Maple GOLD Provides Exploration Update and Prepares FOR NEXT Phase of Drilling at Eagle
PRESS RELEASE
March 16, 2023
MAPLE GOLD PROVIDES EXPLORATION UPDATE AND PREPARES FOR NEXT
PHASE OF DRILLING AT EAGLE
Vancouver, BC – (Newsfile Corp. – March 16, 2023) – Maple Gold Mines Ltd. (TSX-V: MGM)
(OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the " Company") is pleased to provide an
update on ongoing exploration activities at its 100%-controlled Eagle Mine Property ("Eagle")
located in Québec, Canada. The Company is completing a compilation of current and historical
drill dat a, new downhole electromagnetic ( "EM") conductor data , and the regional airborne
geophysical survey data acquired by the Company in 2022 (see news from July 19, 2022). Drill
target definition and permitting has been initiated for a planned ~5,000 metre ("m") follow-up
drill program in 2023 that will test undrilled zones with significant grade and volume potential.
The Company expects to receive and report remaining assay results from completed drilling
at Eagle in Q1 2023. Once final results are received , the Company will be updating its 3D
model with new drilling and geophysic al data to generate new sections and level plans and
refine additional priority targets. The immediate focus of the 2023 drill program will be potential
extensions of known high-grade (>5 grams per tonne ( "g/t") gold ( "Au")) mineralization,
including areas up/down-plunge of EM-22-015, which returned seven (7) separate intercepts
highlighted by 10.3 g/t Au over 7.8 m (see news from January 9, 2023).
Gold mineralization within the main mine horizon at Eagle is generally oriented northwest-
southeast, which is consistent with modeled stratigraphy . New Maxwell plate modelling of
downhole EM conductors at Eagle is consistent with th is overall northwest-southeast trend;
however, one of the EM anomalies is best modelled as a planar feature at high angles to the
overall trend, suggesting that gold mineralization may be controlled not only by stratigraphy
but also by cross-cutting structures, which are also supported by 3D drone magnetic inversion
trends. The new downhole EM survey data provides support for the Company’s interpreted
northeast-southwest trending cross-plunge potentially linking high-grade results from EM-22-
015 to intercepts located approximately 60 m up-plunge in historical hole E -19 (19.6 g/t Au
over a similar 7.9 m width). Additional historical drill holes intersected >5g/t Au roughly 250 m
further down-plunge of EM-22-015, highlighting the grade and volume potential of a new zone
that will be tested via follow-up drilling in 2023.
“We are excited by the new downhole EM results, which contribute key elements to our
evolving 3D model for Eagle,” stated Fred Speidel, VP Exploration of Maple Gold. “This data
is extremely valuable as it provides key information up to ~300 m surrounding any given drill
hole, which can help guide us towards new potential gold zones. The Company views this and
other open target area s at Eagle as an excellent opportunity to define additional high -grade
ounces and we look forward to commencing initial follow-up drilling in Q2 2023.”
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Conceptual Targets for Further Testing in 2023
The key conceptual result from 2022 drilling at Eagle was confirming the existence of several
different styles of gold mineralization , over significantly greater widths than were previously
defined, including:
• Quartz-carbonate veinlets in wallrock felsic tuffs;
• Semi-massive sulfides with apparently overprinting Fe-carbonate and quartz;
• Disseminated sulfides associated with bleached, foliated and pyritic microgabbro;
• Semi-massive sulfides associated with (and forming the matrix of) lapilli tuffs; and
• Sulfide-rich intervals in graphitic sediments of the Harricana Grp.
These different styles of mineralization define a n expanded corridor of ~100 m in true width
straddling the Harricana Fault Zone (see Figure 1).
Conceptual targets, focusing on higher gra de x thickness (i.e. higher metal factor) areas with
limited drilling are found at different depths along the margins and down -plunge of the
historically mined areas (see Figure 2).
Figure 1: Oblique view showing the North and South Mine Horizons extending to the northwest from
the Eagle Mine where the horizons merge.
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Figure 2: Long section (North Mine Horizon only) showing distribution of near-mine exploration
targets (blue ellipses) for 2023 at Eagle and Telbel, considering regional and deposit-scale trends.
As shown in Figure 2 above, the Company’s exploration targets include not only the extensions
of known local mine trends, but also interpreted cross-plunges, potentially related to stretching
lineations observed in core, notably in EM-22-015.
Annual Equity Incentive Plan Grants
Pursuant to its Equity Incentive Plan (the "Plan") dated December 17, 2020 and the policies of
the TSX Venture Exchange, the Company’s Board of Directors granted stock options
("Options"), Restricted Share Units ("RSUs") and Deferred Share Units ("DSUs") to certain
employees, officers, directors and consultants. The Company granted Options to purchase an
aggregate of 3,525,000 common shares of the Company (each, a "Common Share"), with an
exercise price of $0.20 per Common Share. Each Option grant vests in t hree 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 the grant. The Company also granted a total of 2,825,000
RSUs and 550,000 DSUs. Each RSU grant vests in th ree equal tranches over a 24 -month
period. Once vested, each RSU and DSU entitles the holder thereof to receive either one
Common Share, the cash equivalent of one Common Share or a combination of cash and
Common Shares, as determined by the Company, net o f applicable withholdings. DSUs may
not be exercised until a director ceases to serve on the Company’s Board of Directors.
Further details regarding the Plan are set out in the Company’s Management Information
Circular filed on May 16, 2022, which is available on SEDAR.
Qualified Person
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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 Québec's prolific Abitibi Greenstone 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) 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 g row 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]
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
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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.