Maple Gold Mines Ltd. (TSX-V: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company" - https://www.commodity-tv.com/ondemand/companies/profil/maple-gold-mines-ltd/ ) is pleased to report additional results from the final three holes completed in the 531 Zone as well as four regional exploration holes drilled during the 10,217-metre winter drill campaign at the Douay Gold Project ("Douay" or the "Project") in Quebec, Canada. Douay is held by a 50/50 joint venture (the "JV") between the Company and Agnico Eagle Mines Limited.
Highlights:
The Company has now reported 13 out of a total of 22 holes from the winter 2021 drill campaign. Additional assay results are expected to be released in the coming weeks once they are received and interpreted.
Background and Interpretation of Results
The 531 Zone was initially discovered at Douay in 1986 and mostly drilled in 1992 and 1993 by a previous operator; however, controls on gold mineralization were not well understood at that time. The 531 Zone saw no additional drilling between 2008 and 2019, when Maple Gold drilled hole DO-19-262 to test the down-dip continuity of gold mineralization. DO-19-262 intersected an upper zone of 28 m of 2.6 g/t Au, including 9 m of 4.7 g/t Au, and effectively terminated in a lower zone of 51 m of 2.8 g/t Au, including 16 m of 4.6 g/t Au and 9 m of 4.9 g/t Au (see news from June 5, 2019). In 2020, deepening of DO-19-262 intersected a third zone of 3.5 m of 6.0 g/t Au, including 1.7 m of 11.4 g/t Au (see news from March 16, 2020).
DO-21-310 represents a significantly better intercept than DO-19-262 or 70531 (the 531 Zone discovery hole) in terms of gold accumulation (grade x thickness) and it is expected to both increase the grade of the current mineral resource and locally upgrade Inferred resource blocks. Based on the positive results from winter 2021 and prior drilling in the 531 Zone, a higher-grade northwest-southeast mineralized trend extends over an area that is approximately 500 m by 200 m and, importantly, remains open along strike particularly to the east-southeast (see Figure 1).
Gold mineralization in the 531 Zone is often associated with sedimentary and exhalative interflow horizons as well as specific fault zones. The latest drill results provide further support for the presence of mineralization plunges proposed previously (see news from June 21, 2021), including a main westerly plunge of gold mineralization with three interpreted easterly sub-orthogonal plunges. These interpreted plunges remain open in multiple directions and represent additional resource expansion potential (see Figure 2).
In addition to the reported assays from the 531 Zone, results were received for four regional exploration drill holes, including two holes at the P8 Target and two step-out holes at the Northeast IP Target (see Table 1 for full results). It is important to note that while no significant gold intercepts were reported in these holes, both areas showed sporadic anomalous gold (up to 0.36 g/t) over intervals of several meters. Pending multi-element assays will enable further geologic vectoring for gold and base metals mineralization that will guide future drilling in these two prospective areas.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
Quality Assurance (QA) and Quality Control (QC)
The JV implements strict Quality Assurance ("QA") and Quality Control ("QC") protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drillhole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the Val-d'Or, QC, SGS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company's QA/QC webpage at www.maplegoldmines.com.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (RPA 2019) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. The Company holds an exclusive option to acquire 100% of the Eagle Mine Property.
The district-scale property also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
"Matthew Hornor"
1. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: jlang@maplegoldmines.com
Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: kpatankar@maplegoldmines.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
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.
Highlights:
- Drill hole DO-21-310 intersected 5 metres (m) of 8.8 g/t gold (Au) (from 295.0 m downhole), including 10.0 m of 12.7 g/t Au (from 301.0 m downhole) and 0.5 m of 31.1 g/t Au (from 303.5 m downhole) within the central portion of the 531 Zone.
- DO-21-310 represents by far the best intercept drilled in the 531 Zone to date and the second-best intercept ever at Douay in terms of gold accumulation (grade x thickness).
- Drill hole DO-21-307 intersected multiple narrow gold zones between 244.8 m and 475.5 m downhole, including 5.2 m of 2.9 g/t Au (from 244.8 m downhole), and 6.5 m averaging 1.32 g/t Au from 282 m downhole.
- Results are expected to increase the overall grade of the current 2019 RPA 531 Zone pit-constrained mineral resource as well as locally upgrade Inferred resource blocks.
The Company has now reported 13 out of a total of 22 holes from the winter 2021 drill campaign. Additional assay results are expected to be released in the coming weeks once they are received and interpreted.
Background and Interpretation of Results
The 531 Zone was initially discovered at Douay in 1986 and mostly drilled in 1992 and 1993 by a previous operator; however, controls on gold mineralization were not well understood at that time. The 531 Zone saw no additional drilling between 2008 and 2019, when Maple Gold drilled hole DO-19-262 to test the down-dip continuity of gold mineralization. DO-19-262 intersected an upper zone of 28 m of 2.6 g/t Au, including 9 m of 4.7 g/t Au, and effectively terminated in a lower zone of 51 m of 2.8 g/t Au, including 16 m of 4.6 g/t Au and 9 m of 4.9 g/t Au (see news from June 5, 2019). In 2020, deepening of DO-19-262 intersected a third zone of 3.5 m of 6.0 g/t Au, including 1.7 m of 11.4 g/t Au (see news from March 16, 2020).
DO-21-310 represents a significantly better intercept than DO-19-262 or 70531 (the 531 Zone discovery hole) in terms of gold accumulation (grade x thickness) and it is expected to both increase the grade of the current mineral resource and locally upgrade Inferred resource blocks. Based on the positive results from winter 2021 and prior drilling in the 531 Zone, a higher-grade northwest-southeast mineralized trend extends over an area that is approximately 500 m by 200 m and, importantly, remains open along strike particularly to the east-southeast (see Figure 1).
Gold mineralization in the 531 Zone is often associated with sedimentary and exhalative interflow horizons as well as specific fault zones. The latest drill results provide further support for the presence of mineralization plunges proposed previously (see news from June 21, 2021), including a main westerly plunge of gold mineralization with three interpreted easterly sub-orthogonal plunges. These interpreted plunges remain open in multiple directions and represent additional resource expansion potential (see Figure 2).
In addition to the reported assays from the 531 Zone, results were received for four regional exploration drill holes, including two holes at the P8 Target and two step-out holes at the Northeast IP Target (see Table 1 for full results). It is important to note that while no significant gold intercepts were reported in these holes, both areas showed sporadic anomalous gold (up to 0.36 g/t) over intervals of several meters. Pending multi-element assays will enable further geologic vectoring for gold and base metals mineralization that will guide future drilling in these two prospective areas.
Qualified Person
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.
Quality Assurance (QA) and Quality Control (QC)
The JV implements strict Quality Assurance ("QA") and Quality Control ("QC") protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drillhole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the Val-d'Or, QC, SGS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company's QA/QC webpage at www.maplegoldmines.com.
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (RPA 2019) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. The Company holds an exclusive option to acquire 100% of the Eagle Mine Property.
The district-scale property also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
"Matthew Hornor"
1. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: jlang@maplegoldmines.com
Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: kpatankar@maplegoldmines.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch
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.
