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.
Leadership transition. Maple Gold’s Board of Directors concluded that a leadership transition was in the best interest of the company’s stakeholders and appointed Mr. Kiran Patankar as Interim President and Chief Executive Officer. Mr. Patankar previously served as Chief Financial Officer and has been a key member of the leadership team since joining the company in 2021. We think his new role could be made permanent within a relatively short time frame at which time he could join the company’s board of directors. Mr. Michael Rukus, a Chartered Professional Accountant (CPA), has been appointed Chief Financial Officer and previously served as Maple Gold’s corporate controller.
Operational update. With the changes in leadership, management will conduct a thorough review of its operations and plans to enhance Maple Gold’s effectiveness, efficiency, and productivity. Drill targets for Douay and Telbel (Joutel), both within the company’s joint venture with Agnico Eagle Mines Limited, are being refined with the next phase of drilling expected to begin in the fourth quarter. Maple may also commence a follow-up drill program at its 100%-controlled Eagle mine project during the fourth quarter. During the third quarter, we expect the company to provide more details regarding its exploration budget and associated exploration and drilling plans.
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. – August 28, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) today announced the immediate departure of Matthew Hornor as President, Chief Executive Officer and a Director of Maple Gold and the concurrent appointment of Kiran Patankar, an experienced mining executive and current Chief Financial Officer of Maple Gold, as its Interim President and Chief Executive Officer. The Company also announced the appointment of Michael Rukus, a Chartered Professional Accountant (CPA) and current Corporate Controller of Maple Gold, as its Interim Chief Financial Officer to fill the vacancy created by Mr. Patankar’s appointment.
Mr. Patankar brings to the role an extensive public company leadership, investment banking and capital markets background and a diverse financial, technical, and strategic skill set, including mergers and acquisitions, capital raising, project evaluation and development, financial controls and reporting, stakeholder engagement and corporate governance. His appointment will ensure a smooth transition and operational continuity while the Board pursues an active strategy to unlock value through prudent capital allocation and disciplined exploration and development of the Company’s district-scale gold projects located in Québec, Canada.
“After careful review and discussion, the Independent Directors unanimously concluded that a leadership transition is in the best interests of the Company’s shareholders and stakeholders,” stated Michelle Roth, Maple Gold’s Chairperson, speaking on behalf of the Board. “The Board would like to thank Mr. Patankar and Mr. Rukus for stepping into their respective positions and looks forward to working with them in their expanded roles as we execute on our value creation initiatives and deliver on the Company’s enormous growth potential.”
Mr. Patankar has more than 15 years of senior leadership experience in the mining industry. He has served as Maple Gold’s Chief Financial Officer since 2022, after serving as the Company’s Senior Vice President, Growth Strategy since 2021. From 2015 to 2018, Mr. Patankar served as President, CEO and a Director of two TSX-V listed gold exploration and development companies, where he led growth initiatives and orchestrated successful company turnarounds. As an investment banker with leading Canadian and global financial institutions from 2007 to 2014, he worked exclusively with mining companies on strategic corporate matters and executed M&A and corporate finance transactions totaling more than $3 billion in value. Mr. Patankar holds a Bachelor of Science in Geological Engineering from the Colorado School of Mines and an MBA from the Yale School of Management.
Mr. Rukus has more than 15 years of progressive leadership experience in finance and accounting, including over 10 years in the exploration and mining industry. He has led and directed global accounting and finance teams across multiple jurisdictions and has helped companies drive efficient and comprehensive financial plans and analysis to meet their strategic goals. Mr. Rukus attained a Bachelor of Arts from Simon Fraser University with majors in both Economics and Business Administration and holds Certified Public Accountant (CPA) and Certified General Accountant (CGA) designations.
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 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 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.
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.sedarplus.ca 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.
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.
Douay first phase deep drilling program. Maple Gold Mines released complete gold assay results from the first phase of deep drilling at the Douay Gold Project which is held in a 50/50 joint venture between the company and Agnico Eagle Mines Limited (NYSE: AEM). During the first half of 2023, the joint venture completed a total of 5,793 meters of drilling in three new holes and two extension holes. The deep drilling program is intended to test the potential for a much larger gold system at Douay while demonstrating continuity of mineralization beneath the currently defined mineral resource.
All five drill holes intersected gold mineralization. All five drill holes intersected gold mineralization greater than 1 gram of gold per tonne, with 10 intercepts greater than 2.5 grams of gold per tonne and several broad low-grade intervals averaging 0.1 to 0.3 grams of gold per tonne. The drilling affirmed the continuity of the gold system down to at least approximately 1,600 meters vertical depth or up to four times deeper than Douay’s currently defined mineral resources.
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. – August 3, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to report complete gold assay results from the first phase of deep drilling at the Douay Gold Project (“Douay”) located in Québec, Canada, which is held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited. The Company is also pleased to announce the appointment of Jocelyn (Josh) Pelletier, M.Sc., P.geo. as its Chief Geologist. Mr. Pelletier is both a structural geologist and a specialist in metallogeny who brings more than 20 years of progressive exploration experience primarily focused on the formation of gold deposits and porphyry copper-gold systems. The Company also announces that Joness Lang and Fred Speidel have left the Company to pursue other opportunities.
At Douay, the JV completed a total of 5,793 metres (“m”) in three new holes and two extension holes during the first half of 2023. Four drill holes were designed as deep conceptual exploration holes to test for mineralization extensions at greater depths (up to ~1,600 m vertical depth) beneath Douay’s currently defined Mineral Resources, and the fifth drill hole was a shallower step-out hole to the east of the NW Zone (see Figure 1 for a plan view map depicting drill hole locations and key results, Figure 2 for a composite longitudinal section and Table 1 for a detailed summary of assay results). This first phase of widely spaced (from ~500 m to ~3,000 m between holes) deep drilling returned 10 separate intercepts >2.5 gold grams per tonne (“g/t Au”) and four broad intervals (from ~59 to ~221 m in length) of low-grade (mostly >0.1 g/t Au) gold mineralization, demonstrating that a deep-rooted gold system is present to the current limits of drilling. Pending multi-element assays from the first phase of deep drilling will be incorporated into ongoing vectoring efforts to develop follow up targets to continue testing the depth potential at Douay from successful proof-of-concept towards potentially economic gold intercepts in undrilled zones over more than six kilometers of strike length.
Highlighted Results and Key Takeaways:
All five drill holes intersected gold mineralization >1 g/t Au, with 10 intercepts >2.5 g/t Au and several broad (from ~59 m to ~221 m in length) low-grade intervals (averaging 0.1 to 0.3 g/t Au), demonstrating continuity of the gold system down to at least ~1,600 m vertical depth.
DO-23-332 and DO-23-326X both tested beneath the Porphyry Zone and returned the most compelling visual core observations with broad intervals of alteration and elevated fine grained pyrite mineralization. Such broad low-grade haloes, with multiple >1 g/t Au intercepts, are typical of the more peripheral parts of the Porphyry Zone.
DO-23-332 intersected 10 distinct intercepts of >1 g/t Au over at least 1.0 m. A broad (121 m) mineralized envelope with anomalous gold (0.31 g/t Au average) included intercepts of 3.6 g/t Au over 1 m, and 1.2 g/t Au over 10 m, including 3.3 g/t Au over 2 m. Additional 4.9 and 2.5 g/t Au intercepts over 1 m were obtained further up hole.
DO-23-326X returned eight intercepts grading >1 g/t Au over at least 1 m. Furthermore, this hole did not appear to intersect the full width of the potential zone and, importantly, bottomed in mineralization (see cross section in Figure 3). Visible gold was also identified at 1,826 m down-hole.
DO-23-331 was collared ~500 m south of the 531 Zone conceptual pit and returned 2.85 g/t Au over 1.6 m, including 6.2 g/t Au over 0.7 m, with a broader interval of 0.25 g/t Au over 50.8 m further up-hole.
“This deep drilling program was developed to test the potential for a much larger gold system at Douay while also demonstrating continuity of mineralization beneath currently defined Mineral Resources,” stated Matthew Hornor, President and CEO of Maple Gold. “The average vertical depth of all previous drilling at Douay is roughly 300 m, with limited data below 500 m, so this first pass of deeper drilling was discovery-focused with the aim of bringing us one step closer to uncovering a new zone at depth. The program was successful from a proof-of-concept standpoint in demonstrating mineralization continuity up to four times deeper than Douay’s currently defined Mineral Resources. Given what we’ve encountered in the JV’s first deep drill holes, the Company remains highly encouraged and confident that our detailed interpretation and vectoring work will lead to promising follow-up targets to incorporate into future drill campaigns at Douay. To support these ongoing initiatives, I am delighted to welcome Josh Pelletier as the Company’s new Chief Geologist and believe that his strong structural geology and metallogeny background will help unlock value at our strategically located and district-scale project portfolio within Quebec’s Abitibi greenstone belt.”
Technical Observations, Key Takeaways and Next Steps
The JV’s first phase deep drilling program delivered several key geological findings related to the potential depth continuity of gold mineralization at Douay:
From top-to-bottom (~2,000 m vertical depth), gold mineralization appears to be spatially associated with a porphyry-style intrusive complex and also appears in quartz-carbonate veins associated with shearing in the Casa Berardi Deformation Zone (“CBDZ”) that may be related to a separate orogenic gold system along this E-W regional structure.
Gold mineralization was identified within the contact zone between the two main lithologic sequences (Cartwright Hills Grp. volcanic sequences and Taibi Grp. sedimentary rocks) located along the crustal-scale CBDZ North structural corridor.
There are key structural corridors that appear to crosscut the auriferous porphyry-style mineralization, which provides potential for gold remobilization and reconcentration.
At Douay, two types of gold mineralization have been recognized: 1) gold that is spatially associated with porphyritic intrusive phases and 2) gold that is spatially associated with shear zones in the CBDZ. Both styles of mineralization may have formed in different conditions and time frames. The porphyry-style gold displays similarities to low-grade gold zones formed in magmatic-hydrothermal systems, while the gold related to shear zones is similar to other orogenic gold deposits that represent the majority of gold mines in the Abitibi gold belt. Therefore, it is important to distinguish both mineralization events, and to define their spatial distributions and orientations. The JV will be completing additional metallogenic interpretations and analysis to generate optimal targeting at Douay for future drill testing.
Figure 1: Plan view showing completed 2023 drill traces at Douay. Note DO-23-332 was drilled to 1,453 m but appears shorter due to subvertical inclination.
Multi-element analysis to define geochemical zonation and possible tracers to gold mineralization in order to improve vectoring within the mineralized system.
Paragenesis of gold mineralization based on mineralogical studies of the alteration patterns, gold deposition phases and other hydrothermal events.
Structural controls study to better constrain the geometry of known zones and improve targeting of structural traps.
Lithological studies to distinguish the different intrusive phases and evaluate their relationship with gold mineralization.
The Company will continue its vectoring work to refine the next set of priority drill targets at Douay, including follow-up on the first phase of deep drilling, as well as revisiting areas where the JV previously had successes (e.g. 531 and Western Porphyry zones). The Company is concurrently refining targets along its 100%-controlled Eagle Mine Project and in the Telbel Mine area within the JV’s Joutel Gold Project in preparation for anticipated fall and winter drilling campaigns, which are expected to be announced in the coming weeks. The Company’s VMS-focused exploration work is also ongoing with the aim of defining new drill targets, which are anticipated to be tested in early 2024.
Table 1: Complete Assay Results from the First Phase of Deep Drilling at Douay
Hole
UTME
UTMN
Azimuth
Plunge
Length (m)
From
To
Interval
Au g/t
DO-23-324X
704278
5490900
32
-66.5
779
1385.6
1397.0
11.4
0.28
including
1389.0
1391.0
2.0
0.95
DO-23-324X
1455.3
1457.5
2.2
0.74
DO-23-324X
1560.0
1568.3
8.3
0.83
including
1561.0
1561.9
0.9
2.76
including
1561.0
1565.9
4.9
1.28
including
1564.0
1565.9
1.9
1.50
DO-22-326
706400
5491650
172
-54
98
Master hole – reported on 11/30/22
DO-23-326XW1
706400
5491650
176.92
-50
1111
869.0
874.0
5.0
0.21
DO-23-326XW1
973.0
974.0
1.0
3.55
DO-23-326XW1
1213.0
1214.0
1.0
4.85
DO-23-326XW1
1276.0
1277.0
1.0
0.62
DO-23-326XW1
1641.0
1642.0
1.0
0.58
DO-23-326XW1
1664.8
1885.9
221.1
0.16
including
1670.0
1672.0
2.0
0.76
including
1695.0
1697.0
2.0
0.66
including
1706.0
1714.0
8.0
0.81
including
1711.0
1713.0
2.0
1.28
including
1739.0
1781.0
42.0
0.17
including
1790.0
1791.0
1.0
0.51
including
1826.0
1827.0
1.0
1.78
including
1833.3
1834.2
0.9
2.12
including
1850.5
1853.0
2.5
1.46
including
1852.0
1853.0
1.0
2.86
including
1861.0
1876.0
15.0
0.18
DO-23-326XW1
1945.4
1959.2
13.8
0.23
DO-23-331
706400
5491650
172
-54
2044
1869.0
1870.0
1.0
1.04
DO-23-331
1901.0
1951.8
50.8
0.25
including
1901.0
1902.0
1.0
1.15
including
1925.4
1927.0
1.6
2.85
including
1925.4
1926.1
0.7
6.17
including
1950.3
1950.8
0.5
2.96
DO-23-332
706820
5489915
340
-79.5
1453
135.0
136.0
1.0
1.10
DO-23-332
498.7
499.7
1.0
4.94
DO-23-332
653.7
664.7
11.0
0.29
including
657.0
659.0
2.0
0.74
DO-23-332
789.0
809.0
20.0
0.18
including
805.0
805.5
0.5
2.11
DO-23-332
845.2
852.0
6.8
0.29
DO-23-332
864.2
865.2
1.0
2.53
DO-23-332
953.0
953.5
0.5
1.26
DO-23-332
991.0
1112.0
121.0
0.31
including
1020.0
1021.0
1.0
3.61
including
1034.0
1044.0
10.0
1.16
including
1035.0
1037.0
2.0
3.31
including
1043.0
1044.0
1.0
1.01
including
1058.0
1059.0
1.0
1.25
including
1075.0
1077.0
2.0
1.12
including
1075.0
1076.0
1.0
1.49
including
1111.0
1112.0
1.0
1.07
DO-23-332
1205.0
1329.0
124.0
0.13
including
1295.0
1297.0
2.0
0.61
DO-23-333
705950
5492140.3
360
-55
297
248.0
252.8
4.8
0.69
including
251.3
252.8
1.5
1.55
Note: All reported intercepts are downhole core lengths. Estimated true widths are unknown at this time due to the limited data at the depths drilled.
Corporate Updates
Maple Gold is pleased to announce the appointment of Jocelyn (Josh) Pelletier as the Company’s new Chief Geologist. Mr. Pelletier is a structural geologist and a specialist in metallogeny with over 20 years of exploration experience primarily focused on the formation of gold deposits and porphyry copper-gold systems. He holds an M.Sc. degree in geology (UQAM – Montreal), a BSc in management and is a Fellow of the SEG as a Professional Geologist (OGQ). Mr. Pelletier has significant experience exploring Canada’s greenstone belts, including the Abitibi, Timmins, Red Lake, Beardmore and Rankin Inlet. He will work closely with the Company’s geological team, highly experienced Technical Committee and the JV to support the next phase of drill targets across the Company’s project portfolio.
The Company also announces that Joness Lang and Fred Speidel have left the Company to pursue other opportunities. The Company wishes both Mr. Lang and Mr. Speidel every success in their future endeavors.
Option Issuance
The Company has approved the grant to an employee and officer of stock options (“Options”) to purchase an aggregate of 400,000 common shares of the Company at an exercise price of $0.17 per common share. The Options have a 5-year term and vest 1/3 immediately, 1/3 in 12 months and 1/3 in 24 months from the date of grant until fully vested.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Jocelyn Pelletier, M.Sc., P.geo., Chief Geologist of Maple Gold. Mr. Pelletier has verified the data related to the exploration information disclosed in this press release through his direct participation in the work performed. Mr. Pelletier is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Quality Assurance (QA) and Quality Control (QC)
The Company implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Douay and Telbel covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill hole surveying; core transport; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the Val d’Or, Québec ALS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. Check assays for gold will be done on a sample subset at AGAT laboratory in Val d’Or. 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 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 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.
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.
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.
Results from Telbel deep drilling program. Maple Gold released complete gold assay results from the first phase of deep drilling at the Telbel Mine area of the Joutel Gold Project which is held in the 50/50 joint venture between Maple and Agnico Eagle Mines Limited. Multi-element assay results are pending. The joint venture completed a total of 7,343 meters of drilling in three master drill holes and four wedge drill holes with holes TB-22-001 and TB-22-003 and their respective wedges testing the down-plunge extension of gold mineralization beneath the historic Telbel workings. Hole TB-22-002 was a step-out to test the southeast continuity of the Eagle-Telbel system.
High-grade potential at depth. Results from the deep drilling program support the strike and depth continuity of the Eagle-Telbel Mine Horizon beyond the current limits of drilling and the presence of multiple mineralized horizons along with the presence of high-grade gold mineralization beneath the underground mine workings and deepest historical gold intercepts. All three holes intersected significant horizons of semi-massive to massive sulfides, with Hole TB-23-003W2 intersecting significant gold mineralization approximately 575 meters below the lowest level of historic mining at Telbel.
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.
Volcanogenic massive sulfide (VMS) targets. Maple Gold Mines Ltd. revealed plans for a summer field program at the Douay and Joutel Gold Projects to explore volcanogenic massive sulfide (VMS) targets. Maple Gold is also planning VMS exploration work at its 100%-owned Morris Project approximately 30 kilometers east of the town of Matagami in Morris Township, Quebec. Morris is located approximately 30 kilometers east of the Matagami VMS mining camp and hosts the Watson Lake rhyolite unit which forms the footwall of all the VMS mines at Matagami.
Multiple styles of mineralization. Maple Gold’s 400 square kilometer land package is highly prospective for multiple styles of mineralization and the company has added technical expertise to its board and technical advisory committee to ensure the land package is fully explored for all sources of potential world class deposits. For example, the joint venture recently hired Dr. Marina Schofield, an expert in volcanology, structural geology, and VMS systems, to lead the company’s VMS exploration efforts.
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. – May 18, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to provide an update regarding property-wide volcanogenic massive sulfide (“VMS”) targeting and plans for a summer field program at the Douay and Joutel Gold Projects (“Douay” and “Joutel”, respectively) located in Québec, Canada, which are held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited. The Company is also planning VMS exploration work at its 100%-owned Morris Project (“Morris”) located approximately 30 kilometres (“km”) east of the town of Matagami in Morris Township, Québec.
The JV’s primary focus remains on testing resource expansion targets at Douay and testing prospective near-mine extension targets in the Telbel mine area at Joutel. However, the Douay and Joutel projects each have demonstrated potential for gold and base metals VMS mineralization, as is illustrated by a series of targets previously defined by field mapping and geophysical surveying across the combined 400 km² property package (see news from July 19, 2022). Under the terms of the JV agreement, the partners agreed to jointly fund C$500,000 in exploration on VMS targets on the western portion of Douay (see news from February 3, 2021).
Summary of VMS-focused exploration and corporate initiatives:
The Company’s mapping, sampling and top of bedrock drilling during 2018 identified six (6) priority target areas for potential base metals and gold-rich VMS mineralization (see press release November 14, 2018).
The Company subsequently appointed Dr. Gérald Riverin, a recognized VMS expert with 40+ years of experience in the Abitibi Greenstone belt, to its board of directors and Technical Advisory Committee (see news from June 9, 2020).
In late 2021, the JV consolidated two (2) inlier claim blocks covering 22 claims and 12.3 km² of ground in the central portion of Douay in an area deemed prospective for zinc and copper mineralization (see news from October 19, 2021).
Also in 2021, the Company acquired 100% of Morris and completed preliminary ground geophysics and lithogeochemical sampling. In 2022 and 2023, the Company completed deep penetrating pulse electromagnetic (“PEM”) surveys that outlined a 3 km long conductive zone adjacent to a favorable rhyolite unit.
In 2022, the JV completed a regional airborne magnetic and electromagnetic (“Mag-EM”) survey to support exploration drill targeting, which identified 55 targets within four (4) primary target areas prospective for pyritic gold and VMS mineralization (see news from July 19, 2022). After geophysical review, sixteen (16) of these targets were selected for priority follow-up (see Figure 1).
In 2023, the Company appointed Paul Harbidge, CEO of Faraday Copper Corp., an emerging U.S. copper developer, to its Technical Advisory Committee to further strengthen the Company’s technical group and support gold and base metals exploration (see news from February 7, 2023).
The JV has recently hired Dr. Marina Schofield, an expert in volcanology, structural geology and VMS systems, to lead the Company’s VMS exploration efforts.
“We have methodically built a pipeline of prospective gold and base metals VMS targets across the large >400 km² Douay-Joutel property package and have expanded our technical expertise in order to systematically evaluate and advance a VMS-focused exploration program,” statedMatthew Hornor, President and CEO of Maple Gold. “The past-producing high-grade Estrades zinc-gold mine is located just over 11 km to the west of Douay-Joutel and the same geologic horizon that hosted that mine appears to continue onto the western portion of the Douay property. Further to the southeast, historical regional exploration drilling along the Joutel Deformation Zone, east of the historical Eagle-Telbel deposits, has also returned anomalous zinc and gold values. We look forward to completing further cost-effective field work this summer to bring the highest priority VMS discovery targets to a drill-ready stage.”
VMS Targets and Associated 2023 Summer Exploration Plans:
Figure 1: Geology base map highlighting VMS and VMS-like base metal mines and deposits in the region and copper-zinc showings.
The Douay-Joutel property straddles the Casa Berardi Deformation Zone, which is geologically underlain, from south to north, by predominantly intermediate to felsic tuffs of the Joutel-Raymond Grp, the basinal sediments of the Harricana Grp and the predominantly mafic volcanic sequence forming the Cartwright Hills Grp, followed by further basinal sediments of the Taïbi Grp. Although the geological model for Eagle-Telbel is still evolving, gold mineralization was associated with mixed sedimentary and pyroclastic horizons hosting abundant iron carbonate and semi-massive sulfide (pyrite) at the top of the volcanic package that hosts the past-producing Joutel/Poirier VMS mining camp. The main VMS target horizons occur laterally along the Eagle-Telbel Mine Horizon, as well as along multiple interflow horizons within The Cartwright Hills Grp, which include the interpreted eastern extension of the Estrades horizons.
Figure 2: Gold, VMS and base metal target areas in the greater Joutel area (same legend as Fig 1).
The Joutel Targets (see Figure 2 above) include several EM anomalies within ~2-5 km of the historical Eagle, Telbel and Eagle West deposits that have very limited drilling. These deposits are associated with the Harricana and Joutel Deformation Zones and appear as discrete conductive zones aligned along a well-defined northwest trend. The Mag-EM survey indicates possible similar structures extending more than 9 km further to the east in this area where historical drilling intersected anomalous gold (“Au”) and zinc (“Zn”) in several holes. Hole M-94-078 (also known as McClure 93-2 showing) intersected 0.81% Zn over 0.6 metres (“m”); hole JO-12-05 intersected 6.1 g/t Au over 1.5 m, as well as 0.55% Zn over 4 m further downhole, including 0.88% Zn over 1m.
Planned work to advance VMS targets at Douay and Joutel is expected to include compilation of existing data, including review of historical drill logs, followed by field work including lithogeochemistry and initial follow-up ground EM surveys to support bringing highest priority VMS target areas towards a drill ready stage.
Separately, planned work at Morris is expected to include detailed lithogeochemical sampling to establish the full extent of strong VMS related hydrothermal alteration identified in 2021 and identify promising portions of the 3 km long conductor identified by ground geophysics in 2022 and 2023 (see Figure 3). Morris is located approximately 30 km east of the Matagami VMS mining camp and hosts the Watson Lake rhyolite unit which forms the footwall of all the VMS mines at Matagami.
Figure 3: 100% owned Morris claims with geology and geophysics compilation. Favorable alteration is highlighted by higher Riverindex values.
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
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 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 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.
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.
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.
First phase of deep drilling completed. Maple Gold announced first phase completion of deep drilling at the Douay and Joutel gold projects which are held by a 50/50 joint venture (JV) between Maple and Agnico Eagle Mines Limited. The JV completed more than 13,100 meters of drilling across both projects. Early indications from the joint venture’s first phase of deep drilling are encouraging, particularly at Telbel. At Douay, management is most excited by what has been observed in the drill core beneath the Porphyry Zone. Assay results are expected in the second quarter of 2023 and will be reported once received and interpreted.
100% success rate at Telbel. In the Telbel mine area at Joutel, the joint venture drilled a total of 7,343 meters in three master drill holes and four wedge drill holes. All Telbel drill holes intersected broad zones of semi-massive to massive sulfide mineralization. Hole TB-22-003 and its associated wedges intersected three mineralized zones and bottomed in mineralization. Importantly, upper mineralized zones intersected by the hole were well north of the main mine horizon.
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Vancouver, British Columbia–(Newsfile Corp. – April 27, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce the completion of the first phase of deep drilling at the Company’s Douay and Joutel Gold Projects (“Douay” and “Joutel”, respectively) located in Quebec, Canada, which are held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited. The JV completed more than 13,100 metres (“m”) of drilling across Douay and Joutel prior to winter break-up.
Deep Drilling Program Summary and Observations:
In the Telbel mine area at Joutel, the JV drilled a total of 7,343 m in three (3) master drill holes and four (4) successful wedge drill holes.
All Telbel drill holes intersected broad zones of semi-massive to massive sulfide mineralization.
Drill hole TB-22-003 and its associated wedges intersected three mineralized zones and bottomed in mineralization, with sphalerite observed in drill core and elevated zinc values observed via pXRF analysis at site (see Figure 1 and Plate 1).
At Douay, the JV drilled a total of 5,792 m in five (5) drill holes testing beneath the Douay West, Porphyry, Central and 531 Zones, as well as one (1) shallow NW Zone step-out hole (see Figure 2).
The most compelling visual core observations at Douay were in the final hole (DO-23-326X), collared near the Central Zone and extending beneath the Porphyry Zone at depth), with significant alteration, deformation, and mineralization (abundant fine-grained pyrite) from approximately 850 m to 1,400 m down-hole (see Figure 3 and Plates 2 & 3).
“Early indications from the JV’s first phase of deep drilling are encouraging, particularly at Telbel with the upper mineralized zones in TB-22-003, which are well north of the main Mine Horizon, and the fact that both TB-23-001W1 and TB-23-003W2 intersected the down-dip continuity of the sulfide-rich main Mine Horizon,” statedMatthew Hornor, President and CEO of Maple Gold. “Sphalerite is a key indicator of VMS style of mineralization, and we look forward to the gold and multi-element assay results from these holes with the aim of vectoring towards a significant mineralized zone at depth. At Douay, we are also excited by what we’ve observed in the drill core beneath the Porphyry Zone and look forward to the assay results and valuable data that this first phase of deep drilling will generate.”
The Company has completed final core splitting and has sent final sample shipments to the lab. Assay results are expected in Q2 2023 and will be reported once they are vetted and interpreted. The Company has identified additional targets that were previously permitted and approved for drilling at Douay but will wait on the additional assay results and internal 3D model updates before commencing the next phases of drilling at Douay/Joutel, as any successes from the first phase of deep drilling could significantly impact target priorities and corresponding JV capital allocation.
Figure 1: Section view showing master and wedge traces for two (2) of the three (3) drill holes targeting gold mineralization below previous mine workings at Telbel. Note intervals of semi-massive to massive sulfide mineralization highlighted in red (a 3rd Telbel drill hole is located to the southeast and not shown on this section).
Plate 1: Drill core images of TB-23-003W2 with pyrite bands in mixed tuff-sediments (left) and pyrite bands at ~2,100 m down hole that appear to contain sphalerite and anomalous zinc values as per visual observations and pXRF readings.
Figure 2: Plan view showing completed 2023 drill traces at Douay. Note DO-23-332 was drilled to ~1,500 m but appears shorter due to subvertical inclination. Two additional deep drill holes were permitted and approved for drilling and will be considered for drilling later in 2023.
Figure 3: Cross-section showing DO-23-326X extension drill hole containing a broad mineralized interval with significant pyrite mineralization from ~850 m to 1,400 m down hole, overlapping the Casa Berardi North Fault (see Plates 2 and 3).
Plate 2: Drill hole DO-23-326W1 showing sharp contact at ~1,360 m between sheared basalt and feldspar porphyry; both lithologies are strongly altered by hematite, albite, K-feldspar, carbonate, silica and sericite. Note the presence of galena and sphalerite in a flat fracture near the contact.
Plate 3: Drill core from DO-23-326W1 showing abundant pyrite in hematite-albite-carbonate-silica altered feldspar porphyry (top image from 1,366 m, bottom from 1,369 m down hole). Note the presence of dark purple fluorite and pale grey carbonatite in bottom image.
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
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 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 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.
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.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Telbel drilling results are pending. The goal of exploration and drilling along the past-producing Eagle-Telbel mine trend is to define high-grade zones of gold mineralization and additional mineral resources to complement the established resource at Douay. Maple Gold has completed more than 21,500 meters of drilling across the four-kilometer Eagle-Telbel Mine trend, with 14,720 meters at Maple’s 100%-owned Eagle mine property and more than 7,000 meters of joint venture drilling at the Telbel Mine area of the Joutel Project, which is held by a 50/50 joint venture between Maple and Agnico Eagle Mines Limited. Assay results associated with the drilling at Telbel are pending.
Last of the 2022 Eagle results released. Maple recently released remaining assay results from ~20% of the 14,720 meters of drilling at Eagle. To date, the company’s drilling at Eagle has confirmed that gold mineralization is not limited to the Eagle-Telbel Mine Horizon, a narrow stratigraphic interval, but instead covers a significantly broader stratigraphic interval of over 100 meters straddling the Harricana Deformation Zone. Drill core observations support Maple Gold’s concept of a significant structural component to gold mineralization in the form of an orogenic gold overprint.
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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. – April 6, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to report results from the final 20% of assays that were received from the previously completed 14,720 metres (“m”) of drilling at the 100%-controlled Eagle Mine Property (“Eagle”). The Company is also pleased to report that more than 7,000 m have now been completed (6,000 m planned) at the Telbel Mine area of the Joutel Project, which is held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Gold Mines Limited.
The final batch of assays received from completed drilling at Eagle correspond to approximately 3,000 m of the 14,720 m drilled to-date. The results continue to demonstrate continuity of mineralization and the potential significance of the multiple horizons/splays to the northwest of the former Eagle mine. Highlights include (see Table 1 and Figure 1 for highlighted results from all Maple Gold drilling at Eagle to-date):
EM-22-008W intersected 6.2 grams per tonne (“g/t”) gold (“Au”) over 2.0 m in the South Mine Horizon (“SMH”) and 4.2 g/t Au over 3.9 m in sediments further downhole.
EM-22-006W1 intersected multiple intercepts including 6.5 g/t Au over 1.2 m and 2.0 g/t Au over 3.0 m in the SMH and 2.3 g/t Au over 3.0 m at the microgabbro/Harricana sediment contact further downhole.
EM-22-006W4 intersected 4.0 g/t Au over 0.7 m within a broader 1.1 g/t Au over 14.2 m intercept within the SMH.
EM-22-017A intersected 2.9 g/t Au over 2.0 m and additional lower grade over broader near-surface intervals (1.0 g/t Au over 15.5 m from 93 m downhole).
“We have come along way since first consolidating the Joutel ground into our JV property package,” stated Matthew Hornor, CEO of Maple Gold. “All of our exploration and drilling work along the past-producing Eagle-Telbel mine trend is designed with the aim of defining high-grade zones of gold mineralization and additional mineral resources to complement the established potentially bulk-mineable resource present at Douay. Our first year of drilling at Eagle has more than covered our exploration spending commitments to earn a 100% interest and we are now in position to finalize our compilation and model updates to support focused follow-up drilling in areas we believe have the most promise to deliver additional high-quality ounces.”
Overview Summary and Key Takeaways from Drilling at Eagle
The Eagle-Telbel Mine trend produced 1.1 Moz at 6.5 g/t Au from 1974 – 1993, during a period when the price of gold averaged approximately $350 per ounce. During the first year of the JV (2021), all historical mining, stope and drilling data was digitized to underpin a new 3D geological model. The Company signed an option agreement to acquire a 100% interest in the Eagle Mine Property (see press release July 19, 2021) and has since completed more than 21,500 m of drilling across the 4 km long Eagle-Telbel Mine trend, with 14,720 m at Eagle (see Figure 1) and more than 7,000 m (assays pending) of JV drilling at Telbel.
The Company’s drilling to-date at Eagle has served to confirm that gold mineralization is not limited to a narrow stratigraphic interval (Eagle-Telbel Mine Horizon) but instead covers a significantly broader stratigraphic interval of over 100 m straddling the Harricana Deformation Zone. Drill core observations also support the Company’s concept of a significant structural component to gold mineralization in the form of an orogenic gold overprint.
Figure 1: Plan view map showing drilling to-date at Eagle with highlighted intercepts.
Several highlights from the Company’s first year of drilling at Eagle are summarized below (see Figure 1 above for locations):
EM-22-005: 4.0 g/t Au over 7.5 m, including 6.4 g/t Au over 3.0 m
EM-22-009: 11.4 g/t Au over 3 m, including 24.4 g/t Au over 1 m
EM-22-013: 2.3 g/t Au over 10.4 m, including 5.0 g/t Au over 3.2 m
EM-22-015: 10.3 g/t Au over 7.8 m, including 41.1 g/t Au over 1.0 m
EM-22-015: 4.3 g/t Au over 3.9 m, including 7.4 g/t Au over 1.5 m
EM-22-016: 3.1 g/t Au over 7.3 m, including 4.0 g/t Au over 3.6 m
When combining the Company’s drilling results and observations with notable historical results and new geophysical data, several priority target areas emerge along the SMH and North Mine Horizon (“NMH”); including multiple cross-plunging target concepts that will form part of the focus for the Company’s next phase of drilling (~5,000 m). The Company has initiated target definition and permitting work for a planned summer 2023 follow-up program at Eagle (see press release March 16, 2023) and priority follow-up targets will also be defined at Telbel once assay results have been received and interpreted from the first phase of deep drilling.
Figure 2: Oblique view showing SMH and NMH trends with grade contouring and highlighted pierce points with corresponding intercepts and target areas.
Table 2: Highlighted Assay Results from Maple Gold Drilling at Eagle to-date
Hole
UTME
UTMN
Azimuth
Plunge
Length (m)
From
To
Interval
Au g/t
EM-22-001
690565
5486334
40.6
-66.8
356.6
132.0
134.6
2.6
1.7
including
133.7
134.6
0.9
4.4
EM-22-002
690565
5486334
22.0
-52.4
243
183.2
185.0
1.8
2.1
EM-22-002
200.4
205.0
4.7
2.4
including
200.4
202.4
2.1
3.8
EM-22-003
690642
5486322
59.1
-70.5
288
Narrow intercepts <1 g/t Au
EM-22-004
690673
5486120
49.9
-56.0
288
139.0
141.0
2.0
1.2
EM-22-005
690758
5486043
22.6
-75.7
714
346.0
360.0
14.0
2.2
including
346.0
353.5
7.5
4.0
including
350.0
353.0
3.0
6.4
EM-22-006
690737
5485828
25.9
-63.2
777.75
539.3
543.0
3.7
1.3
EM-22-007
690736
5485826
23.9
-73.2
985
877.0
878.0
1.0
2.0
EM-22-009
690921
5485639
17.5
71.4
1009
920.4
921.0
0.6
10.8
EM-22-009
951.0
956.0
5.0
1.6
EM-22-009
984.0
993.0
9.0
4.0
EM-22-009
990.0
993.0
3.0
11.4
EM-22-009
991.0
993.0
2.0
15.5
including
992.0
993.0
1.0
24.4
EM-22-010
690841
5485795
32.5
-71.4
570
539.5
540.0
0.5
14.0
EM-22-010
543.0
544.0
1.0
8.3
EM-22-010W
690841
5485795
34.1
-61.2
932
921.0
922.0
1.0
3.7
EM-22-011
690547
5485859
56.7
-62
924
858.3
859.0
0.7
3.2
EM-22-012
691098.7
5485413
35.3
-78.6
1284
1232.2
1234.3
2.1
2.0
EM-22-013
690757.5
5486043
63.8
-69.8
327
257.0
267.4
10.4
2.3
including
257.0
260.2
3.2
5.0
EM-22-014
690565
5486334
64.5
-67.9
646
231.0
231.7
0.7
4.6
EM-22-015
690757.5
5486043
45
-50.1
408
142.5
148.6
6.1
1.6
EM-22-015
164.9
165.5
0.7
4.8
EM-22-015
217.1
221.0
3.9
4.3
including
218.5
220.0
1.5
7.4
EM-22-015
228.0
235.8
7.8
10.3
including
228.5
232.8
4.3
15.9
including
230.0
231.0
1.0
41.1
EM-22-015
246.7
248.4
1.7
4.3
including
247.5
248.4
0.9
7.1
EM-22-015
252.2
255.0
2.8
1.8
EM-22-016
690757.8
5486043
45.1
-62.6
297
193.0
206.2
13.2
2.2
including
193.0
200.3
7.3
3.1
including
196.0
199.6
3.6
4.0
EM-22-016
202.0
206.2
4.2
1.7
EM-22-017A
690643
5486322
41.3
-55.76
201
93.5
109.0
15.5
1.0
including
97.0
103.0
6.0
1.4
EM-22-017A
137.0
144.0
7.0
1.4
including
141.0
143.0
2.0
2.9
EM-22-005W
690795
5486136
2.2
-65.5
364
364.3
365.8
1.5
1.3
624.0
625.0
1.0
1.2
EM-22-006W1
690736.7
5485828
29.5
-57
435.2
476.0
479.0
3.0
2.0
EM-22-006W1
482.8
484.0
1.2
6.5
EM-22-006W1
652.0
655.0
3.0
2.3
including
653.5
654.1
0.6
6.6
EM-22-009W2A
690921
5485639
21.4
-65.9
634
828.0
830.0
2.0
1.4
EM-22-010W1
690841
5485795
30.8
-62
361
583.5
584.0
0.5
1.5
EM-22-008W
690737
5485828
45.6
-58.1
377
527.0
529.0
2.0
6.2
EM-22-008W
630.1
634.0
3.9
4.2
including
631.0
632.5
1.5
6.8
EM-23-006W4
690737
5485828
24.5
-39.4
236
472.0
486.2
14.2
1.1
including
472.0
477.4
5.4
1.4
including
481.6
482.3
0.7
4.0
EM-23-006W4
521.0
523.6
2.6
1.9
EM-22-012W
691098.7
5485413
20
-45.6
524.7
1095.3
1097.4
2.1
1.2
Notes: Drill holes EM-22-006W, EM-22-006X, EM-22-008 and EM-22-009W1 returned no significant assays. Drill hole EM-22-017 was lost at 51 m. True widths estimated at 40% to 70% of downhole width depending on the hole inclination.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
Quality Assurance (QA) and Quality Control (QC)
The Company implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Eagle covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill hole surveying; core transport; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the Val d’Or, Québec AGAT laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. Check assays for gold are being done on a sample subset at ALS’ laboratory in Val d’Or. 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 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 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.
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.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Eagle follow-up drill program. Drill target definition and permitting has been initiated for a planned ~5,000 meter follow-up drill program in 2023 at the company’s 100%-controlled Eagle Mine property that will test undrilled zones with significant grade and volume potential.
Targeting a broad mineralized zone. In 2022, Maple Gold completed a total of 30 drill holes representing approximately 14,500 meters of drilling at Eagle. Results to date highlight the existence of multiple sub-parallel gold horizons over a greater than 100-meter mineralized corridor beyond what was historically mined at Eagle. The immediate focus of 2023 drilling will be potential extensions of known high-grade mineralization, including areas up and down plunge of Hole EM-22-015 which returned seven intercepts over a 120-meter interval, including 10.3 grams of gold per tonne over 7.8 meters in the North Mine Horizon.
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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. – March 16, 2023) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to provide an update on ongoing exploration activities at its 100%-controlled Eagle Mine Property (“Eagle”) located in Québec, Canada. The Company is completing a compilation of current and historical drill data, new downhole electromagnetic (“EM”) conductor data, and the regional airborne geophysical survey data acquired by the Company in 2022 (see news from July 19, 2022). Drill target definition and permitting has been initiated for a planned ~5,000 metre (“m”) follow-up drill program in 2023 that will test undrilled zones with significant grade and volume potential.
The Company expects to receive and report remaining assay results from completed drilling at Eagle in Q1 2023. Once final results are received, the Company will be updating its 3D model with new drilling and geophysical data to generate new sections and level plans and refine additional priority targets. The immediate focus of the 2023 drill program will be potential extensions of known high-grade (>5 grams per tonne (“g/t”) gold (“Au”)) mineralization, including areas up/down-plunge of EM-22-015, which returned seven (7) separate intercepts highlighted by 10.3 g/t Au over 7.8 m (see news from January 9, 2023).
Gold mineralization within the main mine horizon at Eagle is generally oriented northwest-southeast, which is consistent with modeled stratigraphy. New Maxwell plate modelling of downhole EM conductors at Eagle is consistent with this overall northwest-southeast trend; however, one of the EM anomalies is best modelled as a planar feature at high angles to the overall trend, suggesting that gold mineralization may be controlled not only by stratigraphy but also by cross-cutting structures, which are also supported by 3D drone magnetic inversion trends. The new downhole EM survey data provides support for the Company’s interpreted northeast-southwest trending cross-plunge potentially linking high-grade results from EM-22-015 to intercepts located approximately 60 m up-plunge in historical hole E-19 (19.6 g/t Au over a similar 7.9 m width). Additional historical drill holes intersected >5g/t Au roughly 250 m further down-plunge of EM-22-015, highlighting the grade and volume potential of a new zone that will be tested via follow-up drilling in 2023.
“We are excited by the new downhole EM results, which contribute key elements to our evolving 3D model for Eagle,” stated Fred Speidel, VP Exploration of Maple Gold. “This data is extremely valuable as it provides key information up to ~300 m surrounding any given drill hole, which can help guide us towards new potential gold zones. The Company views this and other open target areas at Eagle as an excellent opportunity to define additional high-grade ounces and we look forward to commencing initial follow-up drilling in Q2 2023.”
Conceptual Targets for Further Testing in 2023
The key conceptual result from 2022 drilling at Eagle was confirming the existence of several different styles of gold mineralization, over significantly greater widths than were previously defined, including:
Quartz-carbonate veinlets in wallrock felsic tuffs;
Semi-massive sulfides with apparently overprinting Fe-carbonate and quartz;
Disseminated sulfides associated with bleached, foliated and pyritic microgabbro;
Semi-massive sulfides associated with (and forming the matrix of) lapilli tuffs; and
Sulfide-rich intervals in graphitic sediments of the Harricana Grp.
These different styles of mineralization define an expanded corridor of ~100 m in true width straddling the Harricana Fault Zone (see Figure 1).
Conceptual targets, focusing on higher grade x thickness (i.e. higher metal factor) areas with limited drilling are found at different depths along the margins and down-plunge of the historically mined areas (see Figure 2).
Figure 1: Oblique view showing the North and South Mine Horizons extending to the northwest from the Eagle Mine where the horizons merge.
Figure 2: Long section (North Mine Horizon only) showing distribution of near-mine exploration targets (blue ellipses) for 2023 at Eagle and Telbel, considering regional and deposit-scale trends.
As shown in Figure 2 above, the Company’s exploration targets include not only the extensions of known local mine trends, but also interpreted cross-plunges, potentially related to stretching lineations observed in core, notably in EM-22-015.
Annual Equity Incentive Plan Grants
Pursuant to its Equity Incentive Plan (the “Plan”) dated December 17, 2020 and the policies of the TSX Venture Exchange, the Company’s Board of Directors granted stock options (“Options”), Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”) to certain employees, officers, directors and consultants. The Company granted Options to purchase an aggregate of 3,525,000 common shares of the Company (each, a “Common Share”), with an exercise price of $0.20 per Common Share. Each Option grant vests in three equal tranches over a 24-month period. Once vested, each Option is exercisable into one Common Share for a period of five years from the date of the grant. The Company also granted a total of 2,825,000 RSUs and 550,000 DSUs. Each RSU grant vests in three equal tranches over a 24-month period. Once vested, each RSU and DSU entitles the holder thereof to receive either one Common Share, the cash equivalent of one Common Share or a combination of cash and Common Shares, as determined by the Company, net of applicable withholdings. DSUs may not be exercised until a director ceases to serve on the Company’s Board of Directors.
Further details regarding the Plan are set out in the Company’s Management Information Circular filed on May 16, 2022, which is available on SEDAR.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
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 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 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.
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.
