Maple Gold Adds Second Drilling Rig at Douay, Prepares for Phase I Drilling at Eagle, Announces Changes to Board of Directors
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Vancouver, British Columbia – (Newsfile Corp. – December 14, 2021) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Gold Maple“or the”Society“) is pleased to announce that the 50/50 joint venture (the” JV “) between the Company and Agnico Eagle Mines Limited has added a second rig to the JV’s fall 2021 drill program at the Gold Project Douay (“Douay”) (see news of November 15, 2021) in Quebec, Canada. In addition, a Phase I drilling program planned on the Eagle Mine property, 100% controlled by the Company (“Eagle”) ( see news from October 7, 2021) is now scheduled after a short holiday break, will begin in January 2022. The company is also pleased to appoint Michelle Roth, a seasoned entrepreneur and current director of the Maple Gold board of directors, as president independent non-executive.
“We are pleased to have secured a second rig to accelerate the completion of the fall 2021 drilling program and in anticipation of accelerating our exploration activities in the first quarter of 2022,” said Matthew Hornor, President and CEO of Maple Gold. “This is an exciting time for Maple Gold with two rigs now available to perform up to 20,000 meters of planned drilling on our approximately 400 km² property set, including testing of high priority targets at Eagle in a few weeks. I would also like to welcome Michelle Roth as the next President of the Company, while thanking Sean Charland for having fulfilled this role so well since 2020. Michelle’s vast experience in the private and public sectors strengthens our senior leadership and governance. business at a key inflection point in the company’s growth trajectory. . “
Fall 2021 Drilling Update
The fall 2021 drill holes at Douay (see Figure 1 for hole locations) are primarily extension targets designed to test the direction continuity and expansion potential of some of the best intersections of the recent drilling programs in the Nika, Central and 531 zones. The first rig, which started drilling in early November, has already completed drilling DO-21-313 (Nika zone), DO-21-315 ( central zone), DO-21-316 and DO-21-317 (both in zone 531) and is currently drilling DO-21-319 (zone 531). The second rig has completed DO-21-318 (central area) and is currently drilling DO-21-314 (Nika area).
A total of 2,661 meters (“m”) was drilled over the 2,750 m planned for the fall 2021 drill program. The first 845 samples, including all drill holes DO-21-313 in the Nika area, were shipped to ALS Labs on November 26, 2021. Based on encouraging observations from the initial drill core, the second rig was mobilized to continue testing other expansion targets under of the fall 2021 drilling program in Douay. Particularly targeted are: 1) mineralized horizons extending southeast from the intersection of 1.6 g / t gold (“Au”) this year over 132 m in the Nika zone (see the news of May 26, 2021); 2) zones dipping down and up from this year’s 8.8 g / t Au intersection over 28.5 m in Zone 531 (see news from September 9, 2021); and 3) over 700 m of undrilled trending extending east-southeast of the central zone as currently defined.
Figure 1: Drill hole locations for the fall 2021 drilling program in Douay
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Phase I drilling at Eagle
Phase I drilling at Eagle is now scheduled to begin in January 2022 after a short vacation break. The first Eagle drilling permits have been received and additional permit applications are pending. The Company plans to retain a drilling rig in the Eagle area to complete the Phase I drilling program, after which it will be available to begin drilling in the Telbel mine area.
Additional details on the Phase I drilling program at Eagle and the joint venture’s planned winter 2022 drilling campaign will be released in the coming weeks.
New independent non-executive chairman
Michelle Roth has been an independent director of Maple Gold since November 2020 and is currently Chair of the Audit and Nominating and Corporate Governance Committees as well as a member of the Compensation Committee. She is the Founder and CEO of Roth Investor Relations, which provides shareholder engagement solutions to a global clientele including mining industry clients with operations in North America, Australia, Africa, Europe and South America. Ms. Roth also acts as a strategic advisor to Nova Royalty and a privately-owned managed cell tower infrastructure IT services company, where she advised on growth opportunities during the pandemic.
In the public sector, Ms. Roth has served as mayor, deputy mayor, and chair of the Township of Manalapan, New Jersey planning council, and has also held appointed positions in other government councils. During her service, she gained experience in budgeting, succession planning, union negotiations, public / private partnerships and the development and implementation of land use planning policies. Ms. Roth received her MBA in Finance from Fordham University.
The scientific and technical data contained in this press release has been 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 Disclosure Standards for Mining Projects. Mr. Speidel has verified the data relating to 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 50/50 joint venture exploration company with Agnico Eagle Mines Limited to jointly advance the Douay and Joutel district gold projects located in Quebec’s prolific Abitibi greenstone gold belt. The projects benefit from exceptional access to infrastructure and claim ~ 400 km2 very promising land, including a gold resource established in Douay (RPA 2019) which has significant expansion potential as well as the former Eagle, Telbel and Eagle West mines in Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine property.
The district-wide property set is also home to a significant number of regional exploration targets along a 55 km length of the Casa Berardi deformation zone that have yet to be drill tested. which makes the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drilling programs to increase resources and make new discoveries in order to establish an exciting new gold district in the heart of Abitibi. For more information, please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
B. Matthew Hornor, President and CEO
For more information, please contact:
Mr. Joness Lang
Executive vice president
Email: [email protected]
Mr. Kiran Patankar
Senior Vice President, Growth Strategy
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of Canadian securities laws applicable in Canada, including statements regarding exploration work and results of 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. Therefore, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of these risks and other factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, please refer to the documents filed by Maple Gold Mines Ltd. from Canadian securities regulators available at 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 forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. required.
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