Wednesday, April 06, 2022

Defense Metals (DFMTF)(DEFN:CA)
Keeping the Momentum Going

Noble Capital Markets research on Defense Metals Corp. is published under ticker symbols DFMTF and DEFN:CA. The price target for DFMTF is in USD and the price target for DEFN:CA is in CAD. Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Equity funding. Defense Metals raised gross proceeds in the amount of $4.6 million from the private placement of 6.3 million flow-through (FT) common shares at a price of C$0.35 per FT share and ~9.0 million units at a price of C$0.26 per unit. Each unit consists of one common share and one common share purchase warrant which may be exercised at a price of C$0.40 for a period of 24 months. Defense Metals may accelerate the expiry of the warrants under certain conditions. Our model had assumed a C$5.0 million equity private placement.

Upcoming drill program.  The proceeds will be used for the exploration and development of the company’s Wicheeda Rare Earth Element Project. Defense Metals expects to commence a 5,300-meter infill drilling program in May 2022 to expand and upgrade resources which will be incorporated, along with results from the 2021 drill program, into a preliminary feasibility study (PFS) to be released during the …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

Maple Gold Reports Fall 2021 Drill Results at Douay, Including 4.63 g/t Gold over 6.7 Metres Within 1.54 g/t Gold over 32.2 Metres at the 531 Zone, and Makes Equity Incentive Plan Grants

Research, News, and Market Data on Maple Gold Mines

 

Vancouver, British Columbia–(Newsfile Corp. – April 5, 2022) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to report final assay results from the Fall 2021 drill program at the Company’s 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. The JV completed a total of seven (7) holes and roughly 3,420 metres (“m”) under the Fall 2021 drill program, with every hole intersecting multiple intervals of >1 gram per tonne gold (“g/t Au”).

Highlights:

• Drill hole DO-21-316 at the 531 Zone intersected 1.54 g/t Au over 32.2 m (from 430.0 m downhole), including 4.63 g/t Au over 6.7 m within 2.13 g/t Au over 18.9 m.
• DO-21-316 intercepts are located approximately 135 m down-plunge from the best intercept drilled to-date at the 531 Zone (DO-21-310; see news from September 9, 2021) and below the SLR 2022 NI43-101 Mineral Resource Estimate (“SLR 2022”) conceptual pit limits, indicating down-plunge continuity of high-grade mineralized trends and resource expansion potential at depth in the 531 Zone.
• Drill hole DO-21-317 intersected three discrete gold zones: 5.58 g/t Au over 3.0 m (from 258.0 m downhole); 1.62 g/t Au over 16.0 m (from 284.0 m downhole); and 3.42 g/t Au over 8.0 m (from 369.0 m downhole).
• DO-21-317 intercepts are located up-plunge relative to the DO-21-310 intercept and within a different stratigraphic horizon relative to DO-21-316 that is also favourable for gold mineralization, indicating multiple stacked gold zones that remain open.

“Our exploration team has delivered significant drill intercepts every year at the 531 Zone since 2019 when our targeting became supported by 3D modelling,” stated Fred Speidel, VP Exploration of Maple Gold. “These new intercepts further support our belief that there are multiple stacked gold zones with apparent cross-plunges that appear to be structurally controlled. Demonstrated gold mineralization combined with a general lack of drilling has our team excited about the potential for the 531 Zone to deliver additional pit-constrained and underground resources as we continue with larger step-out and deeper drilling in 2022.”

Fall 2021 Drill Program Interpretation and Summary of Results

The JV’s Fall 2021 drill program included drilling in three separate areas (see Figure 1 for drill hole locations) outlined below with corresponding objectives:

1. 531 Zone (3 holes): Targeting further up-plunge and down-plunge along one of the two main interpreted mineralized trends (see Figure 2).
2. Central Zone (2 holes): Located 450 m and 650 m east of the SLR 2022 Central Zone conceptual pit and designed to test the eastern continuity of sediment-hosted gold mineralization and support further drilling along a 700 m drilling gap (see Figure 1).
3. Nika Zone / Porphyry Zone Gap Area (2 holes): The Porphyry Zone and Nika Zone are geologically similar and these two drill holes were drilled in the gap area between these two zones and their respective SLR 2022 conceptual pits.

Figure 1: Douay plan view map highlighting Fall 2021 drill hole locations

The 531 Zone has several geological similarities to the Douay West Zone; however, the former has seen significantly less drilling to-date (see Figure 1) and represents an opportunity to expand resources with mineralization remaining open in multiple directions.

Figure 2: North-looking 531 Zone section (50 m total width) with SLR 2022 resource blocks and drill hole locations.

Figure 2 shows gold mineralization extending down-plunge over 300 m from D-93-08 through DO-21-317 to beyond DO-21-316 and then to 70531 (the original 531 Zone discovery hole). Mineralization remains open along both trends (blue and red arrows) at the 531 Zone. Apart from historical drillholes D-92-41 (2.0 g/t Au over 22.9 m) and D-93-08 (1.52 g/t Au over 13.7m), there is no drilling up-plunge to test at shallower depths on this section (see Figure 2 above) leaving mineralization open toward surface. DO-21-319 (2.12 g/t Au over 2.20 m, including 3.56 g/t Au over 1.5 m and 1.44 g/t Au over 5 m, including 2.47 g/t Au over 2.0 m) was an approximately 160 m step-out drill hole (mostly off section in Figure 2) that appears to have just intersected the lower edge of westerly-plunging mineralization in this area, which warrants follow-up drilling.

A second, roughly perpendicular trend or “cross-plunge”, currently less defined but consistent with the typical easterly-plunging mineralization at Douay, is supported by current geological interpretations and the distribution of SLR 2022 resource blocks. This trend is also open to depth with very little drilling (red arrow), but does include DO-20-262X, one of the most significant holes drilled at 531 Zone (see news releases from June 5, 2019 and March 16, 2020).

The DO-21-316 intercept (1.54 g/t Au over 32.2 m, including 2.13 g/t Au over 18.9 m and 4.63 g/t Au over 6.70 m) is hosted in bleached, massive, and relatively homogenous brecciated mafic intrusive that is geologically similar to the previously reported DO-21-310 intercept (8.8 g/t Au over 28 m) located approximately 135 m up-plunge. The DO-21-317 intercepts (5.58 g/t Au over 3.0 m; 1.62 g/t Au over 16.0 m; and 3.42 g/t Au over 8.0 m) are hosted in altered and mineralized fenitized basalts or interflow sediments, also favourable for gold, and are interpreted as additional stacked gold zones.

The altered mafic (and to a lesser degree sedimentary) host rocks, as observed in drill core, point to the possibility of an additional alkaline intrusive complex beneath the 531 Zone. The JV’s ongoing and planned drilling in 2022 includes larger step-out and deeper drilling to target areas with significant resource expansion potential. Drill testing the 531 Zone at greater depths continues to rank high on the JV’s priority list.

Central Zone drilling intersected multiple narrow zones of mostly sediment-hosted gold mineralization, including multi-gram intercepts in both drill holes. DO-21-318 intersected 2.53 g/t Au over 4.0 m (from 286.0 m downhole); DO-21-315 intersected 1.25 g/t Au over 4.0m (from 260.0 m downhole) and 4.24 g/t Au over 1.0 m (from 362.0 m downhole). Collectively, these two holes confirm that gold mineralization continues well to the east of the current SLR 2022 Central Zone conceptual pit and support drilling still further to the east along a 700 m drilling gap.

Drilling in the Nika Zone intersected multiple broad intervals of lower-grade mineralization in a gap area with very limited drilling between the Nika and Porphyry Zones (see Figure 1 and Table 1). This gap area has a similar magnetic signature as the centre of the Nika Zone (some 500 m to the northwest) where hole DO-21-282X intersected 1.58 g/t Au over 132 m (see news release from May 26, 2021). Given the general lack of drilling within this gap area, and particularly the presence of near-surface gold mineralization starting at top of bedrock, the results will be further interpreted with the aim of vectoring in towards larger near-surface concentrations of >1 g/t Au mineralization.

Complete Fall 2021 drill program results at Douay are included in Table 1 below.

Table 1 – Summary of Fall 2021 Drill Program Results at Douay

Notes: All intervals are downhole core lengths. True widths estimated to be approximately 70-90% of core lengths.

Annual Equity Incentive Plan Grants

Pursuant to its Equity Incentive Plan (the “Plan”) dated December 17, 2020 and the policies of the TSX Venture Exchange, the Company has granted stock options (“Options”), Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”) to certain employees, officers and directors of the Company.

Options to purchase an aggregate of 3,500,000 common shares of the Company (each, a “Common Share”) were granted, with an exercise price of $0.42 per Common Share. Each Option grant vests one-third on the date of the grant, one-third 12 months from the date of the grant and one-third 24 months from the date of the grant. Once vested, each Option is exercisable into one Common Share for a period of five years from the date of the grant.

The Company also granted a total of 3,530,000 RSUs and 900,000 DSUs. Each RSU grant vests one-third on April 30, 2022, one-third 12 months from the date of the grant and one-third 24 months from the date of the grant. Once vested, each RSU and DSU entitles the holder thereof to receive either one Common Share, the cash equivalent of one Common Share or a combination of cash and Common Shares, as determined by the Company, net of applicable withholdings.

Further details regarding the Plan are set out in the Management Information Circular of the Company filed on May 19, 2021, which is available on SEDAR.

Qualified Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., 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 (“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 ALS laboratories in Val-d’Or, QC; 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: jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: kpatankar@maplegoldmines.com

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.

Defense Metals Closes Private Placement Financing

News, and Market Data on Defense Metals

 

News Release – Vancouver, British Columbia – April 5, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that it has closed a non-brokered private placement (the “Private Placement”) for gross proceeds of $4,558,049.57, consisting of 6,340,057 flow-through common shares of the Company (each, a “FT Share”) at a price of $0.35 per FT Share and 8,996,267 units of the Company (each, a “Unit”) at a price of $0.26 per Unit.  

Each FT Share is a “flow-through share” within the meaning of the Income Tax Act (Canada) (the “Act”). Each Unit consists of one common share of the Company and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.40 for a period of 24 months from the date of issuance, provided that if after four months from the date of issue and prior to the expiry of the Warrants, the closing price of the common shares of the Company is equal to or greater than $0.60 for a period of 15 consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants by giving notice to the holders that the Warrants will expire 15 days from the date of notice.  

The proceeds of the Private Placement will be used for the exploration and development of the Company’s Wicheeda Rare Earth Element Project located near Prince George, British Columbia and for general working capital purposes.

In connection with the Private Placement, the Company paid aggregate cash finder’s fees of $162,152.92 and issued 487,087 non-transferable finder warrants to Leede Jones Gable Inc., Qwest Investment Fund Management Ltd., Accilent Capital Management Inc., iA Private Wealth Inc., Haywood Securities Inc., Canaccord Genuity Corp., Research Capital Corporation and Glores Securities Inc. The finder warrants are exercisable for a period of 24 months from issuance at a price of $0.35 per share.

An insider-director of the Company subscribed for 60,000 Units, which participation constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) as the Company’s common shares are not listed on a specified market and the fair market value of the securities acquired do not exceed 25% of the Company’s market capitalization. 

All securities issued under the Private Placement are subject to a four month hold period in accordance with applicable securities laws.

About the Wicheeda REE Project

The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR^[1]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101.

About the Company

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Contact Information – For more information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

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 news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Forward-Looking Information

This news release contains “forward?looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the Private Placement, use of proceeds, other statements relating to the technical, financial, and business prospects of the Company, its projects, and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. There is a possibility that future exploration, development or mining results will not be consistent with the Company’s expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, the price of metals and commodity price fluctuations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

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[1] Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).

Maple Gold Reports Fall 2021 Drill Results at Douay, Including 4.63 g/t Gold over 6.7 Metres Within 1.54 g/t Gold over 32.2 Metres at the 531 Zone, and Makes Equity Incentive Plan Grants

Research, News, and Market Data on Maple Gold Mines

 

Vancouver, British Columbia–(Newsfile Corp. – April 5, 2022) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to report final assay results from the Fall 2021 drill program at the Company’s 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. The JV completed a total of seven (7) holes and roughly 3,420 metres (“m”) under the Fall 2021 drill program, with every hole intersecting multiple intervals of >1 gram per tonne gold (“g/t Au”).

Highlights:

• Drill hole DO-21-316 at the 531 Zone intersected 1.54 g/t Au over 32.2 m (from 430.0 m downhole), including 4.63 g/t Au over 6.7 m within 2.13 g/t Au over 18.9 m.
• DO-21-316 intercepts are located approximately 135 m down-plunge from the best intercept drilled to-date at the 531 Zone (DO-21-310; see news from September 9, 2021) and below the SLR 2022 NI43-101 Mineral Resource Estimate (“SLR 2022”) conceptual pit limits, indicating down-plunge continuity of high-grade mineralized trends and resource expansion potential at depth in the 531 Zone.
• Drill hole DO-21-317 intersected three discrete gold zones: 5.58 g/t Au over 3.0 m (from 258.0 m downhole); 1.62 g/t Au over 16.0 m (from 284.0 m downhole); and 3.42 g/t Au over 8.0 m (from 369.0 m downhole).
• DO-21-317 intercepts are located up-plunge relative to the DO-21-310 intercept and within a different stratigraphic horizon relative to DO-21-316 that is also favourable for gold mineralization, indicating multiple stacked gold zones that remain open.

“Our exploration team has delivered significant drill intercepts every year at the 531 Zone since 2019 when our targeting became supported by 3D modelling,” stated Fred Speidel, VP Exploration of Maple Gold. “These new intercepts further support our belief that there are multiple stacked gold zones with apparent cross-plunges that appear to be structurally controlled. Demonstrated gold mineralization combined with a general lack of drilling has our team excited about the potential for the 531 Zone to deliver additional pit-constrained and underground resources as we continue with larger step-out and deeper drilling in 2022.”

Fall 2021 Drill Program Interpretation and Summary of Results

The JV’s Fall 2021 drill program included drilling in three separate areas (see Figure 1 for drill hole locations) outlined below with corresponding objectives:

1. 531 Zone (3 holes): Targeting further up-plunge and down-plunge along one of the two main interpreted mineralized trends (see Figure 2).
2. Central Zone (2 holes): Located 450 m and 650 m east of the SLR 2022 Central Zone conceptual pit and designed to test the eastern continuity of sediment-hosted gold mineralization and support further drilling along a 700 m drilling gap (see Figure 1).
3. Nika Zone / Porphyry Zone Gap Area (2 holes): The Porphyry Zone and Nika Zone are geologically similar and these two drill holes were drilled in the gap area between these two zones and their respective SLR 2022 conceptual pits.

Figure 1: Douay plan view map highlighting Fall 2021 drill hole locations

The 531 Zone has several geological similarities to the Douay West Zone; however, the former has seen significantly less drilling to-date (see Figure 1) and represents an opportunity to expand resources with mineralization remaining open in multiple directions.

Figure 2: North-looking 531 Zone section (50 m total width) with SLR 2022 resource blocks and drill hole locations.

Figure 2 shows gold mineralization extending down-plunge over 300 m from D-93-08 through DO-21-317 to beyond DO-21-316 and then to 70531 (the original 531 Zone discovery hole). Mineralization remains open along both trends (blue and red arrows) at the 531 Zone. Apart from historical drillholes D-92-41 (2.0 g/t Au over 22.9 m) and D-93-08 (1.52 g/t Au over 13.7m), there is no drilling up-plunge to test at shallower depths on this section (see Figure 2 above) leaving mineralization open toward surface. DO-21-319 (2.12 g/t Au over 2.20 m, including 3.56 g/t Au over 1.5 m and 1.44 g/t Au over 5 m, including 2.47 g/t Au over 2.0 m) was an approximately 160 m step-out drill hole (mostly off section in Figure 2) that appears to have just intersected the lower edge of westerly-plunging mineralization in this area, which warrants follow-up drilling.

A second, roughly perpendicular trend or “cross-plunge”, currently less defined but consistent with the typical easterly-plunging mineralization at Douay, is supported by current geological interpretations and the distribution of SLR 2022 resource blocks. This trend is also open to depth with very little drilling (red arrow), but does include DO-20-262X, one of the most significant holes drilled at 531 Zone (see news releases from June 5, 2019 and March 16, 2020).

The DO-21-316 intercept (1.54 g/t Au over 32.2 m, including 2.13 g/t Au over 18.9 m and 4.63 g/t Au over 6.70 m) is hosted in bleached, massive, and relatively homogenous brecciated mafic intrusive that is geologically similar to the previously reported DO-21-310 intercept (8.8 g/t Au over 28 m) located approximately 135 m up-plunge. The DO-21-317 intercepts (5.58 g/t Au over 3.0 m; 1.62 g/t Au over 16.0 m; and 3.42 g/t Au over 8.0 m) are hosted in altered and mineralized fenitized basalts or interflow sediments, also favourable for gold, and are interpreted as additional stacked gold zones.

The altered mafic (and to a lesser degree sedimentary) host rocks, as observed in drill core, point to the possibility of an additional alkaline intrusive complex beneath the 531 Zone. The JV’s ongoing and planned drilling in 2022 includes larger step-out and deeper drilling to target areas with significant resource expansion potential. Drill testing the 531 Zone at greater depths continues to rank high on the JV’s priority list.

Central Zone drilling intersected multiple narrow zones of mostly sediment-hosted gold mineralization, including multi-gram intercepts in both drill holes. DO-21-318 intersected 2.53 g/t Au over 4.0 m (from 286.0 m downhole); DO-21-315 intersected 1.25 g/t Au over 4.0m (from 260.0 m downhole) and 4.24 g/t Au over 1.0 m (from 362.0 m downhole). Collectively, these two holes confirm that gold mineralization continues well to the east of the current SLR 2022 Central Zone conceptual pit and support drilling still further to the east along a 700 m drilling gap.

Drilling in the Nika Zone intersected multiple broad intervals of lower-grade mineralization in a gap area with very limited drilling between the Nika and Porphyry Zones (see Figure 1 and Table 1). This gap area has a similar magnetic signature as the centre of the Nika Zone (some 500 m to the northwest) where hole DO-21-282X intersected 1.58 g/t Au over 132 m (see news release from May 26, 2021). Given the general lack of drilling within this gap area, and particularly the presence of near-surface gold mineralization starting at top of bedrock, the results will be further interpreted with the aim of vectoring in towards larger near-surface concentrations of >1 g/t Au mineralization.

Complete Fall 2021 drill program results at Douay are included in Table 1 below.

Table 1 – Summary of Fall 2021 Drill Program Results at Douay

Notes: All intervals are downhole core lengths. True widths estimated to be approximately 70-90% of core lengths.

Annual Equity Incentive Plan Grants

Pursuant to its Equity Incentive Plan (the “Plan”) dated December 17, 2020 and the policies of the TSX Venture Exchange, the Company has granted stock options (“Options”), Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”) to certain employees, officers and directors of the Company.

Options to purchase an aggregate of 3,500,000 common shares of the Company (each, a “Common Share”) were granted, with an exercise price of $0.42 per Common Share. Each Option grant vests one-third on the date of the grant, one-third 12 months from the date of the grant and one-third 24 months from the date of the grant. Once vested, each Option is exercisable into one Common Share for a period of five years from the date of the grant.

The Company also granted a total of 3,530,000 RSUs and 900,000 DSUs. Each RSU grant vests one-third on April 30, 2022, one-third 12 months from the date of the grant and one-third 24 months from the date of the grant. Once vested, each RSU and DSU entitles the holder thereof to receive either one Common Share, the cash equivalent of one Common Share or a combination of cash and Common Shares, as determined by the Company, net of applicable withholdings.

Further details regarding the Plan are set out in the Management Information Circular of the Company filed on May 19, 2021, which is available on SEDAR.

Qualified Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., 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 (“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 ALS laboratories in Val-d’Or, QC; 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: jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: kpatankar@maplegoldmines.com

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.

Defense Metals Closes Private Placement Financing

News, and Market Data on Defense Metals

 

News Release – Vancouver, British Columbia – April 5, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that it has closed a non-brokered private placement (the “Private Placement”) for gross proceeds of $4,558,049.57, consisting of 6,340,057 flow-through common shares of the Company (each, a “FT Share”) at a price of $0.35 per FT Share and 8,996,267 units of the Company (each, a “Unit”) at a price of $0.26 per Unit.  

Each FT Share is a “flow-through share” within the meaning of the Income Tax Act (Canada) (the “Act”). Each Unit consists of one common share of the Company and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.40 for a period of 24 months from the date of issuance, provided that if after four months from the date of issue and prior to the expiry of the Warrants, the closing price of the common shares of the Company is equal to or greater than $0.60 for a period of 15 consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants by giving notice to the holders that the Warrants will expire 15 days from the date of notice.  

The proceeds of the Private Placement will be used for the exploration and development of the Company’s Wicheeda Rare Earth Element Project located near Prince George, British Columbia and for general working capital purposes.

In connection with the Private Placement, the Company paid aggregate cash finder’s fees of $162,152.92 and issued 487,087 non-transferable finder warrants to Leede Jones Gable Inc., Qwest Investment Fund Management Ltd., Accilent Capital Management Inc., iA Private Wealth Inc., Haywood Securities Inc., Canaccord Genuity Corp., Research Capital Corporation and Glores Securities Inc. The finder warrants are exercisable for a period of 24 months from issuance at a price of $0.35 per share.

An insider-director of the Company subscribed for 60,000 Units, which participation constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) as the Company’s common shares are not listed on a specified market and the fair market value of the securities acquired do not exceed 25% of the Company’s market capitalization. 

All securities issued under the Private Placement are subject to a four month hold period in accordance with applicable securities laws.

About the Wicheeda REE Project

The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR^[1]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101.

About the Company

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Contact Information – For more information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

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 news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Forward-Looking Information

This news release contains “forward?looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the Private Placement, use of proceeds, other statements relating to the technical, financial, and business prospects of the Company, its projects, and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. There is a possibility that future exploration, development or mining results will not be consistent with the Company’s expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, the price of metals and commodity price fluctuations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.

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[1] Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).