Image Credit: Michael McKibben

How a Few Geothermal Plants Could Solve America’s Lithium Supply Crunch and Boost the EV Battery Industry

 

Geothermal energy has long been the forgotten member of the clean energy family, overshadowed by relatively cheap solar and wind power, despite its proven potential. But that may soon change – for an unexpected reason.

Geothermal technologies are on the verge of unlocking vast quantities of lithium from naturally occurring hot brines beneath places like California’s Salton Sea, a two-hour drive from San Diego (image shown above).

Lithium is essential for lithium-ion batteries, which power electric vehicles and energy storage. Demand for these batteries is quickly rising, but the U.S. is currently heavily reliant on lithium imports from other countries – most of the nation’s lithium supply comes from Argentina, Chile, Russia, and China. The ability to recover critical minerals from geothermal brines in the U.S. could have important implications for energy and mineral security, as well as global supply chains, workforce transitions and geopolitics.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of Bryant Jones Ph.D. Candidate of Energy Policy, Boise State University and Michael McKibben Research Professor of Geology, University of California, Riverside.

 

As a geologist who works with geothermal brines and an energy policy scholar, we believe this technology can bolster the nation’s critical minerals supply chain at a time when concerns about the supply chain’s security are rising.

The Elmore geothermal plant, one of ten operated by Berkshire Hathaway Energy

 

Geothermal power plants use heat from the Earth to generate a constant supply of steam to run turbines that produce electricity. The plants operate by bringing up a complex saline solution located far underground, where it absorbs heat and is enriched with minerals such as lithium, manganese, zinc, potassium, and boron.

Geothermal brines are the concentrated liquid left over after heat and steam are extracted at a geothermal plant. In the Salton Sea plants, these brines contain high concentrations – about 30% – of dissolved solids.

If test projects now underway prove
that battery-grade lithium can be extracted from these brines cost-effectively,
11 existing geothermal plants along the Salton Sea alone could have the
potential to produce enough lithium metal to provide about 10 times the current
U.S. demand.

Three geothermal operators at the Salton Sea geothermal field are in various stages of designing, constructing and testing pilot plants for direct lithium extraction from the hot brines.

At full production capacity, the 11 existing power plants near the Salton Sea, which currently generate about 432 megawatts of electricity, could also produce about 20,000 metric tons of lithium metal per year. The annual market value of this metal would be over $5 billion at current prices.

 

Geopolitical Risks in the Lithium Supply Chain

Existing lithium supply chains are rife with uncertainties that put mineral security in question for the United States.

Russia’s war in Ukraine and competition with China, as well as close ties between Russia and China, underscore the geopolitical implications of the mineral-intensive clean energy transformation.

China is currently the leader in lithium processing and actively procures lithium reserves from other major producers. Chinese state mining operators often own mines in other countries, which produce other vital clean energy minerals like cobalt and nickel.

There is currently one lithium production facility in the U.S. That facility, in Nevada, extracts saline liquid and concentrates the lithium by allowing the water to evaporate in large, shallow ponds. In contrast, the process for extracting lithium while producing geothermal energy returns the water and brines to the earth. Adding another domestic source of lithium could improve energy and mineral security for the United States and its allies.

 

 

A Lack of Policy Support

Geothermal power today represents less than 0.5% of the utility-scale electricity generation in the U.S.

One reason it remains a stagnant energy technology in the U.S. is the lack of strong policy support. Preliminary findings from a research study being conducted by one of us indicate that part of the problem is rooted in disagreements among older and newer geothermal companies themselves, including how they talk about geothermal energy’s benefits with policymakers, investors, the media and the public.

Geothermal power has the ability to complement solar and wind energy as a baseload power source – it is constant, unlike sunshine and wind – and to provide energy and mineral security. It could also offer a professional bridge for oil, gas and coal employees to transition into the clean energy economy.

The industry could benefit from policies like risk mitigation funds to lessen drilling exploration costs, grant programs to demonstrate innovations, long-term power contracts or tax incentives.

Adding the production of critical metals like lithium, manganese and zinc from geothermal brines could provide geothermal electrical power operators a new competitive advantage and help get geothermal onto the policy agenda.

 

Geothermal Energy Gets a Boost in California

Trends might be moving in the right direction for geothermal energy producers.

In February, the California Public Utilities Commission adopted a new Preferred System Plan that encourages the state to develop 1,160 megawatts of new geothermal electricity. That’s on top of a 2021 decision to procure 1,000 megawatts from zero emissions, renewable, firm generating resources with an 80% capacity factor – which can only be met by geothermal technologies.

 

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Comstock Announces 2022 Annual Meeting

Research, News, and Market Data on Comstock Mining

 

VIRGINIA CITY, Nev., March 24, 2022 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that its 2022 Annual Meeting of Shareholders has been scheduled for Thursday, May 26, 2022, starting at 9:00 a.m. Pacific Daylight Time in Reno, Nevada, at the Atlantis Hotel. The meeting will feature Comstock’s renewable fuels and electrification businesses, and highlight the Company’s expanded senior management team and recently expanded portfolio of decarbonizing technologies.

The 2022 Annual Meeting schedule for May 26, 2022, is as follows:

The record date for the Annual Meeting is March 31, 2022. Only shareholders of record at the close of business on March 31, 2022, may vote at the meeting. The Company’s proxy statement will be sent to shareholders of record and will describe all matters to be voted on, including the Company’s name change to Comstock Inc. Shareholders are invited to register for the 2022 Annual Meeting at Comstock’s newly released website at www.comstock.inc.

About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting massive supplies of under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Comstock Announces Notice of 2021 Year End Webcast

Research, News, and Market Data on Comstock Mining

 

VIRGINIA CITY, Nev., March 22, 2022 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it will host a conference call on Tuesday, March 29, 2022, at 8:00 a.m. Pacific Daylight Time (11:00 a.m. Eastern Daylight Time) to report its 2021 Year End results and provide a business update. The webcast will include a moderated question and answer session after the Company’s prepared remarks. Please click the link below to register in advance and join the event 10 to 15 minutes prior to the scheduled start time. After registering, you will receive a confirmation email containing information about joining the Webcast.

March 29, 2022, 08:00 AM Pacific Daylight Time / 11:00 AM Eastern Daylight Time (US and Canada)

Topic: Comstock’s Year End 2021 Results and Business Update

Please click here to register in advance for this webcast.

About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting massive supplies of under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Endeavour Silver Closes US$46 Million Bought Deal Financing Including US$6 Million Over-Allotment Option Exercise in Full

Research, News, and Market Data on Endeavour Silver

 

VANCOUVER, British Columbia, March 22, 2022 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (TSX: EDR, NYSE: EXK) is pleased to announce the completion of its prospectus offering announced on March 15, 2022 for the issuance of a total of 9,293,150 common shares (“ Common Shares ”) at a price of US$4.95 per Common Share for aggregate gross proceeds of US$46,001,092, including the exercise of the over-allotment option in full (the “ Offering ”). The Offering was co-led by BMO Capital Markets and PI Financial Corp., together with a syndicate of underwriters consisting of CIBC World Markets Inc., B. Riley Securities, Inc. and H.C. Wainwright & Co., LLC.

The Company plans to use the net proceeds of the Offering to pay the US$35 million cash consideration payable to SSR Mining Inc. on completion of the Company’s acquisition of the Pitarrilla project in Durango State, Mexico and for the Company’s general corporate purposes and working capital.

About Endeavour Silver Corp.
Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico: the Guanaceví Mine in Durango and the Bolañitos Mine in Guanajuato. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.

Contact Information
Trish Moran
Interim Head of Investor Relations
Tel: (416) 564-4290
Email: [email protected]
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook , Twitter , Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the intended use of proceeds.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, uncertainty of the ultimate impact of the COVID-19 pandemic on operations, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; metal prices; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “Risk Factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the SEC and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, the impact of the COVID-19 pandemic on mining operations in Mexico generally, and the Company’s operations specifically, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, resource and reserve estimates, metal prices, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Endeavour Silver Closes US$46 Million Bought Deal Financing Including US$6 Million Over-Allotment Option Exercise in Full

Research, News, and Market Data on Endeavour Silver

 

VANCOUVER, British Columbia, March 22, 2022 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (TSX: EDR, NYSE: EXK) is pleased to announce the completion of its prospectus offering announced on March 15, 2022 for the issuance of a total of 9,293,150 common shares (“ Common Shares ”) at a price of US$4.95 per Common Share for aggregate gross proceeds of US$46,001,092, including the exercise of the over-allotment option in full (the “ Offering ”). The Offering was co-led by BMO Capital Markets and PI Financial Corp., together with a syndicate of underwriters consisting of CIBC World Markets Inc., B. Riley Securities, Inc. and H.C. Wainwright & Co., LLC.

The Company plans to use the net proceeds of the Offering to pay the US$35 million cash consideration payable to SSR Mining Inc. on completion of the Company’s acquisition of the Pitarrilla project in Durango State, Mexico and for the Company’s general corporate purposes and working capital.

About Endeavour Silver Corp.
Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico: the Guanaceví Mine in Durango and the Bolañitos Mine in Guanajuato. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer.

Contact Information
Trish Moran
Interim Head of Investor Relations
Tel: (416) 564-4290
Email: [email protected]
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook , Twitter , Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the intended use of proceeds.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, uncertainty of the ultimate impact of the COVID-19 pandemic on operations, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; metal prices; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “Risk Factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the SEC and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, the impact of the COVID-19 pandemic on mining operations in Mexico generally, and the Company’s operations specifically, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, resource and reserve estimates, metal prices, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Comstock Announces Notice of 2021 Year End Webcast

Research, News, and Market Data on Comstock Mining

 

VIRGINIA CITY, Nev., March 22, 2022 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it will host a conference call on Tuesday, March 29, 2022, at 8:00 a.m. Pacific Daylight Time (11:00 a.m. Eastern Daylight Time) to report its 2021 Year End results and provide a business update. The webcast will include a moderated question and answer session after the Company’s prepared remarks. Please click the link below to register in advance and join the event 10 to 15 minutes prior to the scheduled start time. After registering, you will receive a confirmation email containing information about joining the Webcast.

March 29, 2022, 08:00 AM Pacific Daylight Time / 11:00 AM Eastern Daylight Time (US and Canada)

Topic: Comstock’s Year End 2021 Results and Business Update

Please click here to register in advance for this webcast.

About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting massive supplies of under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Allegiant Amends Option Agreement And Announces Work Program At Goldfield West

Research, News, and Market Data on Allegiant Gold

 

Reno, Nevada /March 21, 2022 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce that it has reached an agreement with Anchor Minerals (“Anchor”) to amend the existing option agreement on the 80 claims and the initiation by Allegiant of a 5-year, US$1.5 million work program at Goldfield West.

The Goldfield West property (“Goldfield West” or the “Property”) operated by Allegiant Gold consists of 185 unpatented claims (80 claims optioned from Anchor Minerals) located near the historic town of Goldfield. The Property is nearby the Goldfield District Project (aka Gemfield Mine) recently acquired by Centerra Gold from Waterton Global Resources for approximately US$206 million (see map below). The Property is situated nearby a main highway and has access to excellent infrastructure.

Map 1: Goldfield Property Map

https://allegiantgold.com/site/assets/files/3081/map-westgoldfield-regional-mineral-prod-2017-08-08-1.jpg

The original option agreement signed on January 28, 2019, between Allegiant and Anchor on the 80 unpatented claims called for advanced royalty payments to be made by Allegiant during the life of the agreement. The new agreement suspends the advanced royalty payments to Anchor in return for a one-time, lump-sum payment to Anchor of US$140,000 consisting of US$60,000 in cash and US$80,000 in Allegiant shares. After five years, a new advanced royalty payment will commence at US$50,000 with an annual adjustment tied to inflation. Allegiant has also agreed to initiate a US$1.5 million work program at Goldfield West over the next five years.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have reached an agreement with Anchor Minerals to amend the option agreement at Goldfield West. This new agreement provides material financial savings and the incentive for Allegiant to now conduct the required exploration program necessary to further advance the project. Goldfield West is currently in the middle of one of the most sought-after districts in Nevada and has always been one of the highest ranked projects in our portfolio. We look forward to providing our shareholders with additional information on our exploration efforts over the coming months.”

The closing of this transaction is subject to final TSX Venture Exchange approval.

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD

Peter Gianulis

CEO

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
[email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements.Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold exploration properties, the drill program at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside project, Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Chakana Copper to Participate at Swiss Mining Institute Virtual Conference

Research, News, and Market Data on Chakana Copper

 

Vancouver, B.C., March 21, 2022 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), announced today that representatives from Chakana Copper will participate virtually in Bally Capital’s Swiss Mining Institute conference from March 22-24, 2022.

Mr. David Kelley, Chief Executive Officer, and President of Chakana Copper will provide shareholders and interested stakeholders an update on the Soledad Project located in the Ancash region of Peru. An updated presentation will be available for viewing on the company’s website at: www.chakanacopper.com.

ON BEHALF OF THE BOARD

(signed) “David Kelley”  
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Chakana Copper to Participate at Swiss Mining Institute Virtual Conference

Research, News, and Market Data on Chakana Copper

 

Vancouver, B.C., March 21, 2022 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), announced today that representatives from Chakana Copper will participate virtually in Bally Capital’s Swiss Mining Institute conference from March 22-24, 2022.

Mr. David Kelley, Chief Executive Officer, and President of Chakana Copper will provide shareholders and interested stakeholders an update on the Soledad Project located in the Ancash region of Peru. An updated presentation will be available for viewing on the company’s website at: www.chakanacopper.com.

ON BEHALF OF THE BOARD

(signed) “David Kelley”  
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Allegiant Amends Option Agreement And Announces Work Program At Goldfield West

Research, News, and Market Data on Allegiant Gold

 

Reno, Nevada /March 21, 2022 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce that it has reached an agreement with Anchor Minerals (“Anchor”) to amend the existing option agreement on the 80 claims and the initiation by Allegiant of a 5-year, US$1.5 million work program at Goldfield West.

The Goldfield West property (“Goldfield West” or the “Property”) operated by Allegiant Gold consists of 185 unpatented claims (80 claims optioned from Anchor Minerals) located near the historic town of Goldfield. The Property is nearby the Goldfield District Project (aka Gemfield Mine) recently acquired by Centerra Gold from Waterton Global Resources for approximately US$206 million (see map below). The Property is situated nearby a main highway and has access to excellent infrastructure.

Map 1: Goldfield Property Map

https://allegiantgold.com/site/assets/files/3081/map-westgoldfield-regional-mineral-prod-2017-08-08-1.jpg

The original option agreement signed on January 28, 2019, between Allegiant and Anchor on the 80 unpatented claims called for advanced royalty payments to be made by Allegiant during the life of the agreement. The new agreement suspends the advanced royalty payments to Anchor in return for a one-time, lump-sum payment to Anchor of US$140,000 consisting of US$60,000 in cash and US$80,000 in Allegiant shares. After five years, a new advanced royalty payment will commence at US$50,000 with an annual adjustment tied to inflation. Allegiant has also agreed to initiate a US$1.5 million work program at Goldfield West over the next five years.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have reached an agreement with Anchor Minerals to amend the option agreement at Goldfield West. This new agreement provides material financial savings and the incentive for Allegiant to now conduct the required exploration program necessary to further advance the project. Goldfield West is currently in the middle of one of the most sought-after districts in Nevada and has always been one of the highest ranked projects in our portfolio. We look forward to providing our shareholders with additional information on our exploration efforts over the coming months.”

The closing of this transaction is subject to final TSX Venture Exchange approval.

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD

Peter Gianulis

CEO

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
[email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements.Allegiant Gold Ltd.’s (“Allegiant”) exploration plans for its gold exploration properties, the drill program at Allegiant’s Eastside project, the preparation and publication of an updated resource estimate in respect of the Original Zone at the Eastside project, Allegiant’s future exploration and development plans, including anticipated costs and timing thereof; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Friday, March 18, 2022

Sierra Metals (SMTS)(SMT:CA)
Strong Finish to a Challenging Year

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

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.

Full year financial results. Sierra Metals reported 2021 adjusted net income attributable to shareholders of $21.6 million, or $0.13 per share, compared with $30.8 million, or $0.19 per share, in 2020. Adjusted EBITDA increased 1.8% to $104.7 million compared to $102.8 million in the prior year. Our EPS and EBITDA estimates were $0.06 and $89.7 million. Variances to our estimates include higher revenue, differences between actual and modeled net income to non-controlling interests, and various add backs that closed the delta between a GAAP loss of $(0.17) per share and adjusted EPS, including a $35 million asset impairment. In light of 2021 operational challenges, financial and operating results exceeded our expectations.

2022 Guidance.  Management forecasts 2022 EBITDA in the range of $90.0 to $105.0 million based on copper equivalent production in the range of 79.5 million to 89.7 million pounds. Completion of mine development at Bolivar should drive stronger financial results in the second half of the year. We think the company’s growth outlook is supported by expansions at existing operations, the addition of an …

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 Updated Douay Mineral Resource Estimate; Indicated Resources Increase 21% To 511,000 Oz Au And Inferred Resources Increase 7% To 2,525,000 Oz Au On Limited Drilling

Research, News, and Market Data on Maple Gold Mines

 

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:

• Pit-constrained Indicated Resources increased 21% compared to the RPA 2019 MRE¹ to 511,000 ounces (“oz”) at an average grade of 1.59 grams per tonne gold (“g/t Au”) (from 422,000 oz at an average grade of 1.52 g/t Au)
• Pit-constrained Inferred Resources increased slightly compared to the RPA 2019 MRE¹ to 2,065,000 oz at an average grade of 0.94 g/t Au (from 2,045,000 oz at an average grade of 0.97 g/t Au)
• Underground Inferred Resources increased 50% compared to the RPA 2019 MRE¹ to 460,000 oz at an average grade of 1.68 g/t Au (from 307,000 oz at an average grade of 1.75 g/t Au)
• Initial Indicated Resources in the Nika Zone (30,000 oz at an average grade of 1.13 g/t Au) and the 531 Zone (58,000 oz at an average grade of 2.85 g/t Au), resulting from significant intercepts^[2] from the JV’s first drill campaign (see Figure 1 for zone locations)
• Mineralized zones at Douay remain open for expansion and are largely untested below an average vertical drill depth of approximately 350 metres (“m”) (see Figure 2)
• Ongoing drilling at Douay is primarily focused on exploration targets in areas with lateral and depth expansion potential that are not part of 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

Resource Category	Tonnes (Mt)	Grade (g/t Au)	Contained Metal (000 oz Au)
Pit-Constrained Mineral Resources (0.45 g/t Au cut-off)
Indicated	10.0	1.59	511
Inferred	68.2	0.94	2,065
Underground Mineral Resources (1.15 g/t Au cut-off)
Inferred	8.5	1.68	460
Total Mineral Resources
Indicated	10.0	1.59	511
Inferred	76.7	1.02	2,525

 

Table 2 – Douay Pit-Constrained & Underground Resource Summary by Zone

	Resource Category	Domain	Tonnes (Mt)	Grade (g/t Au)	Contained Metal (000 oz Au)
Pit-Constrained Mineral Resources (0.45 g/t Au cut-off)
	Indicated	Porphyry	4.4	0.98	138
		Douay West	4.2	2.13	286
		Nika	0.8	1.13	30
		531	0.6	2.85	58
	Total Pit-Constrained Indicated		10.0	1.59	511
	Inferred	Porphyry	48.4	0.89	1,380
		Douay West	2.3	1.16	87
		531	4.8	1.38	212
		Main Zone	0.5	1.16	17
		North West	3.1	1.12	113
		Nika	5.1	0.87	143
		Central Zone	0.1	0.88	4
		Zone 10	1.2	1.21	48
		Zone 20	2.6	0.72	60
	Total Pit-Constrained Inferred		68.2	0.94	2,065
Underground Mineral Resources (1.15 g/t Au cut-off)
	Inferred	Porphyry	3.0	1.62	158
		Douay West	1.4	1.77	82
		531	1.4	1.80	79
		Main Zone	1.4	1.63	72
		North West	0.2	1.60	12
		Central Zone	0.4	2.02	28
		Nika	0.6	1.48	28
	Total Underground Inferred		8.5	1.68	460

 

Notes to Douay 2022 MRE Tables:

1. The 2022 MRE is compliant with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition ?Standards (2014) incorporated by reference in NI 43-101. The effective date for the Mineral Resource Estimate is March 17, 2022.
2. Numbers may not add due to rounding.
3. A minimum mining width of 3 m was applied to the Mineral Resource wireframes. The three-dimensional (3D) wireframe models were generated using a nominal 0.1 g/t Au threshold value. Prior to compositing to 3 m lengths, high gold values were cut for each zone individually.
4. Bulk density was interpolated for Nika, Porphyry, and 531 zones on a block per block basis using assayed values. For all other zones, bulk density ranging between 2.72 t/m³ and 2.88 t/m³ was assigned to Mineral Resources based on the zone.
5. Pit-constrained Mineral Resources are reported above a cut-off grade of 0.45 g/t Au and underground Mineral Resources are reported with constraining shapes which were generated using a 1.15 g/t Au cut-off value and include low grade blocks falling within the mineable shapes.
6. Pit-constrained Mineral Resources are reported within a preliminary pit shell using assumed mining costs of C$3.00/t mined (rock) and C$2.30/t mined (overburden), processing cost of C$9.10/t milled, G&A cost of C$2.70/t milled, and a gold recovery of 90%.
7. The Whittle pit shell used to estimate Mineral Resources used a long-term gold price of US$1,800/oz and a US$/C$ exchange rate of 0.80. However, the implied gold price for the Mineral Resources reported at the applied cut-off grade of 0.45 g/t would be significantly lower.
8. Mineral Resources located outside the pit shell were reported on the basis of a potential underground mining operation at a gold cut-off grade of 1.15 g/t Au, based on a mining cost of C$63/t and the same processing and G&A cost assumptions listed above.
9. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.

Table 3 – Douay Pit-Constrained Indicated & Inferred Resource Sensitivity Table

Indicated Mineral Resources				Inferred Mineral Resources
Cut-off Grade	Tonnes	Grade	Contained Metal	Cut-off Grade	Tonnes	Grade	Contained Metal
(g/t Au)	(Mt)	(g/t Au)	(000 oz Au)	(g/t Au)	(Mt)	(g/t Au)	(000 oz Au)
0.25	13.3	1.28	547	0.25	122.6	0.67	2,657
0.3	12.3	1.36	539	0.3	105.1	0.74	2,503
0.35	11.4	1.44	530	0.35	90.4	0.81	2,349
0.4	10.7	1.52	520	0.4	78.3	0.88	2,204
0.45	10.0	1.59	511	0.45	68.2	0.94	2,065
0.5	9.4	1.66	502	0.5	59.7	1.01	1,936
0.55	8.8	1.74	492	0.55	52.5	1.08	1,814
0.6	8.3	1.82	482	0.6	46.4	1.14	1,701

 

Notes to Douay 2022 MRE Sensitivity Table:

1. Listed Au grades and tonnes are shown for comparison purposes only, and the reader should refer to Table 1 for the official Mineral Resource tabulation.

Table 4 – SLR 2022 MRE Compared to RPA 2019 MRE

Category	SLR 2022 MRE			RPA 2019 MRE			Variance
	Tonnes (Mt)	Au Grade (g/t)	Contained Metal (000 oz Au)	Tonnes (Mt)	Au Grade (g/t)	Contained Metal (000 oz Au)	Tonnes (Mt)	Au Grade (g/t)	Contained Metal
									(000 oz Au)
Pit-Constrained Mineral Resources
Indicated	10.0	1.59	511	8.6	1.52	422	16%	5%	21%
Inferred	68.2	0.94	2,065	65.8	0.97	2,045	4%	(3%)	1%
Underground Mineral Resources
Inferred	8.5	1.68	460	5.4	1.75	307	57%	(4%)	50%
Total Mineral Resources
Indicated	10.0	1.59	511	8.6	1.52	422	16%	5%	21%
Inferred	76.7	1.02	2,525	71.2	1.03	2,352	8%	(1%)	7%

 

Notes to Douay MRE Comparison Table:

1. Listed Au grades and tonnes are shown for comparison purposes only, and the reader should refer to Table 1 for the official Mineral Resource tabulation.
2. Pit-constrained Mineral Resources for both the SLR 2022 MRE and RPA 2019 MRE are reported above a cut-off grade of 0.45 g/t Au.
3. Underground Mineral Resources are reported above a 1.15 g/t Au cut-off grade for the SLR 2022 MRE compared to a 1.0 g/t Au cut-off grade for the RPA 2019 MRE.
4. The Whittle pit shell used to estimate Mineral Resources in the SLR 2022 MRE used a long-term gold price of US$1,800/oz and a US$/C$ exchange rate of 0.80 compared to a long-term gold price of US$1,500 and a US$/C$ exchange rate of 0.80 used in the RPA 2019 MRE. However, the implied gold price for the Mineral Resources reported at the applied cut-off grade of 0.45 g/t would be significantly lower.
5. 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).

Figure 1: Douay oblique view showing SLR 2022 resource block model.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3077/117210_2b3f42bfa45b7afe_001full.jpg

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.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3077/117210_2b3f42bfa45b7afe_002full.jpg

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: [email protected]

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: [email protected]

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.

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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.

Maple Gold Reports Updated Douay Mineral Resource Estimate; Indicated Resources Increase 21% To 511,000 Oz Au And Inferred Resources Increase 7% To 2,525,000 Oz Au On Limited Drilling

Research, News, and Market Data on Maple Gold Mines

 

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:

• Pit-constrained Indicated Resources increased 21% compared to the RPA 2019 MRE¹ to 511,000 ounces (“oz”) at an average grade of 1.59 grams per tonne gold (“g/t Au”) (from 422,000 oz at an average grade of 1.52 g/t Au)
• Pit-constrained Inferred Resources increased slightly compared to the RPA 2019 MRE¹ to 2,065,000 oz at an average grade of 0.94 g/t Au (from 2,045,000 oz at an average grade of 0.97 g/t Au)
• Underground Inferred Resources increased 50% compared to the RPA 2019 MRE¹ to 460,000 oz at an average grade of 1.68 g/t Au (from 307,000 oz at an average grade of 1.75 g/t Au)
• Initial Indicated Resources in the Nika Zone (30,000 oz at an average grade of 1.13 g/t Au) and the 531 Zone (58,000 oz at an average grade of 2.85 g/t Au), resulting from significant intercepts^[2] from the JV’s first drill campaign (see Figure 1 for zone locations)
• Mineralized zones at Douay remain open for expansion and are largely untested below an average vertical drill depth of approximately 350 metres (“m”) (see Figure 2)
• Ongoing drilling at Douay is primarily focused on exploration targets in areas with lateral and depth expansion potential that are not part of 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

Resource Category	Tonnes (Mt)	Grade (g/t Au)	Contained Metal (000 oz Au)
Pit-Constrained Mineral Resources (0.45 g/t Au cut-off)
Indicated	10.0	1.59	511
Inferred	68.2	0.94	2,065
Underground Mineral Resources (1.15 g/t Au cut-off)
Inferred	8.5	1.68	460
Total Mineral Resources
Indicated	10.0	1.59	511
Inferred	76.7	1.02	2,525

 

Table 2 – Douay Pit-Constrained & Underground Resource Summary by Zone

	Resource Category	Domain	Tonnes (Mt)	Grade (g/t Au)	Contained Metal (000 oz Au)
Pit-Constrained Mineral Resources (0.45 g/t Au cut-off)
	Indicated	Porphyry	4.4	0.98	138
		Douay West	4.2	2.13	286
		Nika	0.8	1.13	30
		531	0.6	2.85	58
	Total Pit-Constrained Indicated		10.0	1.59	511
	Inferred	Porphyry	48.4	0.89	1,380
		Douay West	2.3	1.16	87
		531	4.8	1.38	212
		Main Zone	0.5	1.16	17
		North West	3.1	1.12	113
		Nika	5.1	0.87	143
		Central Zone	0.1	0.88	4
		Zone 10	1.2	1.21	48
		Zone 20	2.6	0.72	60
	Total Pit-Constrained Inferred		68.2	0.94	2,065
Underground Mineral Resources (1.15 g/t Au cut-off)
	Inferred	Porphyry	3.0	1.62	158
		Douay West	1.4	1.77	82
		531	1.4	1.80	79
		Main Zone	1.4	1.63	72
		North West	0.2	1.60	12
		Central Zone	0.4	2.02	28
		Nika	0.6	1.48	28
	Total Underground Inferred		8.5	1.68	460

 

Notes to Douay 2022 MRE Tables:

1. The 2022 MRE is compliant with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition ?Standards (2014) incorporated by reference in NI 43-101. The effective date for the Mineral Resource Estimate is March 17, 2022.
2. Numbers may not add due to rounding.
3. A minimum mining width of 3 m was applied to the Mineral Resource wireframes. The three-dimensional (3D) wireframe models were generated using a nominal 0.1 g/t Au threshold value. Prior to compositing to 3 m lengths, high gold values were cut for each zone individually.
4. Bulk density was interpolated for Nika, Porphyry, and 531 zones on a block per block basis using assayed values. For all other zones, bulk density ranging between 2.72 t/m³ and 2.88 t/m³ was assigned to Mineral Resources based on the zone.
5. Pit-constrained Mineral Resources are reported above a cut-off grade of 0.45 g/t Au and underground Mineral Resources are reported with constraining shapes which were generated using a 1.15 g/t Au cut-off value and include low grade blocks falling within the mineable shapes.
6. Pit-constrained Mineral Resources are reported within a preliminary pit shell using assumed mining costs of C$3.00/t mined (rock) and C$2.30/t mined (overburden), processing cost of C$9.10/t milled, G&A cost of C$2.70/t milled, and a gold recovery of 90%.
7. The Whittle pit shell used to estimate Mineral Resources used a long-term gold price of US$1,800/oz and a US$/C$ exchange rate of 0.80. However, the implied gold price for the Mineral Resources reported at the applied cut-off grade of 0.45 g/t would be significantly lower.
8. Mineral Resources located outside the pit shell were reported on the basis of a potential underground mining operation at a gold cut-off grade of 1.15 g/t Au, based on a mining cost of C$63/t and the same processing and G&A cost assumptions listed above.
9. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.

Table 3 – Douay Pit-Constrained Indicated & Inferred Resource Sensitivity Table

Indicated Mineral Resources				Inferred Mineral Resources
Cut-off Grade	Tonnes	Grade	Contained Metal	Cut-off Grade	Tonnes	Grade	Contained Metal
(g/t Au)	(Mt)	(g/t Au)	(000 oz Au)	(g/t Au)	(Mt)	(g/t Au)	(000 oz Au)
0.25	13.3	1.28	547	0.25	122.6	0.67	2,657
0.3	12.3	1.36	539	0.3	105.1	0.74	2,503
0.35	11.4	1.44	530	0.35	90.4	0.81	2,349
0.4	10.7	1.52	520	0.4	78.3	0.88	2,204
0.45	10.0	1.59	511	0.45	68.2	0.94	2,065
0.5	9.4	1.66	502	0.5	59.7	1.01	1,936
0.55	8.8	1.74	492	0.55	52.5	1.08	1,814
0.6	8.3	1.82	482	0.6	46.4	1.14	1,701

 

Notes to Douay 2022 MRE Sensitivity Table:

1. Listed Au grades and tonnes are shown for comparison purposes only, and the reader should refer to Table 1 for the official Mineral Resource tabulation.

Table 4 – SLR 2022 MRE Compared to RPA 2019 MRE

Category	SLR 2022 MRE			RPA 2019 MRE			Variance
	Tonnes (Mt)	Au Grade (g/t)	Contained Metal (000 oz Au)	Tonnes (Mt)	Au Grade (g/t)	Contained Metal (000 oz Au)	Tonnes (Mt)	Au Grade (g/t)	Contained Metal
									(000 oz Au)
Pit-Constrained Mineral Resources
Indicated	10.0	1.59	511	8.6	1.52	422	16%	5%	21%
Inferred	68.2	0.94	2,065	65.8	0.97	2,045	4%	(3%)	1%
Underground Mineral Resources
Inferred	8.5	1.68	460	5.4	1.75	307	57%	(4%)	50%
Total Mineral Resources
Indicated	10.0	1.59	511	8.6	1.52	422	16%	5%	21%
Inferred	76.7	1.02	2,525	71.2	1.03	2,352	8%	(1%)	7%

 

Notes to Douay MRE Comparison Table:

1. Listed Au grades and tonnes are shown for comparison purposes only, and the reader should refer to Table 1 for the official Mineral Resource tabulation.
2. Pit-constrained Mineral Resources for both the SLR 2022 MRE and RPA 2019 MRE are reported above a cut-off grade of 0.45 g/t Au.
3. Underground Mineral Resources are reported above a 1.15 g/t Au cut-off grade for the SLR 2022 MRE compared to a 1.0 g/t Au cut-off grade for the RPA 2019 MRE.
4. The Whittle pit shell used to estimate Mineral Resources in the SLR 2022 MRE used a long-term gold price of US$1,800/oz and a US$/C$ exchange rate of 0.80 compared to a long-term gold price of US$1,500 and a US$/C$ exchange rate of 0.80 used in the RPA 2019 MRE. However, the implied gold price for the Mineral Resources reported at the applied cut-off grade of 0.45 g/t would be significantly lower.
5. 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).

Figure 1: Douay oblique view showing SLR 2022 resource block model.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3077/117210_2b3f42bfa45b7afe_001full.jpg

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.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3077/117210_2b3f42bfa45b7afe_002full.jpg

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: [email protected]

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: [email protected]

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.

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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.