MGM.V · 2022-03-17 12:00:00

Maple GOLD Reports Updated Douay Mineral Resource Estimate; Indicated Resources Increase 21% to 511,000 OZ Au and Inferred Resources Increase 7% to 2,525,000 OZ Au ON Limited Drilling

Resource Estimates

PRESS RELEASE

March 17, 2022

MAPLE GOLD REPORTS UPDATED DOUAY MINERAL RESOURCE ESTIMATE;

INDICATED RESOURCES INCREASE 21% TO 511,000 OZ AU AND INFERRED

RESOURCES INCREASE 7% TO 2,525,000 OZ AU ON LIMITED DRILLING

Vancouver, BC – (Newsfile Corp. – March 17, 2022) - Maple Gold Mines Ltd. (TSX-V: MGM)

(OTCQB: MGMLF) (FSE: M3G) (" Maple Gold " or the " Company ") is pleased to report the

positive results of an updated Mineral Resource Estimate (the "2022 MRE") for the Douay Gold

Project ("Douay" or the "Project") in Quebec, Canad a, which is held by a 50/50 joint venture

(the "JV") between the Company and Agnico Eagle Mines Limited. Total contained gold ounces

at Douay have increased along with further conversi on from Inferred to Indicated Resources

categories based on successful exploration and infi ll drilling, comprehensive mineralization

modeling, and using higher cost and gold price assumptions compared to the RPA 2019 MRE 1.

Highlights from the 2022 MRE:

 Pit-constrained Indicated Resources increased 21% compared to the RPA 2019 MRE 1

to 511,000 ounces ("oz") at an average grade of 1.59 grams per tonne gold ("g/t Au")

(from 422,000 oz at an average grade of 1.52 g/t Au)

 Pit-constrained Inferred Resources increased sligh tly compared to the RPA 2019 MRE 1

to 2,065,000 oz at an average grade of 0.94 g/t Au (from 2,045,000 oz at an average

grade of 0.97 g/t Au)

 Underground Inferred Resources increased 50% compared to the RPA 2019 MRE 1 to

460,000 oz at an average grade of 1.68 g/t Au (from 307,000 oz at an average grade of

1.75 g/t Au)

 Initial Indicated Resources in the Nika Zone (30,000 oz at an average grade of 1.13

g/t Au) and the 531 Zone (58,000 oz at an average grade of 2.85 g/t Au), resulting from

significant intercepts 2 from the JV’s first drill campaign (see Figure 1 for zone locations)

 Mineralized zones at Douay remain open for expansion and are largely untested

below an average vertical drill depth of approximately 350 metres ("m") (see Figure 2)

 Ongoing drilling at Douay is primarily focused on exploration targets in areas with lateral

and depth expansion potential that are not part of the 2022 MRE

Discovery Costs

Since the RPA 2019 MRE, the Company and the JV have incurred an aggregate of

approximately US$6.1 million in direct exploration expenditures. This equates to a discovery

cost of approximately US$23/oz Au for the incremental resources defined in the 2022 MRE.

1 For additional details on the RPA 2019 MRE, please refer to the Company’s press release dated October 24,

2019 which can be found on the Company’s website (www.maplegoldmines.com).

2 Please refer to the Company’s press releases dated May 26, 2021 and September 9, 2021.

“We completed two modest drill programs in 2020 ami d a global pandemic and followed that

up with a roughly 10,000-m maiden JV drill campaign in 2021 that, in line with our expectations,

successfully converted Inferred to Indicated ounces and ultimately increased the overall gold

endowment at Douay,” commented Matthew Hornor, President and CEO of Map le Gold.

“Targeted infill drilling demonstrates the potentia l for future resource conversion within the

currently defined mineralized zones and continues to de-risk the deposit; however, the updated

model that underpins the 2022 MRE indicates significant room for growth. Looking ahead, the

Company is targeting larger step-out and deeper dri lling along the full extent of the Douay

resource area.”

The 2022 MRE is based on a total Douay drill databa se of 674 holes (241,626 m) within the

resource area, of which 38 holes (15,647 m) were co mpleted by the Company and the JV

between 2019-2021. Approximately 6,200 m of drillin g has been completed by the JV since

the 2022 MRE and roughly 10,000 m has been approved and permitted for future drilling, with

additional step-out and deeper holes planned. For f urther clarity, Fall 2021 and Winter 2022

drilling results at Douay are not included in the 2022 MRE.

The 2022 MRE was independently prepared by SLR Cons ulting (Canada) Ltd. ("SLR") and

has an effective date of March 17, 2022. A technica l report is being prepared in accordance

with National Instrument 43-101 ("NI 43-101") and will be available on the Company's website

and SEDAR within 45 days of the date of this press release.

Table 1 – Douay Resource Summary – March 17, 2022

Resource Category Tonnes

(Mt)

Grade

(g/t Au)

Contained Metal

(000 oz Au)

Pit-Constrained Mineral Resources (0.45 g/t Au cut-off)

Indicated 10.0 1.59 511

Inferred 68.2 0.94 2,065

Underground Mineral Resources (1.15 g/t Au cut-off)

Inferred 8.5 1.68 460

Total Mineral Resources

Indicated 10.0 1.59 511

Inferred 76.7 1.02 2,525

Table 2 – Douay Pit-Constrained & Underground Resource Summary by Zone

Resource Category Domain Tonnes

(Mt)

Grade

(g/t Au)

Contained Metal

(000 oz Au)

Pit-Constrained Mineral Resources (0.45 g/t Au cut-off)

Indicated Porphyry 4.4 0.98 138

Douay West 4.2 2.13 286

Resource Category Domain Tonnes

(Mt)

Grade

(g/t Au)

Contained Metal

(000 oz Au)

Nika 0.8 1.13 30

531 0.6 2.85 58

Total Pit-Constrained Indicated 10.0 1.59 511

Inferred Porphyry 48.4 0.89 1,380

Douay West 2.3 1.16 87

531 4.8 1.38 212

Main Zone 0.5 1.16 17

North West 3.1 1.12 113

Nika 5.1 0.87 143

Central Zone 0.1 0.88 4

Zone 10 1.2 1.21 48

Zone 20 2.6 0.72 60

Total Pit-Constrained Inferred 68.2 0.94 2,065

Underground Mineral Resources (1.15 g/t Au cut-off)

Inferred Porphyry 3.0 1.62 158

Douay West 1.4 1.77 82

531 1.4 1.80 79

Main Zone 1.4 1.63 72

North West 0.2 1.60 12

Central Zone 0.4 2.02 28

Nika 0.6 1.48 28

Total Underground Inferred 8.5 1.68 460

Notes to Douay 2022 MRE Tables:

1. The 2022 MRE is compliant with Canadian Institute of Mining, Metallurgy and Petroleum

("CIM") Definition Standards (2014) incorporated by reference in NI 43-101. The

effective date for the Mineral Resource Estimate is March 17, 2022.

2. Numbers may not add due to rounding.

3. A minimum mining width of 3 m was applied to the Mineral Resource wireframes. The

three-dimensional (3D) wireframe models were genera ted using a nominal 0.1 g/t Au

threshold value. Prior to compositing to 3 m lengths, high gold values were cut for each

zone individually.

4. Bulk density was interpolated for Nika, Porphyry , and 531 zones on a block per block

basis using assayed values. For all other zones, bulk density ranging between 2.72 t/m 3

and 2.88 t/m 3 was assigned to Mineral Resources based on the zone.

5. Pit-constrained Mineral Resources are reported a bove a cut-off grade of 0.45 g/t Au and

underground Mineral Resources are reported with con straining shapes which were

generated using a 1.15 g/t Au cut-off value and inc lude low grade blocks falling within

the mineable shapes.

6. Pit-constrained Mineral Resources are reported w ithin a preliminary pit shell using

assumed mining costs of C$3.00/t mined (rock) and C $2.30/t mined (overburden),

processing cost of C$9.10/t milled, G&A cost of C$2.70/t milled, and a gold recovery of

90%.

7. The Whittle pit shell used to estimate Mineral R esources used a long-term gold price of

US$1,800/oz and a US$/C$ exchange rate of 0.80. However, the implied gold price for

the Mineral Resources reported at the applied cut-o ff grade of 0.45 g/t would be

significantly lower.

8. Mineral Resources located outside the pit shell were reported on the basis of a potential

underground mining operation at a gold cut-off grade of 1.15 g/t Au, based on a mining

cost of C$63/t and the same processing and G&A cost assumptions listed above.

9. Mineral Resources are not Mineral Reserves and h ave not demonstrated economic

viability. There has been insufficient exploration to define the Inferred Resources

tabulated above as an Indicated or Measured Mineral Resource. There is no guarantee

that any part of the mineral resources discussed herein will be converted into a mineral

reserve in the future.

Table 3 – Douay Pit-Constrained Indicated & Inferred Resource Sensitivity Table

Indicated Mineral Resources Inferred Mineral Resour ces

Cut-off Grade Tonnes Grade Contained Metal Cut-off Grade Tonnes Grade Contained Metal

(g/t Au) (Mt) (g/t Au) (000 oz Au) (g/t Au) (Mt) (g/t Au) (000 oz Au)

0.25 13.3 1.28 547 0.25 122.6 0.67 2,657

0.3 12.3 1.36 539 0.3 105.1 0.74 2,503

0.35 11.4 1.44 530 0.35 90.4 0.81 2,349

0.4 10.7 1.52 520 0.4 78.3 0.88 2,204

0.45 10.0 1.59 511 0.45 68.2 0.94 2,065

0.5 9.4 1.66 502 0.5 59.7 1.01 1,936

0.55 8.8 1.74 492 0.55 52.5 1.08 1,814

0.6 8.3 1.82 482 0.6 46.4 1.14 1,701

Notes to Douay 2022 MRE Sensitivity Table:

1. Listed Au grades and tonnes are shown for compar ison purposes only, and the reader

should refer to Table 1 for the official Mineral Resource tabulation.

Table 4 – SLR 2022 MRE Compared to RPA 2019 MRE