Maple Gold updates Douay Resource Estimate, increasing contained ounces and converting more than 450,000 ounces into Indicated Resources
PRESS RELEASE
February 14, 2018
Maple Gold updates Douay Resource Estimate, increasing contained
ounces and converting more than 450,000 ounces into Indicated
Resources
February 14, 2018 – Montreal (Quebec): Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-
V: MGM, OTCQB: MGMLF; Frankfurt: M3G) is pleased to announce an updated Mineral Resource Estimate (the
“updated estimate”) for the Company’s Douay Gold Project (“Douay”), as prepared by Micon International Limited
(“Micon”). The updated estimate includes additional drilling and assays from work completed during 2017 (see
press release January 25, 2018 ), with updated block model wireframes, modified search ellipses and modified
geologic interpretations, all of which targeted a more refined and constrained model.
The updated estimate successfully converts a significant proportion of Inferred Resources to the Indicated Resource
category, which were absent from the 2017 Micon estimate . Mineral Resources at Douay are now estimated as
9,383,000 tonnes grading 1.59 g/t Au (0.48 million ounces) in the Indicated category, plus 84,152,000 tonnes
grading 1.02 g/t Au (2.76 million ounces) in the Inferred category, using a 0.45 g/t cut -off grade (updated base-
case) as highlighted below:
Table 1: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Base-case)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T)
CONTAINED GOLD
(OUNCES)
0.45 INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
*See Table 2 for additional cut-off grades & see disclosure notes appended to this press release
At a 0.5 g/t Au cut -off (same as Micon 2017) , the updated 2018 estimate shows increased average grade of
Inferred Resources (1.09 versus 1.05 g/t Au), increased level of confidence (addition of 467,000 contained ounces
in the Indicated category) and increased contained ounces compared to the previous estimate (see Table 2
below). However, using a 0.45 g/t cut-off grade is currently believed to be the most optimal for currently
contemplated conceptual pit -scenarios, and therefore has been selected as the base -case for the updated
estimate. The Company will continue examining different scenarios as part of the ongoing evaluation process as
new data is added and geological and economic models are updated.
Indicated Resources are present in the more closely drilled Douay West Zone (3,693,000 tonnes at 2.47 g/t Au,
294,000 ounces), and there are also four such areas within the Porphyry Zone (5,690,000 tonnes at 1.01 g/t Au,
185,000 ounces). The Indicated and Inferred Resources at various cut -off grades are summarized below in Table
2 below.
Maple Gold’s President & CEO, Matthew Hornor, stated: “We are pleased to enter the winter drilling season with
an updated resource base that improves on the previous estimate in multiple ways, including a material increase
in the number of contained ounces and upgrading a portion of the previously reported inferred resource to
indicated resources of more than 450,000 ounces. We expect additional drill rigs to arrive at site very shortly and
look forward to testing further infill, step-out and new discovery targets this winter.”
Table 2: Douay Gold Project Pit-Constrained Indicated & Inferred Resource Summary (Various Cut-Off Grades)
CUT-OFF GRADE
(G/T AU) CATEGORY TONNES GOLD GRADE
(G/T)
CONTAINED GOLD
(OUNCES)
0.50* INDICATED 8,615,000 1.69 467,000
INFERRED 74,286,000 1.09 2,610,000
0.45** INDICATED 9,383,000 1.59 479,000
INFERRED 84,152,000 1.02 2,759,000
0.40 INDICATED 10,162,000 1.50 489,000
INFERRED 95,388,000 0.95 2,914,000
0.30 INDICATED 12,046,000 1.32 510,000
INFERRED 124,278,000 0.81 3,235,000
*For Comparison purposes: Micon 2017 estimate was all Inferred Resources of 83,327,000 tonnes grading 1.05 g/t Au for
2,813,000 contained ounces, using a 0.50 g/t cut-off grade. **Base-case. See disclosure notes appended to this press release.
The modelling changes , additional drilling and assay data, and updated interpretations have variably impacted
contained ounces at each of the zones at Douay. A number of the zones appear to be merging into a larger unified
system and a portion of the Company’s current and future drilling campaigns will c ontinue to test targets that
support this thesis. Figure 1 highlights the updated resource areas and conceptual pit shells.
Figure 1: Plan view of Micon 2018 Resource Areas
For comparison purposes, click here to view the conceptual pit-constrained plan view used in the Micon 2017
resource estimate.
Further information about assumptions, parameters, methods and risks in respect of the updated estimate will
be available in a NI 43-101 technical report filed by Maple Gold on Sedar within 45 days following the date of this
press release.
Notes:
1. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Micon
does not believe that mineral resources estimate is materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant issues.
2. The quantity and grade reported includes both indicated and inferred resources for the Douay West and
Porphyry zones and inferred resources for the remaining zones in the deposit. The inferred resources in
this estimation are conceptual in nature and there has been insufficient exploration data to define these
resources as an indicated category and it is uncertain if further exploration will result in upgrading them
to an Indicated mineral resource category. There are no measured resources currently for the mineral
zones comprising the Douay Project.
3. The mineral resource estimate has been prepared without reference to surface rights or the presence of
overlying public infrastructure.
4. Figures may not total due to rounding.
5. A gold price of US $1,400 per ounce was used for the purposes of demonstrating economics.
6. The mineralized envelopes were re -modelled in GEMS a t 0.3 g/t Au cut-off assuming an anastomosing
style of mineralization with some inclusion of lower grade material for modelling purposes.
7. Although the Douay West, Porphyry Zones were able to produce supporting variograms, all zones within
the entire deposit were estimated using Inverse Distance Cubed.
8. Search ellipses range from 50 m to 300 m using 3 passes to fill the model. The search ellipses were also
optimized to reflect the anastomosing nature and different directions and dip s within the mineralized
zones.
9. Block size of 10 m x 2 m x 5 m was used.
10. The effective date of the mineral resource estimate is February 9, 2018.
Qualified Persons
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 Mines . The technical contents of this
press release have also been reviewed and approved by Mr. William Lewis, B.Sc., P. Geo., of Micon, who is
independent of Maple Gold and who is responsible for the Updated Pit-Constrained Mineral Resource Estimate.
Both individuals are Qualified Persons u nder National Instrument 43 -101 Standards of Disclosure for Mineral
Projects.
About Micon International Limited
Micon International L imited (Micon), mineral industry consultants, is an independent firm of senior geological,
mining, metallurgical and environmental consultants. The firm operates from integrated offices in Toronto and
Vancouver, Canada and Norwich and Cornwall, United King dom. The professionals of Micon have extensive
experience in the mining industry with both mining companies and leading consultancy firms.
About Maple Gold
Maple Gold is a well-funded gold exploration company focused on advancing a district-scale gold project in one
of the world’s premier mining jurisdictions. The Company’s 370 km² Douay Gold Project is located along the Casa
Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has
an established gold resource that remains open in multiple directions, with excellent infrastructure and several
large scale operating mines within this prolific mining district. Maple Gold has a significant drill campaign under
way to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike
along the Casa Berardi Deformation Zone. 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
VP, Corporate Development
Office: +1 416.306.8124
Email: [email protected]
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Forward Looking Statements:
This news 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. 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. Forward-looking statements include, but are not limited to, statements with respect to the mineral
resource estimate, including statements regarding contained ounces, optimal cut-off grade and average gold grade, as well as statements regarding
upcoming exploration programs. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are int ended to identify
forward-looking statements.
Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time
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