Friday, May 24, 2024
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Drilling to resume later in the year. Maple Gold has been undertaking a systematic compilation and review of its technical database associated with its 400 square kilometer property package. Maple Gold’s technical team is nearing completion of a new three-dimensional litho-structural model to support a focused ranking and prioritization of property-wide drill targets to be tested later this year. Maple also initiated high resolution drone magnetic surveys in selected areas which will be completed in the second quarter of 2024.
Significant depth potential at Douay. The 2022 Douay mineral resource estimate addressed optimizing complementary open-pit and underground scenarios. Resources below the pit have significant potential for expansion given the limited amount of drilling below approximately 300 meters vertical depth. Deep drilling in 2023 confirmed continuity of the mineralized system at depth. Maple Gold intends to increase the underground gold resource to two million ounces largely by drilling near and below the base of the pit.
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