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TSX.V: MGM | OTCQX: MGMLF | FSE: M3G0
PRESS RELEASE
February 26, 2026
MAPLE GOLD EXTENDS HIGH-GRADE GOLD AT JOUTEL AND STRENGTHENS TECHNICAL
TEAM WITH APPOINTMENT OF VICE PRESIDENT, EXPLORATION
• Consistent, high-grade gold intervals in the Telbel mine area include 8.5 grams per tonne
of gold ("g/t Au") over 8.0 meters ("m") (drill hole JO-25-05) and 7.6 g/t Au over 5.3 m (drill
hole JO-25-01)
• Shallow, high-grade intervals in the Eagle -Telbel area include 3.0 g/t Au over 6. 8 m (drill
hole JO-25-06) and 5.3 g/t Au over 6.8 m (drill hole JO-25-07)
• Three drill holes (JO-25-01, JO-25-05 and JO-25-07) included five individual assays greater
than 20.0 g/t Au with a high of 40.8 g/t Au over 0.5 m (drill hole JO-25-05)
• Large step-out drilling at Joutel (>100 m from previously mined-out stopes) demonstrates
that high-grade gold mineralization extends well beyond historical underground workings
and remains open in multiple directions
• Maiden Joutel mineral resource estimate ("MRE") excluding current drilling to be included in
an updated MRE expected in H1 2026
• Fully funded 30,000-m Douay/Joutel Program advancing with additional drilling planned in
2026; seven (7) holes reported today out of 39 holes (~17,000 m; ~57%) completed to date
• Technical team strengthened with the appointment of Pascal Lessard, P.Geo., a 30 -year
mining veteran, as Vice President, Exploration and the promotion of Ian Cunningham -Dunlop,
P.Eng., to Executive Vice President, overseeing strategy and execution across all projects.
Vancouver, British Columbia, February 26, 2026 – Maple Gold Mines Ltd. (TSX-V: MGM) (OTCQX:
MGMLF) (FSE: M3G0) ("Maple Gold" or the "Company") today announced initial assay results from
seven (7) drill holes completed during its ongoing, fully -funded 30,000-m winter drill campaign (the
"Program") at it s 100%-owned Douay Gold Project (" Douay") and Joutel Gold Project (" Joutel")
(together, "Douay/Joutel" or the " Property") located along the Casa Berardi -Douay Gold Trend in
Québec, Canada. The Company is also pleased to appoint Pascal Lessard, P.Geo. as Vice President,
Exploration and promot e Ian Cunningham-Dunlop, P.Eng. to Executive Vice President, both with
immediate effect . These appointments further strengthen Maple Gold’s technical leadership as it
continues to advance systematic resource growth across its district-scale gold projects.
“Initial Joutel results demonstrate that shallow, high-grade gold mineralization extends beyond the
previously mined -out stopes, reinforcing our view that Joutel offers compelling exploration upside
through targeted step -outs in areas with limited historical drilling that are proximal to existing
underground workings,” stated K iran Patankar, President & CEO of Maple Gold. “With the largest
expansionary drill program in the Company’s history well underway, we are delighted to welcome
Pascal Lessard, P.Geo. as our new Vice President, Exploration and promote Ian Cunningham-Dunlop,
P.Eng. to the role of Executive Vice President. Importantly, following our recently completed financing,
Maple Gold’s strong cash position of approximately $30 million will support aggressive exploration
through 2027, positioning us to continuously execute on multiple value -driving catalysts at
Douay/Joutel. All the key elements including technical depth, financial strength and strategic leadership
are now in place to unlock the next phase of discovery and growth for Maple Gold.”
TSX.V: MGM | OTCQX: MGMLF | FSE: M3G0 2
Discussion of Joutel Drilling Results
Results reported today include seven (7) diamond drill holes ("DDH") designed to test shallow areas
between and along strike from the historical Eagle and Telbel gold mines at Joutel (Figures 1 and 2).
These holes targeted interpreted zones of high-grade gold mineralization projected up-plunge towards
surface from previously mined-out stopes within the Main Iron Carbonate Horizon ("MICH"). The Eagle,
Eagle West and Telbel gold mines (the "Joutel Mining Complex") produced 1.1 million ounces of gold
at an average grade of 6.5 g/t Au from the MICH between 1974 and 19931.
The Joutel Mine Complex lies along the southern branch of the regional Casa Berardi Deformation
Zone, a major gold -bearing structure in the prolific Abitibi Greenstone Belt. Mineralization is hosted
within the uppermost cycle of the Joutel volcanic complex (the "Mine Sequence"), which includes a
thick rhyodacitic to dacitic pyroclastic footwall unit overlain by interbedded clastic and chemical
sedimentary rocks, felsic pyroclastics, and mafic flows. Within the Mine Sequence, the continuous
MICH horizon, with strong iron carbonate alteration and veining , hosts the bulk of historical gold
production. The Mine Sequence is also cut by two significant, late east-northeast to northeast-trending
Proterozoic diabase dykes (Figures 1 and 2).
Gold mineralization at Joutel is typically hosted within semi-massive pyrite-quartz-ankerite-siderite-
carbonate horizons (for example, the MICH) cut by quartz and quartz -dolomite veins and veinlets.
The MICH trends southeast at 130 ° azimuth and dips sub-vertically. Both the Eagle and Telbel mines
host higher-grade ‘shoots’ that show primary plunges of 55° to 60° to the southeast, consistent with the
regional plunge lineation. A secondary shallower westerly plunge has also been noted, orthogonal to
the primary plunge. The MICH is the primary exploration target at Joutel, along strike, up- and down-
dip, and up- and down-plunge of known high-grade mineralization. Sub-parallel carbonate horizons are
also secondary targets.
Details of the seven (7) reported drill holes are further described below:
1. Telbel mine area: Three (3) drill holes were completed 200-300 m southeast of the Telbel Mine
shaft to target near-mine extensions from 100 -500 m vertical depth (100 m above the mined -
out stopes), where up -plunge projections of high -grade mineralization extend into shallower
areas with limited drilling. All three (3) drill holes intersected the MICH with results as follows:
• 8.5 g/t Au over 8.0 m, in DDH JO-25-05, including
o 17.5 g/t Au over 1.5 m, and including
▪ 40.8 g/t Au over 0.5 m, and including
o 15.0 g/t Au over 2.3 m, including
▪ 29.8 g/t Au over 0.5 m, and
▪ 30.8 g/t Au over 0.5 m
• 7.6 g/t Au over 5.3 m, in DDH JO-25-01, including
o 13.3 g/t Au over 3.0 m, including
▪ 25.4 g/t Au over 1.5 m (with visible gold)
• 1.5 g/t Au over 6.0 m, in DDH JO-25-03, including
o 2.3 g/t Au over 1.5 m
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2. Eagle-Telbel area: Four (4) drill holes targeted near-mine extensions between the Eagle and
Telbel Mine shafts, specifically the region between the two late diabase dykes, where up-plunge
projections extend into shallower areas with limited drilling. Two drill holes, JO -25-06 and JO-
25-07, drilled 100 m apart and 100 m above the historical Eagle underground workings, returned
wide intersections with narrow higher-grade intervals as follows:
• 1.4 g/t Au over 16.5 m, in DDH JO-25-06, including
o 3.0 g/t Au over 6.8 m, including
▪ 13.5 g/t Au over 0.6 m
• 2.4 g/t Au over 16.0 m, in DDH JO-25-07, including
o 5.3 g/t Au over 6.8 m, including
▪ 15.5 g/t Au over 2.1 m, including
▪ 38.5 g/t Au over 0.5 m
A third hole, JO-25-02, intersected the large easternmost diabase dyke at the target depth, and
did not encounter any mineralized zones. A fourth hole, JO-25-04, was drilled to a depth of 303
m and was converted to a temporary water source for the remaining holes at Joutel during the
Program. It was drilled to depth in January 2026 as JO-25-04EXT and assays are pending.
Key findings of the Company’s Joutel drilling to date include:
1. Successful demonstration that the known MICH-hosted gold mineralization extends beyond the
historic Eagle-Telbel underground workings.
2. Gold mineralization appears associated with a zone of hydrothermal breccia hosted by felsic
tuff underlain by the MICH and then well bedded, semi-massive pyrite mineralization.
3. Three (3) of the drill holes (JO-25-01, JO-25-05 and JO-25-07) included five individual assays
greater than 20.0 g/t Au with a high of 40.8 g/t Au over 0.5 m in drill hole JO-25-05. The gold
encountered in drill holes JO-25-05 and JO -25-07 occur s within the MICH while the gold
intersection with visible gold in the lower portion of drill hole JO-25-01 is hosted within a 8.5 m
wide felsic to mafic intrusive unit immediately below the MICH which appears to occupy a
southeast trending, steeply dipping structural zone parallel to the MICH. Th is structural zone
represents a new target for the Company.
4. The high-grade gold system at Joutel remains open in multiple directions with strong potential
for expansion through follow-up drilling.
Details of DDH locations can be found in Figures 1, 2 and 3 with significant assay highlights in Table 1.
Key individual assays from DDH JO-25-05 are shown in Plate 1 and Table 2.
The Company has now reported assays for seven (7) drill holes out of 17 drill holes completed to date
at Joutel totaling 8,200 m of the approved Program.
TSX.V: MGM | OTCQX: MGMLF | FSE: M3G0 4
2026 Winter Program Update
The Company has completed 39 drill holes totaling ~17,000 m as part of its ongoing 30,000-m Program
(approximately 57% complete). At Douay, drilling has focused on testing of the down-plunge extensions
of the higher-grade Nika, 531, Douay West, and Porphyry West Zones. At Joutel, drilling is following -
up on encouraging results from drill holes JO -25-01, JO-25-05, JO-25-06 and JO -25-07 with 50 -m-
spaced step-out drill holes. Additional assay results will be reported as they are received, following
QA/QC validation and interpretation.
Concurrent development initiatives are anticipated throughout 202 6 to advance and de -risk
Douay/Joutel, including an updated Douay MRE and a maiden Joutel MRE expected in H1 2026 as
well as an internal scoping/engineering study.
The Company has also approved an inaugural 2,000 m diamond drill program at its Morris VMS Project,
east of Matagami, Quebec, expected to be completed in H1 2026, to evaluate prospective stratigraphy
known to host VMS deposits and mines in the Matagami mining camp.
A total exploration budget o f $13.9 million has been approved for 2026, including permitting, 32,000
meters of diamond drilling, regional sonic drilling, assaying, personnel, camp, and site support costs.
This work wi ll be fully funded from Maple Gold’s existing treasury. Planning for additional drilling in
2026/27 is currently underway.
Figure 1: Plan view map of the Eagle-Telbel Area highlighting the MICH Horizon, Drill Target Areas, and 2025
Completed Drill Holes
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Figure 2: Joutel longitudinal section with Eagle-Telbel Underground Workings & Mined-Out Stopes (in grey)
and 2025 Completed Drill Holes with Significant Assay Results. Looking Northeast.
Figure 3: Joutel DDH Cross-Section – Telbel Mine East – Drill Holes JO-25-01, JO-25-03 and JO-25-05 with
Significant Assay Results. Looking West.
TSX.V: MGM | OTCQX: MGMLF | FSE: M3G0 6
Table 1: 2025 Joutel Drill Program – Significant Assay Results
Target From To Length* Au_FA
Drill Hole (meters) (meters) (meters) (g/t)
Telbel Mine
JO-25-01 369.9 377.1 7.2 0.6
Including 371.4 375.3 3.9 1.0
Including 371.4 372.9 1.5 1.3
And 479.9 480.9 1.0 1.9
And 489.2 495.2 6.0 0.4
Including 493.7 495.2 1.5 3.8
And 512.2 517.5 5.3 7.6
Including 512.2 515.2 3.0 13.3
Including 513.7 515.2 1.5 25.4
JO-25-03 107.0 125.4 18.4 0.7
Including 119.4 125.4 6.0 1.5
Including 120.9 122.4 1.5 2.3
JO-25-05 517.5 525.5 8.0 8.5
Including 517.5 519.0 1.5 17.5
Including 517.5 518.0 0.5 40.8
And Including 523.3 525.5 2.3 15.0
Including 523.3 523.8 0.5 29.8
And Including 525.0 525.5 0.5 30.8
Eagle-Telbel - 'Between the Dykes'
JO-25-06 290.5 307.0 16.5 1.4
Including 291.4 305.2 13.8 1.6
Including 291.4 298.2 6.8 3.0
Including 297.0 297.6 0.6 13.5
JO-25-07 291.5 307.5 16.0 2.4
Including 300.8 307.5 6.8 5.3
Including 300.8 302.9 2.1 15.5
Including 300.8 301.3 0.5 38.5
*Intersections are reported as drilled widths; true widths are estimated to be 60-90% of drilled widths
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Plate 1: Detailed Drill Core Photos – DDH JO-25-05 – 8.5 g/t Au over 8.0 Meters (517.5 m to 525.5 m)
Table 2. Detailed Assay Results from DDH JO-25-05
*Intersections are reported as drilled widths; true widths are estimated to be 60-90% of drilled widths
From To Length Au_FA
(meters) (meters) (meters) (g/t)
JO-25-05 515.0 516.3 1.3 0.01
JO-25-05 516.3 517.0 0.7 0.1
JO-25-05 517.0 517.5 0.5 1.2
JO-25-05 517.5 518.0 0.5 40.8
JO-25-05 518.0 518.5 0.5 5.8
JO-25-05 518.5 519.0 0.5 5.9
JO-25-05 519.0 520.0 1.0 0.4
JO-25-05 520.0 521.0 1.0 0.2 7.7 g/t Au
JO-25-05 521.0 522.0 1.0 3.6 8.5 g/t Au 9.0 Meters
JO-25-05 522.0 522.5 0.5 2.1 8.0 Meters
JO-25-05 522.5 523.3 0.8 3.2
JO-25-05 523.3 523.8 0.5 29.8
JO-25-05 523.8 524.5 0.8 3.5
JO-25-05 524.5 525.0 0.5 1.8
JO-25-05 525.0 525.5 0.5 30.8
JO-25-05 525.5 526.0 0.5 2.9
JO-25-05 526.0 527.0 1.0 0.1
JO-25-05 527.0 528.0 1.0 0.02
JO-25-05 528.0 528.6 0.6 0.01
Drill Hole
TSX.V: MGM | OTCQX: MGMLF | FSE: M3G0 8
Management Appointments
Pascal Lessard, P.Geo. – Vice President, Exploration:
Mr. Lessard is a senior exploration executive who brings more than 30 years of global mineral
exploration and project leadership experience with Glencore , Xstrata and Falconbridge and a proven
track record of delivering resource growth in complex geological environments. He has directed multi-
million-dollar exploration portfolios across five (5) continents and led teams spanning early -stage
greenfield targeting through advanced resource definition. Recognized for his technical leadership,
strategic project management expertise and commitment to the highest environmental, health, safety,
and community standards, Mr. Lessard aligns disciplined, data -driven exploration programs with
broader corporate growth strategies. As Vice President, Exploration, he will leverage his extensive
experience and network in Québec to manage daily on-site operations, supervise subcontractors and
staff, ensur e adherence to safety regulations, and maintain project quality and schedules with an
immediate focus on Douay/Joutel. Mr. Lessard holds a B.Sc. in Geology from the University of Montreal.
Ian Cunningham-Dunlop, P.Eng. – Executive Vice President:
Mr. Cunningham-Dunlop has been promoted to Executive Vice President based on his strong technical
leadership and stewardship of the Company’s projects since being appointed as Vice President,
Technical Services in August 2024 . In this expanded role, he will continue to oversee all exploration
and development activitie s across the Company district-scale Québec project portfolio , driving
systematic resource growth and broader technical advancement , in addition to supporting corporate
strategic objectives . Mr. Cunningham -Dunlop brings extensive experience in Archean lode gold
systems, having worked throughout Ontario, Québec and West Africa, and has played key technical
and strategic roles on numerous successful exploration and development projects globally. His project
experience includes HighGold Mining’s Johnson Tract project in Alaska, NewCastle Gold’s Castle
Mountain project in California, True Gold Mining’s Karma mine in Burkina Faso, Fronteer Gold’s Long
Canyon project in Nevada, multiple gold and gold -copper projects in Turkey, and Aurora Energy’s
Michelin uranium deposit in Labrador. Mr. Cunningham-Dunlop previously led the exploration team at
Homestake Mining/Barrick Gold’s Eskay Creek mine in British Columbia, where he was awarded the
B.C. & Yukon Ch amber of Mines E.A. Scholz Award for “Outstanding Contribution to a Mining
Development Project”. He holds a B.Sc. in Geological Engineering from Queen’s University and is a
Qualified Person under NI 43-101.
Equity Incentive Grants
Maple Gold’s Board of Directors has approved the grant of stock options (" Options") to an employee
to purchase an aggregate of 100,000 common shares of the Company (each, a " Common Share"),
with an exercise price of $2.47 per Common Share. The Options will vest 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 grant. The Company's Equity Incentive Plan (the " Plan") governs these
Options, as well as the terms and conditions of their exercise, which is in accordance with policies of
the TSX Venture Exchange. Further details regarding the Plan are set out in the Company's
Management Information Circular filed on October 16, 2025, which is available on SEDAR+.
Additional Notes
Starting azimuth, dip and final length (Azimuth/Dip/Length (m)) for the seven (7) drill holes reported in
this news release are noted as follows: JO -25-01 ( 039/55/600), JO -25-02 ( 040/45/390), JO -25-03