Maple GOLD Provides Exploration and Corporate Update
PRESS RELEASE
April 21, 2022
MAPLE GOLD PROVIDES EXPLORATION AND CORPORATE UPDATE
Vancouver, BC – (Newsfile Corp. – April 21, 2022) - Maple Gold Mines Ltd. (TSX -V: MGM)
(OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the " Company") is pleased to provide an
update on winter drilling activities and upcoming exploration plans across the Company’s
district-scale 400 km² property package in Quebec, Canada. A pproximately 10,000 metres
("m") have been drilled to-date this year and the Company expects to keep at least one rig
active throughout 2022 with total drilling currently anticipated to reach up to 30,000 m.
“The Company entered the year with ~C$22M in cash and ~C$14M in additional partnership
funding (through 2024) to advance our joint venture and 100%-controlled Quebec gold
projects,” stated Matthew Hornor, Maple Gold’s President and CEO . “Two drills have been
active since Q4/2021, with one at Douay and another at Eagle. Our strategic goals in 2022 are
to demonstrate the potential for a larger mineralized system at Douay and define extensions
of higher -grade mineralization along the entire past-producing Eagle -Telbel mine trend by
drilling more aggressive step-outs and testing greater depths at all three of our projects.”
Eagle Mine Project
Maple Gold has an option to earn an undivided 100% interest in the Eagle Mine Project
("Eagle") (see news from July 27, 2021). The Company completed 3D modelling, targeting and
permitting and subsequently commenced a 4,200 m Phase I drill campaign (see news from
January 17, 2022). The Phase I campaign (now complete) included eight (8) drillholes
designed to test a possible secondary shoot of mineralization adjacent to the main shoot that
was historically mined at Eagle starting in the 1970’s during a significantly lower gold price
environment. An additional deeper hole (up to 960 m) is now being drilled and three additional
deeper sites (up to 1,350 m) are currently being permitted (see Figure 1).
Initial drill core observations are encouraging, with multiple drillholes intersecting semi -
massive-pyrite iron-carbonate (see Plate 1) as well as other styles of mineralization known to
carry gold. The Company is sending Eagle samples to a new lab to expedite turnaround times.
Initial assay results from the Phase I program at Eagle are expected to be released in Q2/2022
and the Company is in the process of permitting sites corresponding to an additional ~4,000
m Phase II program that will include deeper drill holes (up to 1,400 m) to test the main mine
trend at depth below the historical mine workings (see Figure 1).
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Figure 1: Oblique view of modeled mine trend at Eagle showing pierce points corresponding to completed drill
holes from the Phase I program as well as target pierce points for Phase II.
Plate 1: Semi-massive pyrite with iron-carbonate veinlets at 346.5 m downhole in drill hole EM-22-005 (#5
pierce point shown on Figure 1); mineralization extends from 346 to 363.5 m downhole. Assays are pending;
NQ core (47.6mm diameter)
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Douay Project
Approximately 5,500 m has been drilled to-date this year, including the two deepest holes ever
drilled at Douay (DO-22-322: 1,036 m at the Nika Zone and DO-22-324: 1,161 m at the Douay
West Zone). Drilling in 2022 (current and planned) at Douay includes more aggressive lateral
step-out, discovery and deeper drilling that is designed to test multiple favourable horizons with
the aim of making new discoveries and achieving significant resource gains.
While there is limited drilling to -date in the Taibi Group sediments north of the Casa Berardi
North Fault, significant opportunities exist as highlighted by several zones hosted largely or
entirely in Taibi Group sediments (NW, Central and Main Zones). T he Company has recently
completed two (2) holes from the same collar (DO-22-325/326: the latter drilled north-to-south)
as part of the JV’s ongoing pursuit to discover sediment hosted mineralization along the
northern flank of the resource area (see Figure 2).
Figure 2: Plan View highlighting collar locations for Winter 2022 drilling at Douay
The current phase of drilling at Douay includes an additional ~800 m drillhole at the 531 Zone
(in progress) that is designed to test the intersection of easterly-plunging mineralization from
the Porphyry Zone (east) and the westerly-plunging mineralization from the 531 Zone. Follow-
up drilling at the NE IP Discovery Target (sediment-hosted target located about 5 km northeast
of the resource area) is also planned , where a large sulfide system with gold showings was
encountered during 2020-2021 drilling.
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The average vertical depth of drilling at Douay is roughly 350 m and significantly deeper
drillholes (1,500 – 2,000 m) are in the planning stages for subsequent phases of drilling in
2022.
The Company has also received preliminary results from the recently completed high-
resolution airborne magnetic and electromagnetic ("M ag-EM") survey, which covered the
western half of Douay where a series of base metal and gold-rich VMS targets were previously
defined. The results and corresponding regional targets generated from the survey at Douay
will be released once final interpretations are completed.
Joutel Project
Initial targets for Phase I drilling in the Telbel mine area at Joutel have been defined and
permitting is now underway. Phase I drilling at Telbel is expected to include up to three (3)
step-out drillholes designed to test for potential extensions of the main mine trend at depth.
Mining at Telbel was primarily focused on the exploitation of a single zone between the 600 –
1,000 m levels and the Company’s digitization and 3 -D modeling work indicate the potential
for gold mineralization to extend well beyond the footprint of the past producing Telbel mine.
Drilling at Telbel can be completed year-round with Phase I anticipated to commence in 2022
once permits are received.
The regional Mag-EM survey will further support drill targeting across the entire Joutel Project
including the main Eagle -Telbel mine trend, interpreted subparallel target trends, as well as
the regional Joutel Deformation Zone West ("JDZ West") trend.
Upcoming Corporate Events
Maple Gold will be exhibiting/presenting at the following investor events and conferences:
• Noble Capital Markets’ 18th Annual Investor Conference
April 19-21, 2022
Hard Rock Guitar Hotel, Miami, Florida
• Vancouver Resource Investment Conference
May 17-18, 2022
Vancouver Convention Centre
• THE Mining Investment Event of the North
June 19-21, 2022
Fairmont le Château Frontenac and Voltigeurs de Québec Armoury, Quebec City
• Precious Metals Summit – Beaver Creek
September 13-16, 2022
Beaver Creek Resort
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• 121 Mining Investment Conference – London
November 22-23, 2022
ETC. Venues County Hall, Riverside Building, Belvedere Road
For more information and to sign up for free conference passes please visit the Company’s
upcoming events page here: Maple Gold Mines - Calendar of Events.
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 Quebec’s prolific Abitibi Greenstone Gold Belt. The project s benefit from
exceptional infrastructure access and boast ~400 km 2 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: [email protected]
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Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: [email protected]
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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 plac e 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 impli ed
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.