Maple GOLD Intersects 24.4 G/T GOLD over 1 Metre Within 11.4 G/T GOLD over 3 Metres IN Phase Ii Drilling at Eagle and Provides Operational and Corporate Updates
PRESS RELEASE
August 15, 2022
MAPLE GOLD INTERSECTS 24.4 G/T GOLD OVER 1 METRE WITHIN 11.4 G/T
GOLD OVER 3 METRES IN PHASE II DRILLING AT EAGLE AND PROVIDES
OPERATIONAL AND CORPORATE UPDATES
Vancouver, BC – (Newsfile Corp. – August 15, 2022) - Maple Gold Mines Ltd. (TSX-V: MGM)
(OTCQB: MGMLF) (FSE: M3G) (" Maple Gold " or the " Company ") is pleased to report initial
assay results from the first drill hole of the Comp any’s Phase II drill program at its 100%-
controlled Eagle Mine Property ("Eagle") in Québec, Canada. The Phase II program consisted
of four (4) master diamond drill holes and one (1) daughter diamond drill hole totalling ~4,700
metres ("m") to test potential extensions of minera lization along and beneath the past-
producing, high-grade Eagle-Telbel mine trend. The Company is also pleased to announce the
appointment of Kiran Patankar as Chief Financial Officer, effective immediately.
Highlights:
Drill hole EM-22-009 intersected 11.4 grams per tonne gold ("g/t Au") over 3 m,
including 24.4 g/t Au over 1 m, to the north of the modeled main Eagle-Telbel mine
horizon in the hanging wall microgabbro (see Figure 1 for drill hole locations)
The new EM-22-009 intercept and other notable high -grade historical intercepts hosted
in the same microgabbro unit (including hole 16-77: 26.7 g/t Au over 2.5 m and hole 16-
71: 26.4 g/t over 1.4 m within 14.3 g/t over 2.9 m) all point to the potential significance
of this favourable structural-stratigraphic target
Limited historical drilling in the hanging wall (s ee Figure 1) was not typically assayed for
gold as previous operators were not focused on this mineralization style and target type
The Company has drilled ~16,450 m out of approxima tely 30,000 m planned in 2022
across its Québec project portfolio; Eagle assays have now been reported for ~5,400 m
(representing 59% of completed Eagle drilling)
“These initial Phase II assays include the best res ult thus far from our 2022 drilling at Eagle
and the location of the intercept holds great signi ficance for our exploration targeting going
forward, including Phase III drilling later this year,” stated Matthew Hornor, President and CEO
of Maple Gold. “While core cutting has recently been impacted by electrical issues at site, we
are implementing temporary and permanent solutions to improve efficiency and we expect the
assay backlog to ease in the coming weeks. I am als o delighted to welcome Kiran in his
expanded role with the Company and we look forward to his experience as we navigate through
our strategic and corporate finance initiatives.”
Interpretation and Summary of Results
The highlighted intercept in EM-22-009 is located to the north of the main modeled Eagle mine
horizon in the hanging wall microgabbro. There is l imited historical drilling in the hanging wall
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at Eagle and drill holes were not typically assayed for gold as previous operators were not
focused on this mineralization style and favourable structural-stratigraphic target type. The new
EM-22-009 intercept and other notable high-grade hi storical intercepts hosted in the same
microgabbro unit (see Figure 2) are further indications of additional styles of gold mineralization
at Eagle beyond the known Eagle-Telbel style mined historically and suggest multiple gold
events that may provide for broader gold distribution than previously interpreted.
Figure 1 : Geologic plan view map highlighting EM-22-009 intercept, completed Phase I/II drill holes
at Eagle , historical drilling, known gold distribution >2 g/t Au and line of section in Figure 2.
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Figure 2 : Cross section (100 m total width) highlighting EM-22-009 intercept and historical
intercepts in the hanging wall microgabbro north of the main Eagle mine horizon.
The EM-22-009 intercept is significant because thes e results are not found within the broadly
conformable horizon mined at Eagle in the past, but instead within a microgabbro some
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distance to the north, which is characterized by an increase in intensity of alteration and
deformation associated with a quartz-carbonate-pyri te vein zone (see Plates 1 and 2), which
the Company’s geologists believe is structurally-controlled and therefore inconsistent with the
syn-volcanic exhalative style of mineralization used as a predictive model in the past. Thus, in
addition to pursuing favorable stratigraphic horizo ns (syn-volcanic exhalative gold
mineralization), it is now justifiable to pursue su perimposed structural targets (orogenic gold
mineralization) as well.
The Company’s Phase I/II drilling at Eagle has conf irmed that in addition to the conformable
semi-massive pyrite horizon mined historically at Eagle-Telbel, multiple additional zones which
may or may not be conformable, overlapping with the Harricana Deformation Zone, are also
prospective. This includes not only the microgabbro interval, but also the Harricana Group
sediments still further to the north. The Harricana Group sediments to Cartwright Group basalts
contact may represent a further, largely untested target (see Figure 2).
Phase III drilling at Eagle, which is expected to c ommence in Q4/2022, will follow-up not only
on the best results of the first two drilling phases, but also on the results of previous downhole
electromagnetic ("EM") surveys, on ranked airborne EM targets from the recently competed
Mag-EM survey (see news from July 19, 2022), and on a recently completed high-resolution
drone magnetic survey.
Plate 1: Drill core from EM-22-009 at 991.3m; sedimentary interval within microgabbro unit, in 1m
interval that graded 6.66 g/t Au. Note quartz-ankerite veinlets cutting sulfide bands. Visually similar to
historically mined mineralization but located well to the north of the main Eagle mine horizon.
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Plate 2: Mineralized interval within sample from 992-993m that graded 24.4 g/t Au, in mixed altered
microgabbro (left side) and sediment (right side).
Complete assay results from EM-22-009 are included in Table 1 below.
Hole UTME UTMN Azimuth Plunge Length (m) From To Interval Au g/t
EM-22-009 690921 5485639 17.5 71.4 1009 920.4 921.0 0.6 10.80
EM-22-009 951.0 956.0 5.0 1.63
EM-22-009 990.0 993.0 3.0 11.39
including 991.0 993.0 2.0 15.53
including 992.0 993.0 1.0 24.40
Table 1 : Summary of key intercepts from drill hole EM-22-009 completed during Phase II Eagle
drilling. All intervals are downhole core lengths. True widths are ~50-70% of downhole lengths.
Operational Update
Due to recent electrical issues at site, the Compan y has faced challenges with its core saws
resulting in a temporary backlog of assay results. The Company has contracted third-party
core cutting providers to secure its immediate needs, has procured standby equipment, and is
making necessary upgrades to ensure long-term efficiencies and redundancies so that similar
problems are avoided in the future.
Executive Appointment
Maple Gold is pleased to announce the appointment o f Kiran Patankar as Chief Financial
Officer of the Company replacing Gregg Orr. Mr. Patankar has held the position of Senior Vice
President, Growth Strategy with the Company since 2 021 and will continue to apply his skills
and experience to the execution of corporate strategy and evaluation of strategic initiatives. He
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is an accomplished mining executive with more than 15 years of progressively senior
investment banking and public company executive exp erience including responsibility for
executing M&A and corporate finance transactions to taling more than $3 billion, project
evaluation and development, contract negotiation, s takeholder engagement and corporate
governance. Mr. Patankar holds a Master of Business Administration (MBA) from the Yale
School of Management and a Bachelor of Science (BS) in Geological Engineering from the
Colorado School of Mines.
Option Issuance
The Company has approved the grant to certain emplo yees and officers of stock options
("Options") to purchase an aggregate of 1,050,000 c ommon shares of the Company at an
exercise price of $0.26 per common share. The Optio ns 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 Fred Speidel, M. Sc., P. G eo., Vice-President Exploration of Maple
Gold. Mr. Speidel is a Qualified Person under Natio nal Instrument 43-101 Standards of
Disclosure for Mineral Projects. Mr. Speidel has ve rified 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; drillhole surveying; core tran sport; 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. For a complete description of p rotocols, please visit the Company's QA/QC
webpage at www.maplegoldmines.com .
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced explor ation 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 Green stone Gold Belt. The projects benefit from
exceptional infrastructure access and boast ~400 km 2 of highly prospective ground including
an established gold resource at Douay (SLR 2022) th at holds significant expansion potential
as well as the past-producing Eagle, Telbel and Eag le 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 si gnificant number of regional exploration
targets along a 55 km strike length of the Casa Ber ardi Deformation Zone that have yet to be
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tested through drilling, making the project ripe fo r new gold and polymetallic discoveries. The
Company is well capitalized and is currently focuse d 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: [email protected]
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Forward Looking Statements:
This press release contains "forward-looking inform ation" and "forward-looking statements" (collective ly 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 a re based on
assumptions, uncertainties and management's best es timate of future events. Actual events or results c ould differ materially
from the Company's expectations and projections. In vestors are cautioned that forward-looking statemen ts involve risks and
uncertainties. Accordingly, readers should not plac e undue reliance on forward-looking statements. For a more detailed
discussion of such risks and other factors that cou ld cause actual results to differ materially from t hose 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.