Maple Gold Reports Final Assay Results at Eagle and Completes More than 7,000 Metres of Deep Drilling at Telbel

By: Newsfile

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.

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Figure 1: Plan view map showing drilling to-date at Eagle with highlighted intercepts.

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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.

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Figure 2: Oblique view showing SMH and NMH trends with grade contouring and highlighted pierce points with corresponding intercepts and target areas.

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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.

ON BEHALF OF MAPLE GOLD MINES LTD.

"Matthew Hornor"

B. Matthew Hornor, President & CEO

For Further Information Please Contact:

Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: jlang@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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/161492

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