Secures Third Drill Rig to Commence Phase III Drilling at Eagle and Remains ON Track to Complete 30,000 Metres Across Its Quebec Project Portfolio BY Year - End
PRESS RELEASE
October
7
,
20
2
2
MAPLE GOLD
SECURES THIRD DRILL RIG
TO
COMMENCE PHASE III
DRILLING AT EAGLE
AND
REMAINS ON TRACK TO COMPLETE 30,000
METRES ACROSS ITS QUEBEC PROJECT PORTFOLIO BY YEAR
-
END
Vancouver, BC
–
(
Newsfile
Corp.
–
October
7
,
202
2
)
-
Maple Gold Mines Ltd. (TSX
-
V: MGM)
(OTCQB: MGMLF) (FSE: M3G)
("
Maple Gold
" or the "
Company
")
is please
d
to
announce
that
a third drill rig has been secured
to commence
a
5,000
metre ("m")
Phase III drill
program
at its 100%
-
controlled Eagle Mine Property
("
Eagle
")
. Th
e
third rig is
expected to arrive at site
by mid
-
October
,
keeping
the Company on track to complete approximately 30,000
m
across
its district
-
scale
400 km
2
property package in Québec, Canada
by year
-
end.
Further to the
Company’s news release on August 3, 2022, two (2)
rigs
are
now
turning on deep
drill
holes
beneath and adjacent to the historical underground mine workings in the Telbel mine area
("Telbel") a
t the Joutel Project ("Joutel"), which is held by a 50/50 joint venture ("JV") between
Maple Gold
and Agnico Eagle Mines Limited
.
In addition,
the Company
expects to secure
a
fourth drill rig in November to commence deep drilling at the JV’s Douay Project ("Douay").
The
Company
is also pleased to announce that
it
has
resolved the
electrical
issues at site that
affected its core saws
,
effectively removing
its
core
cutting
backlog
and
enabling
several large
batches of samples from previously completed drilling
to be sent to
the
assay
lab
s
.
“
We
are excited to commence Phase III drilling at Eagle that will follow up on the best results
of the first two drilling phases
and test additional targets
while we are also
ramp
ing
up the pace
of our supplemental C$4.8M deep drilling program
at Douay and Jou
tel
,”
stated Matthew
Hornor, President and CEO of Maple Gold
.
“
With normal site operations now restored,
our
backlog of core splitting and sample shipments
has been
effectively
eliminated
and we
anticipate additional assay results throughout Q4 2022.
The Company
expect
s
to be
continuously drilling more aggressive step
-
out and deep drill holes at Douay, Joutel and Eagle
with at least three rigs from
mid
-
October
through
the end of Q1 2023
.
”
Deep Drilling Progres
s
Deep
drilling at Telbel is
progressing
stead
ily
with two
(2)
drill rigs
active
ly testing
the down
-
plunge continuity of gold mineralization in this area
.
Drill hole
TB
-
22
-
001
(
drilled
from south to
north
)
is approaching 1,
5
00 m
downhole
and
has
encountered
a broad near
-
surface zone of
felsic
-
pyroclastic
-
hosted pyrite mineralization enroute to a planned
total downhole depth of
2,000 m
(see
Figure 1 for
all
drill hole locations)
. Initial samples
from TB
-
22
-
001
have already
been shi
pped to the
assay
lab.
Drill hole
TB
-
22
-
002 (drilled
from north to south
) is collared 2.4
km to the east of TB
-
22
-
001 and is currently
nearing 900
m
downhole.
In addition, t
he Company anticipates commenc
ing
a
~10,000 m deep drilling program at Douay
with a
fourth
drill rig in November.
The JV has approved a combined ~16,000 m of deep drilling
2
at Douay and Telbel under
the previously announced C$4.8M increase to
its
Year Two
exploration budget (see news
from May 18, 2022)
.
New
Exploration
Drillhole Completed at Douay
The Company
has also
recently complet
ed
a
new
534
m
exploration
drill
hole
at Douay
(
DO
-
22
-
330
) collared
approximately
four
(
4
)
km south of the 531 Zone along the
regional
Casa
Berardi South Fault
,
locally known as the
Joutel Deformation Zone
("J
DZ
")
(see Figure 1)
.
T
he
JDZ
has
seen
very limited drilling to
-
date
in this area
, with only a single historical
drill
hole over
a
nine (
9
)
km segment of this structur
al corridor
.
T
he Company’s recently completed
airborne
magnetic and e
lectromagnetic
("
Mag
-
EM
")
survey
identified
several
conduct
ive
targets along
trend to the
southwest
on the Joutel property
(see
news from
July 19, 2022
)
providing further
support for the JDZ as a
favourable structur
al corridor
for hosting gold mineralization.
I
nitial
drill core
observations from DO
-
22
-
330 highlight the potential for Casa
-
Berardi style gold
mineralization
associated with
brecciated
and pyritic
quartz vein
s in
graphitic fault zones
.
Figure 1
:
Douay and Telbel
d
rill
c
ollars on
g
eologic
base map
. Note close association of broad gold
targets with Casa Berardi North Fault in the Douay
resource
area
; g
old targets in the Eagle
-
Telbel
area are
similarly
associated with
the
Joutel and Harricana Deformation
Z
ones
.
3
Qualified Person
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 Sta
ndards 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 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 and Eagl
e 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 Ca
sa 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. Joness Lang
Executive Vice
-
President
Cell
:
778.686.6836
Email:
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 w
ork
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
4
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 detailed
discussion of such risks and other factors that co
uld 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 n
ew information,
future events or otherwise, except as required by law
.