Maple GOLD Ramps up Winter Exploration Activities with Five Drill Rigs Now Mobilized at Eagle and Joutel
PRESS RELEASE
December 1, 2022
MAPLE GOLD RAMPS UP WINTER EXPLORATION ACTIVITIES WITH FIVE
DRILL RIGS NOW MOBILIZED AT EAGLE AND JOUTEL
Vancouver, BC – (Newsfile Corp. – December 1, 2022) – Maple Gold Mines Ltd. (TSX -V:
MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold " or the " Company") is pleased to
announce that, further to the Company's news release on October 7, 2022, two (2) additional
drill rigs have been secured , bringing the number of rigs at site up to five (5) in total. The
additional rigs will help to complete the previously announced 6,000 metre ("m") deep drilling
program in the Telbel mine area ("Telbel") at the Joutel Project ("Joutel"), which is held by a
50/50 joint venture (the "JV") between the Company and Agnico Eagle Mines Limited, as well
as initiate the previously announced 10,000 m deep drilling program at the JV's Douay Project
("Douay") in the coming weeks.
Three (3) drill rigs are currently turning at the Company’s 100%-controlled Eagle Mine Property
("Eagle"), where the previously announced 5,000 m Phase III drill program is expected to be
completed by year-end. A fourth drill rig was added in late October and continues to drill at
Telbel. The fifth drill rig has arrived at site and been mobilized to Telbel, where the Company
expects to complete the 6,000 m program by January 2023. As drill rigs become available from
Eagle and Telbel, they will be relocated to Douay and the Company anticipates having all five
(5) drill rigs turning at Douay during Q1/2023 to expedite the 10,000 m deep drilling program.
The Company has now released assay results corresponding t o approximately 13,300 m of
2022 drilling across Eagle and Douay , with approximately 10, 300 m of additional drilling
completed to-date at Eagle and Telbel.
"With five drill rigs actively turning on our Québec projects, the Company remains on track to
meet our targeted 2022 drill metreage," stated Matthew Hornor, President and CEO of Maple
Gold. "We look forward to additional results from drilling at Eagle and Telbel and to
commencing the deep drill program at Douay to test potential depth extensions below the
current pit-constrained mineral resource as soon as drill rigs from Eagle and Telbel become
available."
Deep drilling at Telbel and Douay is being funded by a previously announced C$4.8 -million
supplemental Year Two JV exploration budget (see news from May 18, 2022 ). The JV 's
additional Year Three (February 2, annual start date) drilling and exploration plans will be
designed by the partners in late Q4 2022 and finalized during early Q1 2023.
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Pictured above: Multiple drill rigs in action at Eagle as exploration drilling ramps up along the Joutel
Mine Complex, which produced 1.1 Moz at 6.5 g/t Au from 1974 – 1993.
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 and access and boast ~400 km ² of highly prospective ground
including an established gold resource at Douay (SLR 2022) that holds significant expansion
potential a s 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 explor ation
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 carry ing 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"
3
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: [email protected]
Mr. Jeff Uppal
Manager, Investor Relations
Cell: 778.977.4724
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
uncertainties. Accordingly, readers shou ld 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 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.