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.
Phase I Drilling at Douay. Maple Gold Mines commenced a Phase I diamond drilling program at the Douay Gold project that is expected to last three to four months. The company’s drilling program will entail a minimum of 10,000 meters of diamond drilling, with ~70% dedicated to de-risking and expanding the Douay mineral resource and 30% for testing new regional geological and geophysical targets. At the Douay gold project, the goal is to expand and upgrade the current three-million-ounce gold resource to five million ounces. The first phase will target shallow portions of the Douay system at a vertical depth of less than 500 meters, while the second phase will test vertical depths greater than 500 meters.
Drilling at Joutel is planned in 2H 2025. An additional 3,000 meters of diamond drilling is planned at Joutel in the second half of 2025 to extend the known high-grade gold mineralization along the past-producing Eagle-Telbel mine trend.
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Vancouver, British Columbia–(Newsfile Corp. – January 22, 2025) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to provide an exploration update and 2025 outlook for its 100%-owned Douay Gold Project (“Douay“) and Joutel Gold Project (“Joutel“) (together, “Douay/Joutel” or the “Property“) located along the Casa Berardi-Douay Gold Trend in Québec, Canada (see Figures 1 and 2).
A 10,000-metre (“m“) Phase I diamond drilling program (the “Program“) has now commenced at Douay with an expected duration of three to four months. The location of the Douay mineralized zones and primary targets are shown in Figures 3 and 4. Key objectives of the Program include:
Targeting poorly drilled areas within Inferred Resources for conversion to Indicated Resources within the pit-constrained and underground resource domains;
Step-out drilling along strike, down-dip, and down-plunge to expand Inferred Resources
Step-out drilling from zones of high-grade gold mineralization within the underground Inferred Resources to demonstrate lateral and vertical continuity;
Targeting areas between modeled mineralized zones with geological continuity; and
Testing new targets developed during the compilation exercise of geological, geochemical and geophysical data.
Concurrent development initiatives are anticipated throughout 2025 to advance and de-risk the Douay deposit, including a review of the current Douay mineral resource estimate (“MRE“) and an evaluation of potential scenarios to optimize higher grade mineral resources that could be accessible via underground mining methods. An additional 3,000 m of diamond drilling is planned at Joutel in H2 2025 to extend the known high-grade gold mineralization along the past-producing Eagle-Telbel mine trend.
“We are excited to be drilling again at Douay with refocused attention on the higher-grade core of the deposit and its possible extensions both within and beyond our current drill pattern up to 500 m vertical depth,” stated Kiran Patankar, President and CEO. “Maple Gold’s technical team has accomplished a monumental task in compiling over 50 years of exploration data to generate new geological/structural/geochemical 3D models that have vastly improved our drill targeting. This work highlights the excellent exploration potential of Douay/Joutel, the importance of its location along the deep-seated Casa Berardi break, and the opportunity for the Property to host multiple gold deposits within a variety of geological settings. Our focus in 2025 will be executing a comprehensive exploration and development program that is aimed at delivering shareholder value through the drill bit and via project de-risking, while maintaining strict cost discipline across the Company.”
A total exploration budget of approximately $6.3 million has been established for 2025, including permitting, drilling, assaying, personnel, camp and site support costs. The 2025 work program will be fully funded from Maple Gold’s existing treasury.
Program Details
The Company is currently planning a minimum of 10,000 m of diamond drilling at Douay in 2025. Phase I drilling has now commenced with an expected duration of approximately three to four months (see Figures 3 and 4). The breakdown of the drilling metreage will be approximately: 70% dedicated to de-risking and expanding the Douay MRE through strategic infill and step-out holes (along strike and at depth); and 30% for the testing of new regional geological and geophysical targets along strike from the Douay MRE and north into the Taibi Group sediments along favourable structural breaks and lithologic contacts. The Company plans to complete infill drilling throughout the Douay MRE to convert Inferred Resources to Indicated Resources, potentially add new Inferred Resources within poorly drilled 100-200 m gaps between modeled mineral domains and target the down-plunge extensions of higher-grade zones outside the Douay MRE.
The Company plans to utilize all available data from its year-long data compilation exercise to initially target the shallow portions of the Douay mineralizing system (<500 m vertical depth) to fully understand the geometry of the known zones and outline key plunge directions (Phase I on Figure 4) before systematically stepping down-plunge and at depth (>500 m vertical depth) during a proposed second drilling phase (Phase II on Figure 4). This will allow the Company to control exploration risk and maximize exploration success.
The initial focus of Phase I drilling will be on the central portions of the Douay MRE targeting higher grade areas within the Porphyry Zone (comprised of West/Central/East portions), which is hosted within the Douay Intrusive Complex and includes some of the highest-grade assays returned on the Property (up to 2,888 grams/tonne (“g/t”) of gold (“Au”) over 0.5 m in historical drill hole DO-05-04). Other targets include: the 531 Zone which is hosted within mafic volcanic and folded interflow sedimentary rocks and includes one of highest-grade gold intersections reported by the Company in drill hole DO-21-310 which returned 8.8 g/t Au over 28.5 m, including 12.7 g/t Au over 10.0 m and 31.1 g/t Au over 0.5 m (see Company news release dated September 9, 2021); and the Main Zone which lies along the northern edge of the Douay Deformation Zone (“DDZ“) with gold mineralization hosted along the sheared graphitic contact between the Taibi Group volcaniclastic and sedimentary rocks to the north and Cartwright Hills Group mafic volcanic rocks to the south. Taibi Group sediments represent a promising new target area for the Company with the potential for sediment-hosted gold deposits along a major lithotectonic boundary similar to the Casa Berardi and Canadian Malartic deposits.
Douay/Joutel Exploration Update
Since the completion of its last drilling campaign in Spring 2023, the Company has focused on streamlining onsite operations, standardizing procedures, enhancing efficiencies, centralizing data management, optimizing workflow, and reducing overhead site costs. This effort has led to increased productivity from a revamped technical team that has reviewed historical drill core, compiled and digitized data, distinguished new geological and structural controls on gold mineralization, and developed vectors for targeting gold mineralization in the next phases of drilling.
Key tasks completed by the Maple Gold technical team include: re-logging of historical diamond drill core (>20,000 m); re-interpretation and preparation of drill hole cross-sections and level plans for all mineralized zones; updating and creating new robust 3D geological and structural models in Leapfrog software; updating of the Property-wide drill hole and geochemical databases with previously unincorporated historical data; layering of geological, structural, geochemical and geophysical data sets to generate new targets; and use of expert geochemical consultants to process multi-element assay data to identify potential pathfinder elements and ‘hot’ spots.
Key findings from the year-long data review and compilation exercise include:
The Casa Berardi Deformation Zone (the “CBDZ“) widens around Douay/Joutel resulting in complex zones along the DDZ of brittle and ductile deformation, subsidiary splays, NNE cross-faulting, and potential dextral rotation around the Douay Intrusive Complex resulting in Delta-type pressure shadows and possible structural traps for gold (see Figure 2).
A variety of host domains and rock types are favourable for gold mineralization including the Douay Alkaline Intrusion, Taibi Group sediments (including iron formations), Cartwright Hills Group basalts (including Fe-Rich tholeiitic komatiites), Temiskaming-style conglomerates, and structural breaks associated with major lithotectonic (volcanic-sedimentary) contacts.
Multiple styles and generations of mineralization are present at Douay/Joutel including Intrusion-Related Gold Systems (“IRGS“), multi-phase breccias, late orogenic gold, and synvolcanic-exhalative gold (Eagle-Telbel).
Gold mineralization is commonly associated with broad zones of albitization, Fe-carbonatization, silicification, hematization, fenitization, biotitization, and pyritization and alteration can be used as a key vector for gold mineralization.
The twelve (12) main mineralized zones all display a strong plunge geometry to the higher-grade gold mineralization, which varies from shallow to steep, and from southeast to southwest, possibly related to an earlier folding event. There also appears be a periodicity to the mineralized zones within the DDZ spaced 500 m to 1,000 m apart (see Figure 3).
There has been very limited drilling below 500 m vertical depth in comparison to other gold deposits in the Abitibi (East Gouldie/Odyssey, LaRonde) (see Figure 4).
Planned Douay Development Initiatives
The Company plans to review the current Douay MRE for the Project which currently contains both pit-constrained and underground Inferred and Indicated mineral resources to optimize higher grade resources that could be accessible via an underground mining scenario. Initial focus would include the Douay West zone which currently hosts Indicated mineral resources totaling 4.2 million tonnes (“Mt“) grading 2.13 g/t Au (containing 286,000 ounces of Au) and Inferred mineral resources totaling 3.7 Mt grading 1.39 g/t Au (containing 169,000 ounces of Au)1. Douay West also includes existing surface infrastructure constructed in 1995 including a headframe and mine hoist.
Figure 1: Location of the Douay/Joutel (Eagle-Telbel) Property in the Abitibi Sub-Province, Québec
Figure 4: Composite longitudinal section showing location of Douay Mineralized Zones and 2025 Target Areas (in red) (note: comparison to other deposits for reference purposes only)
2024 Exploration Work Completed at Joutel and Morris VMS Project
In Q2 2024, the Company completed a 525 line-km airborne drone-magnetic geophysical survey over a detailed grid on the western portion of the Joutel gold project to assist in the development of new drill targets along the western strike extent of the Eagle-Telbel stratigraphy.
In Q3 2024, the Company completed a lithogeochemical sampling program over its Morris volcanogenic massive sulphide (“VMS“) project, located 29 km east of Matagami, Québec. The program focused on the felsic volcanic rocks of the key Watson Lake formation which is present on the Morris project and is known to host the major VMS deposits within the Matagami mining camp. The Summer 2024 sampling program highlighted several areas of highly altered rhyolite, and the Company is developing plans for follow-up work in 2025.
Qualified Person
Ian Cunningham-Dunlop, P.Eng., Vice President, Technical Services of Maple Gold and a qualified person (“QP“) as defined by Canadian National Instrument 43-101, has reviewed and approved the scientific and technical information related to exploration and Mineral Resource matters contained in this news release.
About the Douay/Joutel Gold Project
The Douay/Joutel Gold Project is located adjacent to Highway 109 in the heart of the Abitibi greenstone belt, Canada’s premier gold mining jurisdiction (see Figure 1). This large, 100%-owned land package includes the multi-million ounce2 Douay Gold Project and the past-producing, high-grade Joutel Gold Mine Complex3. The Property contains ~400 km2 of highly prospective geology (see Figure 2) within the influence of the major gold-bearing CDBZ. Gold mines in the immediate region include the Casa Berardi Gold Mine operated by Hecla Mining Company and the Detour Lake Gold Mine operated by Agnico Eagle Mines Ltd. (see Figure 1).
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing its 100%-owned, district-scale Douay and Joutel gold projects located in Québec’s prolific Abitibi Greenstone Gold Belt. The Douay/Joutel projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel Mining Complex.
Maple Gold’s 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 property ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral 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.
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 and Cautionary Notes:
This news 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. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company’s gold projects, and its intention to pursue such potential, and the Company’s exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company’s expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company’s filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company’s website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
________________________ 1 For additional details, see the technical report for the Douay gold project entitled “Technical Report on the Douay and Joutel Projects Northwestern Québec, Canada Report for NI 43-101” prepared by SLR Consulting (Canada) Ltd. with an effective date of March 17, 2022, and dated April 29, 2022. 2 The Douay Project contains Indicated Mineral Resources estimated at 10 million tonnes at a grade of 1.59 g/t Au (containing 511,000 ounces of gold), and Inferred Mineral Resources estimated at 76.7 million tonnes at a grade of 1.02 g/t Au (containing 2,527,000 ounces of gold). See the technical report for the Douay Gold Project entitled “Technical Report on the Douay and Joutel Projects Northwestern Québec, Canada Report for NI 43-101″ prepared by SLR Consulting (Canada) Ltd. with an effective date of March 17, 2022, and dated April 29, 2022. 3 The Eagle, Eagle West and Telbel Gold Mines at Joutel were in production from 1974 to 1993 and produced 1.1 million ounces of gold at an average grade of 6.5 g/t Au (Agnico Eagle Mines Ltd. website)
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.
Completion of the restructuring transaction. As expected, Maple Gold Mines recently completed its joint venture restructuring transaction with Agnico Eagle Mines Ltd. (NYSE, AEM). Maple has legal title to and a 100% ownership interest in the Douay Gold Project with gold mineral resources exceeding 3.0 million ounces and the past-producing, high-grade Joutel Gold Project. Both projects are located along the Casa Berardi-Douay Gold Trend in the renowned Abitibi Greenstone Gold Belt in Quebec, Canada.
Upcoming drilling program. Maple Gold’s fully funded drilling program is expected to commence shortly and run through March. The company is using a data-driven approach toward exploration that is focused on expanding the company’s gold mineral resource from approximately three million ounces to five million ounces across the combined Douay/Joutel projects, along with making new discoveries. An updated resource estimate and scoping study is expected to be completed within the next 12 to 18 months (Refer to our research note dated December 12 for more details).
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
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.
NobleCon20 presentation. During Noble’s recent NobleCon20 Annual Emerging Growth Equity Conference, Mr. Kiran Patankar, Maple Gold’s CEO, provided some additional details regarding the company’s upcoming exploration and drilling program. A link to Maple Gold’s NobleCon20 presentation is here. Recall that Maple Gold has a 400 square kilometer district-scale property in Quebec’s Abitibi Greenstone Gold Belt, including gold mineral resources of approximately three million ounces at Douay with significant expansion potential and the past producing Telbel and Eagle West mines at Joutel.
Upcoming drilling program. Maple Gold’s fully funded drilling program is expected to commence shortly and run through March. The company is using a data-driven approach toward exploration that is focused on expanding the company’s gold mineral resource from approximately three million ounces to five million ounces across the combined Douay/Joutel projects, along with making new discoveries. An updated resource estimate and scoping study is expected to be completed within the next 12 to 18 months.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Vancouver, British Columbia–(Newsfile Corp. – November 21, 2024) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce the appointment of Mr. Nicholas (Nick) Furber, CA (ICAEW), CFA to the role of Chief Financial Officer (“CFO”), effective immediately. Mr. Furber is a seasoned CFO with strategic capital markets experience in growth-oriented businesses within the mining industry. He will be assuming the CFO responsibilities from Mr. Michael Rukus, CGA, CPA who will continue with the Company in another role.
“I am delighted to welcome Nick Furber to our senior management team and look forward to his contributions as the Company enters an exciting new phase of growth,” stated Kiran Patankar, President and CEO of Maple Gold. “His prior experience as CFO helping to guide mining companies from exploration, through development and into production will help drive ongoing value creation for Maple Gold shareholders. I would also like to thank Michael Rukus for his diligent work and stewardship of our finances during his time as Interim CFO and look forward to the continuity he will provide in his ongoing role with the Company.”
Nick Furber, CA (ICAEW), CFA – CFO
Nick Furber, CA (ICAEW), CFA is senior financial professional with over 25 years of experience providing consulting, management and financial advisory services for private and publicly traded companies, primarily focused in the mining industry. This included 10 years as CFO and Corporate Secretary of Dynasty Metals & Mining Inc. (“Dynasty”) when Dynasty evolved from gold exploration into a producer listed on the Toronto Stock Exchange (“TSX”). Mr. Furber also brings over 10 years of accounting, mergers & acquisitions, valuations and due diligence experience in a variety of industries gained while working at PricewaterhouseCoopers. Mr. Furber was educated in the United Kingdom and has his Chartered Accountant (ICAEW) and Chartered Financial Analyst designations.
Stock Option Issuance
The Company’s Board of Directors has approved the grant of stock options (“Options”) to purchase an aggregate of 850,000 common shares of the Company (each, a “Common Share”) with an exercise price of $0.055 per Common Share to certain employees, officers, and consultants. Once vested, each Option is exercisable into one Common Share for a period of five years from the grant date. The Company’s Equity Incentive Plan (the “Plan”) governs these Options, as well as the terms and conditions of their exercise, which is in accordance with policies of the TSX Venture Exchange. Further details regarding the Plan are set out in the Company’s Management Information Circular filed on July 26, 2024, which is available on SEDAR+.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec’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 mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.
Maple Gold’s 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 property ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral 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.
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 and Cautionary Notes:
This news 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. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company’s gold projects, and its intention to pursue such potential, and the Company’s exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company’s expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company’s filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company’s website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
Private placement financing. On November 14, Maple Gold Mines closed a private placement of 32,695,384 non-flow-through (NFT) units at a price of C$0.065 per NFT unit and 35,935,000 flow-through (FT) common shares of the company at a price of C$0.08 per FT share for total gross proceeds of C$5 million. Each NFT unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one non-flow-through common share at a price per warrant share of C$0.10 until November 14, 2027.
Third quarter financial results. As an advanced exploration and development company, Maple Gold does not generate revenues and incurs expenses associated with advancing its projects. Maple Gold generated a third quarter loss of C$1.3 million or C$(0.00) per share compared to a loss of C$1.1 million or $(0.00) per share during the prior year period. We had anticipated a loss of C$1.5 million or C$(0.00) per share.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
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.
Shareholder meeting. Maple Gold shareholders overwhelmingly approved all proposed resolutions at the annual general meeting on September 9. This included minority shareholder approval of the restructuring transaction between Maple and Agnico Eagle Mines Limited. The company expects to close the restructuring transaction within days and expects to announce plans for a fully financed Fall/Winter drilling program shortly. For more information about the restructuring agreement, please refer to our research note dated June 25th.
Control of the property package. Upon closure of the restructuring agreement, Maple gains 100% control of an established gold mineral resource of over three million ounces at Douay, a past-producing high-grade gold mining complex at Joutel, and a fertile yet underexplored 400 square kilometer land package straddling one of the three major regional deformation zones in the Abitibi greenstone belt. Maple will pursue a clear path to advance the Douay and Joutel projects without near-term dilution risk at the project level.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce that all proposed resolutions at its Annual General and Special Meeting of Shareholders held on September 9, 2024 were duly passed by an overwhelming majority of shareholders. This includes minority shareholder approval of the restructuring transaction (the “Restructuring Transaction”) between the Company and Agnico Eagle Mines Limited that will result in Maple Gold obtaining legal title and a 100% ownership interest in the multi-million-ounce1 Douay Gold Project (“Douay”) and the past-producing, high-grade Joutel Gold Project (“Joutel”) (together, the “Projects”) located along the Casa Berardi-Douay Gold Trend in Québec, Canada. See the Company’s news release dated June 20, 2024 for further details on the Restructuring Transaction.
The results for each of the matters voted upon at the meeting are set out below:
RESOLUTION
NUMBER OF SHARES
PERCENTAGE OF VOTES CAST
FOR
AGAINST
WITHHELD/ ABSTAIN
RESTRICTED
NON VOTE
FOR
AGAINST
WITHHELD/ ABSTAIN
Number of Directors Set at 5
182,004,926
1,147,836
–
–
–
99.37%
0.63%
0.00%
Elect as Director:
Michelle Roth
131,412,754
–
28,731,184
–
23,008,824
82.06%
0.00%
17.94%
Kiran Patankar
158,970,515
–
1,173,423
–
23,008,824
99.27%
0.00%
0.73%
Darwin Green
158,320,641
–
1,823,297
–
23,008,824
98.86%
0.00%
1.14%
Maurice A. Tagami
158,512,447
–
1,631,491
–
23,008,824
98.98%
0.00%
1.02%
Gérald Riverin
158,321,604
–
1,822,334
–
23,008,824
98.86%
0.00%
1.14%
Appointment of Auditors
182,338,331
–
814,431
–
–
99.56%
0.00%
0.44%
Approval of Amended and Restated Equity Incentive Plan
138,719,469
21,424,469
–
–
23,008,824
86.62%
13.38%
0.00%
Approval of the Restructuring Transaction
86,109,667
2,608,902
–
71,425,369
23,008,824
97.06%
2.94%
0.00%
“We are pleased by this strong vote of confidence from shareholders in the Company’s leadership and in favour of the Restructuring Transaction, which consolidates ownership of the Projects and effectively doubles our attributable gold mineral resource base,” stated Kiran Patankar, President and CEO of Maple Gold. “Upon completion, Maple Gold will gain 100% control of an established gold mineral resource at Douay, a past-producing, high-grade gold mining complex at Joutel and a fertile and as yet underexplored ~400 km2 land package straddling one of the three major regional deformation zones in the Abitibi, with a clear path to advance the Projects. The Company expects to close the Restructuring Transaction in the coming days and we look forward to announcing our plans for a fully financed Fall/Winter drilling campaign in due course.”
Qualified Person
The scientific and technical data contained in this press release was reviewed and approved by Jocelyn Pelletier, M.Sc., P.geo., Chief Geologist of Maple Gold. Mr. Pelletier is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec’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 mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.
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 currently focused on carrying out exploration and drill programs to grow mineral 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.
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 and Cautionary Notes:
This news 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. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company’s gold projects, and its intention to pursue such potential, and the Company’s exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company’s expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company’s filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company’s website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
1 The Douay Project contains Indicated Mineral Resources estimated at 10 million tonnes at a grade of 1.59 g/t Au, and Inferred Mineral Resources estimated at 76.7 million tonnes at a grade of 1.02/t Au. See the technical report for the Douay Gold Project entitled “Technical Report on the Douay and Joutel Projects Northwestern Québec, Canada Report for NI 43-101” prepared by SLR Consulting (Canada) Ltd. with an effective date of March 17, 2022 and dated April 29, 2022.
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.
Augmenting the leadership team. Effective immediately, Maple Gold Mines Ltd. appointed Mr. Darwin Green, P. Geo., to its Board of Directors. Mr. Ian Cunningham-Dunlop, P. Eng., has been appointed Vice President, Technical Services effective on or before August 1, 2024. Both have impressive credentials which are summarized in the body of this note. As Mr. Kiran Patankar, CEO, has taken quick actions to reposition the company for successful outcomes, Mr. Green and Mr. Cunningham-Dunlop will strengthen the company’s ability to execute. Maple’s Chief Geologist and Engineer will report to Mr. Cunningham-Dunlop.
Upcoming events. We expect the company to hold a meeting of its Board of Directors ahead of releasing its second quarter financial results to the market in early August. On September 9, the company will host its annual meeting of shareholders at which time Maple Gold shareholders will vote on the recent joint venture restructuring transaction with Agnico Eagle Mines Limited (NYSE: AEM). Maple is also expected to provide a more detailed exploration update and plan later in the year prior to commencement of the company’s drilling program.
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*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.
Vancouver, British Columbia–(Newsfile Corp. – July 23, 2024) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce the appointments of Mr. Darwin Green, P.Geo. to its Board of Directors, effective immediately, and Mr. Ian Cunningham-Dunlop, P.Eng. to the position of Vice President, Technical Services, effective on or before August 1, 2024. Mr. Green is a veteran mining entrepreneur and professional geologist with a passion for discovery and value creation. Mr. Cunningham-Dunlop is a senior mining executive and professional engineer with over 40 years of diversified experience in domestic/international mineral exploration and advanced project development.
“We are thrilled to have attracted executives of Mr. Green’s and Mr. Cunningham-Dunlop’s caliber to help drive the Company’s next phase of growth,” stated Kiran Patankar, President and CEO of Maple Gold. “These key appointments further enhance the technical, capital markets and corporate governance expertise of our senior leadership team as we continue to transform into a premier Canadian gold exploration and development company. Their endorsement of Maple Gold speaks to the resource expansion, discovery and development potential of our district-scale gold projects in Québec.”
Darwin Green, P.Geo. – Director
Darwin Green, P.Geo. has over 30 years of experience in the minerals mining industry and brings significant industry, corporate and technical knowledge to the Company. He currently serves on the boards of NYSE-listed Contango ORE, Inc., TSX Venture Exchange-listed Onyx Gold Corp. and Evergold Corp., and as a Technical Advisor to other junior mining companies. Mr. Green previously served as Founder, Director, President and Chief Executive Officer of HighGold Mining Inc. from August 2019 until its recent acquisition by Contango ORE in July 2024 and has served as Founder and Executive Chairman of Onyx Gold since July 2023. Between November 2008 and December 2019, he served as the Vice President Exploration for Constantine Metal Resources Ltd. and prior to that, Mr. Green oversaw exploration and underground development programs at the Niblack (Cu-Au-Zn-Ag) deposit in Alaska, for which he received the Commissioner’s Award for Project Excellence by the State of Alaska. Mr. Green holds a B.Sc. from the University of British Columbia and an M.Sc. in Economic Geology from Carleton University.
Ian Cunningham Dunlop, P.Eng. – Vice President, Technical Services
Ian Cunningham-Dunlop, P.Eng. has a proven discovery track record and an excellent familiarity with Archean lode gold systems from work throughout Ontario, Québec, and West Africa. He currently serves as Executive Vice President with Onyx Gold and his extensive exploration and project management experience also includes HighGold Mining’s Johnson Tract (Au-Zn-Cu-Ag-Pb) project in Alaska, NewCastle Gold’s Castle Mountain gold project in California, True Gold Mining’s Karma gold mine in Burkina Faso, Fronteer Gold’s Long Canyon gold mine in Nevada and Agi Dagi/Kirazli/Halilaga/TV Tower gold and gold-copper projects in Turkey, and Aurora Energy’s Michelin uranium deposit in Labrador. Mr. Cunningham-Dunlop also led the exploration team at Homestake Mining’s/Barrick Gold’s Eskay Creek (Au-Ag-Cu-Pb-Zn) mine in British Columbia from 1997-2003 where he was awarded the B.C. & Yukon Chamber of Mines E.A. Scholz Award in October 2003 for “Outstanding Contribution to a Mining Development Project in B.C. and the Yukon”. He holds a B.Sc. in Geological Engineering from Queen’s University and is a Qualified Person under NI43-101.
Stock Option Issuance
The Company’s Board of Directors has approved the grant of stock options (“Options”) to purchase an aggregate of 1,075,000 common shares of the Company (each, a “Common Share”), with an exercise price of $0.085 per Common Share to certain employees, officers, directors and consultants. Once vested, each Option is exercisable into one Common Share for a period of five years from the grant date. The Company’s Equity Incentive Plan (the “Plan”) governs these Options, as well as the terms and conditions of their exercise, which is in accordance with policies of the TSX Venture Exchange. Further details regarding the Plan are set out in the Company’s Management Information Circular filed on May 15, 2023, which is available on SEDAR+.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec’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 mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.
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 currently focused on carrying out exploration and drill programs to grow mineral 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.
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 and Cautionary Notes:
This news 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. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company’s gold projects, and its intention to pursue such potential, and the Company’s exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company’s expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company’s filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company’s website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
JV restructuring transaction. Maple Gold and Agnico Eagle Mines Limited (NYSE: AEM) entered into an agreement pursuant to which: 1) the existing joint venture agreement dated February 2021 between Agnico and Maple will be terminated, 2) Maple will obtain a 100% ownership interest in the Douay Gold and Joutel Gold Projects, 3) Maple will grant Agnico a 1.0% net smelter return royalty associated with the properties, and 4) Agnico Eagle will retain certain options to acquire a 50% ownership interest in the projects.
Agnico back-in option. Agnico’soption to acquire a 50% interest in the projects will be exercisable by Agnico following the closing of the restructuring transaction until 90 days following receipt of a notice from Maple Gold that its board of directors has authorized the development of a mine complex at the project. The mine will need to be supported by a preliminary feasibility study or feasibility study affirming a C$300 million net present value. If the option is exercised, Agnico will be required to make a cash payment to Maple Gold equal to 200% of expenditures incurred by Maple Gold, along with C$12 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
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.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
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.
Comprehensive technical review. Since late 2023, Maple Gold has been undertaking a systematic compilation and review of its technical database associated with its 400 square kilometer property package. The company is integrating all geological, geophysical, geochemical, and drilling data to improve target generation and drive successful exploration outcomes.
New structural model to inform the drilling program. 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. A high-resolution drone magnetic survey of select areas will be completed in the next few weeks.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
