Maple GOLD Reports Final Assays from First Phase of Deep Drilling at Douay and Provides Corporate Updates
PRESS RELEASE
August 3, 2023
MAPLE GOLD REPORTS FINAL ASSAYS FROM FIRST PHASE OF DEEP DRILLING AT DOUAY
AND PROVIDES CORPORATE UPDATES
Vancouver, BC – (Newsfile Corp. – August 3, 2023) – Maple Gold Mines Ltd. (TSX -V: MGM)
(OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to report complete gold
assay results from the first phase of deep drilling at the Douay Gold Project ("Douay") located in
Québec, Canada, which is held by a 50/50 joint venture (the "JV") between the Company and Agnico
Eagle Mines Limited. The Company is also pleased to announce the appointment of Jocelyn (Josh)
Pelletier, M.Sc., P.geo. as its Chief Geologist. Mr. Pelletier is both a structural geologist and a specialist
in metallogeny who brings more than 20 years of progressive exploration experience primarily focused
on the formation of gold deposits and porphyry copper -gold systems. The Company also announces
that Joness Lang and Fred Speidel have left the Company to pursue other opportunities.
At Douay, the JV completed a total of 5,793 metres ("m") in three new holes and two extension holes
during the first half of 2023. Four drill holes were designed as deep conceptual exploration holes to test
for mineralization extensions at greater depths (up to ~ 1,600 m vertical depth) beneath Douay’s
currently defined Mineral Resources, and the fifth drill hole was a shallower step-out hole to the east of
the NW Zone (see Figure 1 for a plan view map depicting drill hole locations and key results, Figure 2
for a composite longitudinal section and Table 1 for a detailed summary of assay results). This first
phase of widely spaced (from ~500 m to ~3,000 m between holes) deep drilling returned 10 separate
intercepts >2.5 gold grams per tonne ("g/t Au") and four broad intervals (from ~59 to ~221 m in length)
of low-grade (mostly >0.1 g/t Au) gold mineralization, demonstrating that a deep-rooted gold system is
present to the current limits of drilling. Pending multi-element assays from the first phase of deep drilling
will be incorporated into ongoing vectoring efforts to develop follow up targets to continue testing the
depth potential at Douay from successful proof-of-concept towards potentially economic gold intercepts
in undrilled zones over more than six kilometers of strike length.
Highlighted Results and Key Takeaways:
• All five drill holes intersected gold mineralization >1 g/t Au, with 10 intercepts >2.5 g/t Au and
several broad ( from ~59 m to ~221 m in length) low-grade intervals (averaging 0.1 to 0.3 g/t
Au), demonstrating continuity of the gold system down to at least ~1,600 m vertical depth.
• DO-23-332 and DO -23-326X both tested beneath the Porphyry Zone and returned the most
compelling visual core observations with broad intervals of alteration and elevated fine grained
pyrite mineralization. Such broad low-grade haloes, with multiple >1 g/t Au intercepts, are typical
of the more peripheral parts of the Porphyry Zone.
• DO-23-332 intersected 10 distinct intercepts of >1 g/t Au over at least 1.0 m. A broad (121 m)
mineralized envelope with anomalous gold (0.31 g/t Au average) included intercepts of 3.6 g/t
Au over 1 m, and 1.2 g/t Au over 10 m, including 3.3 g/t Au over 2 m. Additional 4.9 and 2.5 g/t
Au intercepts over 1 m were obtained further up hole.
• DO-23-326X returned eight intercepts grading >1 g/t Au over at least 1 m. Furthermore, this
hole did not appear to intersect the full width of the potential zone and, importantly, bottomed in
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mineralization (see cross section in Figure 3). Visible gold was also identified at 1,826 m down-
hole.
• DO-23-331 was collared ~500 m south of the 531 Zone conceptual pit and returned 2.85 g/t Au
over 1.6 m, including 6.2 g/t Au over 0.7 m, with a broader interval of 0.25 g/t Au over 5 0.8 m
further up-hole.
“This deep drilling program was developed to test the potential for a much larger gold system at Douay
while also demonstrating continuity of mineralization beneath currently defined Mineral Resources,”
stated Matthew Hornor, President and CEO of Maple Gold. “The average vertical depth of all previous
drilling at Douay is roughly 300 m, with limited data below 500 m, so this first pass of deeper drilling
was discovery-focused with the aim of bringing us one step closer to uncovering a new zone at depth.
The program was successful from a proof -of-concept standpoint in demonstrating mineralization
continuity up to four times deeper than Douay’s currently defined Mineral Resources. Given what we’ve
encountered in the JV’s first deep drill holes, the Company remains highly encouraged and confident
that our detailed interpretation and vectoring work will lead to promising follow-up targets to incorporate
into future drill campaigns at Douay. To support these ongoing initiatives, I am delighted to welcome
Josh Pelletier as the Company’s new Chief Geologist and believe that his strong structural geology and
metallogeny background will help unlock value at our strategically located and dis trict-scale project
portfolio within Quebec’s Abitibi greenstone belt."
Technical Observations, Key Takeaways and Next Steps
The JV’s first phase deep drilling program delivered several key geological findings related to the
potential depth continuity of gold mineralization at Douay:
1) From top -to-bottom ( ~2,000 m vertical depth ), gold minerali zation appears to be spatially
associated with a porphyry-style intrusive complex and also appears in quartz-carbonate veins
associated with shearing in the Casa Berardi Deformation Zone ("CBDZ") that may be related
to a separate orogenic gold system along this E-W regional structure.
2) Gold minerali zation was identified within the contact zone between the two main lithologic
sequences (Cartwright Hills Grp. volcanic sequences and Taibi Grp. sedimentary rocks) located
along the crustal-scale CBDZ North structural corridor.
3) There are key structural corridors that appear to crosscut the auriferous porphyry -style
mineralization, which provides potential for gold remobilization and reconcentration.
At Douay, two types of gold mineralization have been recognized: 1) gold that is spatially associated
with porphyritic intrusive phases and 2) gold that is spatially associated with shear zones in the CBDZ.
Both styles of mineralization may have formed in different conditions and time frame s. The porphyry-
style gold displays similarities to low -grade gold zones formed in magmatic -hydrothermal systems,
while the gold related to shear zone s is similar to other orogenic gold deposits that represent the
majority of gold mines in the Abitibi gold belt. Therefore, it is important to distinguish both mineralization
events, and to define their spatial distributions and orientations. The JV will be completing additional
metallogenic interpretations and analysis to generate optimal targeting at Douay for future drill testing.
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Figure 1: Plan view showing completed 2023 drill traces at Douay. Note DO-23-332 was drilled to 1,453 m but
appears shorter due to subvertical inclination.
Figure 2: Composite long section showing completed 2023 deep holes at Douay and key assay results.
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Figure 3: Cross-section (100 m corridor width) showing the location of DO -23-326X, key intercepts and
interpreted lithologic and structural elements.
The next steps at Douay include:
• Multi-element analysis to define geochemical zonation and possible tra cers to gold
mineralization in order to improve vectoring within the mineralized system.
• Paragenesis of gold mineralization based on mineralogical studies of the alteration patterns,
gold deposition phases and other hydrothermal events.
• Structural controls study to better constrain the geometry of known zones and improve targeting
of structural traps.
• Lithological studies to distinguish the different intrusive phases and evaluate their relationship
with gold mineralization.
The Company will continue its vectoring work to refine the next set of priority drill targets at Douay,
including follow-up on the first phase of deep drilling, as well as revisiting areas where the JV previously
had successes (e.g. 531 and Western Porphyry zones). The Company is concurrently refining targets
along its 100%-controlled Eagle Mine Project and in the Telbel Mine area within the JV’s Joutel Gold
Project in preparation for anticipated fall and winter drilling campaigns, which are expected to be
announced in the coming weeks. The Company’s VMS-focused exploration work is also ongoing with
the aim of defining new drill targets, which are anticipated to be tested in early 2024.
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Table 1: Complete Assay Results from the First Phase of Deep Drilling at Douay
Note: All reported intercepts are downhole core lengths. Estimated true widths are unknown at this time due to the limited
data at the depths drilled.
Hole UTME UTMN Azimuth Plunge Length (m) From To Interval Au g/t
DO-23-324X 704278 5490900 32 -66.5 779 1385.6 1397.0 11.4 0.28
including 1389.0 1391.0 2.0 0.95
DO-23-324X 1455.3 1457.5 2.2 0.74
DO-23-324X 1560.0 1568.3 8.3 0.83
including 1561.0 1561.9 0.9 2.76
including 1561.0 1565.9 4.9 1.28
including 1564.0 1565.9 1.9 1.50
DO-22-326 706400 5491650 172 -54 98
DO-23-326XW1 706400 5491650 176.92 -50 1111 869.0 874.0 5.0 0.21
DO-23-326XW1 973.0 974.0 1.0 3.55
DO-23-326XW1 1213.0 1214.0 1.0 4.85
DO-23-326XW1 1276.0 1277.0 1.0 0.62
DO-23-326XW1 1641.0 1642.0 1.0 0.58
DO-23-326XW1 1664.8 1885.9 221.1 0.16
including 1670.0 1672.0 2.0 0.76
including 1695.0 1697.0 2.0 0.66
including 1706.0 1714.0 8.0 0.81
including 1711.0 1713.0 2.0 1.28
including 1739.0 1781.0 42.0 0.17
including 1790.0 1791.0 1.0 0.51
including 1826.0 1827.0 1.0 1.78
including 1833.3 1834.2 0.9 2.12
including 1850.5 1853.0 2.5 1.46
including 1852.0 1853.0 1.0 2.86
including 1861.0 1876.0 15.0 0.18
DO-23-326XW1 1945.4 1959.2 13.8 0.23
DO-23-331 706400 5491650 172 -54 2044 1869.0 1870.0 1.0 1.04
DO-23-331 1901.0 1951.8 50.8 0.25
including 1901.0 1902.0 1.0 1.15
including 1925.4 1927.0 1.6 2.85
including 1925.4 1926.1 0.7 6.17
including 1950.3 1950.8 0.5 2.96
DO-23-332 706820 5489915 340 -79.5 1453 135.0 136.0 1.0 1.10
DO-23-332 498.7 499.7 1.0 4.94
DO-23-332 653.7 664.7 11.0 0.29
including 657.0 659.0 2.0 0.74
DO-23-332 789.0 809.0 20.0 0.18
including 805.0 805.5 0.5 2.11
DO-23-332 845.2 852.0 6.8 0.29
DO-23-332 864.2 865.2 1.0 2.53
DO-23-332 953.0 953.5 0.5 1.26
DO-23-332 991.0 1112.0 121.0 0.31
including 1020.0 1021.0 1.0 3.61
including 1034.0 1044.0 10.0 1.16
including 1035.0 1037.0 2.0 3.31
including 1043.0 1044.0 1.0 1.01
including 1058.0 1059.0 1.0 1.25
including 1075.0 1077.0 2.0 1.12
including 1075.0 1076.0 1.0 1.49
including 1111.0 1112.0 1.0 1.07
DO-23-332 1205.0 1329.0 124.0 0.13
including 1295.0 1297.0 2.0 0.61
DO-23-333 705950 5492140.3 360 -55 297 248.0 252.8 4.8 0.69
including 251.3 252.8 1.5 1.55
Master hole - reported on 11/30/22
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Corporate Updates
Maple Gold is pleased to announce the appointment of Jocelyn (Josh) Pelletier as the Company’s new
Chief Geologist. Mr. Pelletier is a structural geologist and a specialist in metallogeny with over 20 years
of exploration experience primarily focused on the formation of gold deposits and porphyry copper-gold
systems. He holds an M.Sc. degree in geology (UQAM – Montreal), a BSc in management and is a
Fellow of the SEG as a Professional Geologist (OGQ). Mr. Pelletier has significant experience exploring
Canada’s greenstone belts, including the Abitibi, Timmins, Red Lake, Beardmore and Rankin Inlet. He
will work closely with the Company’s geological team, highly experienced Technical Committee and the
JV to support the next phase of drill targets across the Company’s project portfolio.
The Company also announces that Joness Lang and Fred Speidel have left the Company to pursue
other opportunities. The Company wishes both Mr. Lang and Mr. Speidel every success in their future
endeavors.
Option Issuance
The Company has approved the grant to an employee and officer of stock options ("Options") to
purchase an aggregate of 400,000 common shares of the Company at an exercise price of $0. 17 per
common share. The Options 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 Jocelyn Pelletier, M.Sc., P.geo., Chief Geologist of Maple Gold. Mr. Pelletier has verified
the data related to the exploration information disclosed in this press release through his direct
participation in the work performed. Mr. Pelletier is a Qualified Person under National Instrument 43 -
101 Standards of Disclosure for Mineral Projects.
Quality Assurance (QA) and Quality Control (QC)
The Company implements strict Quality Assurance ("QA") and Quality Control ("QC") protocols at
Douay and Telbel covering the planning and placing of drill holes in the field; drilling and retrieving the
NQ-sized drill core; drill hole surveying; core trans port; core logging by qualified personnel; sampling
and bagging of core for analysis; transport of core from site to the Val d'Or, Québec ALS laboratory;
sample preparation for assaying; and analysis, recording and final statistical vetting of results. Che ck
assays for gold will be done on a sample subset at AGAT laboratory in Val d’Or. For a complete
description of protocols, please visit the Company's QA/QC webpage at www.maplegoldmines.com.
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 pr ojects 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
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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 reso urces 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. Matthew Hornor
President, CEO & Director
Cell: 778.955.6133
Email: [email protected]
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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 place undue reliance on forward -looking statements. For a more detai led
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 o n
www.sedar.com or the Company 's website at www.maplegoldmines.com. The Company does not intend, and expres sly
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.