.com
Maple Gold Mines is a Canadian advanced exploration company in a 50/50 partnership with top gold producer Agnico Eagle Mines to jointly advance the Douay and Joutel gold projects located… LEARN MORE