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Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company”) has initiated line cutting at site with new Induced Polarization (“IP”) surveys set to commence shortly.
Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company”) has initiated line cutting at site with new Induced Polarization (“IP”) surveys set to commence shortly. In addition to the Company’s more advanced exploration work within the western part of the resource area, where the Company believes it can define a near-surface higher grade subset of the total Douay resource with compelling economic characteristics, Maple Gold also continues to evaluate and advance the highest priority discovery targets on the property. This dual focus is consistent with the Company’s integrated exploration strategy.
Modern IP surveys have proven to be a very effective targeting tool for Maple Gold, as today’s IP technology can detect causative sources to depths of more than 400 metres, whereas older IP technologies would have struggled to produce reliable data beyond about 200 metres depth, in particular in the presence of near-surface conductive overburden. The summer 2020 program is designed to expand existing anomalies and define new ones in the following areas (see Fig. 1):
NE Target: Regional discovery target with geological context comparable to the Vezza mine and a series of chargeability anomalies over a 3km trend including a drill-ready target the Company plans to drill later this year. Current IP will aim to detail northern extent of anomalies (Fig. 2).
531 Zone: Results from the winter 2020 3D IP survey in this area (eastern part of the “South Target” in Fig. 3 below) supported target concepts, i.e. an ESE-trending sulfide system open to the WNW, ESE and at depth. Current IP will aim to detail the lateral extent of the existing chargeability anomaly, with particular interest to the ESE where the anomaly remains open with a drilling gap of ~1km.
South Target: Large 2.3km by 0.4km target on the south side of the resource area, where a large favourable magnetic signature with very limited drilling is present. The western part of this target was designated as highly prospective in a past Artificial Intelligence study (see Fig. 3). Current IP will aim to establish drill-ready targets, which could be tested this summer/fall given all-season gravel road access.
Main Zone W Extension: The winter 2020 3D IP survey defined the eastern edge of an intriguing new chargeability anomaly of unknown extent along trend from the Main Zone (see Fig. 3) and the current IP survey should detail the full extent of this target. This anomaly appears to be situated in an area prospective for higher grade Main Zone or Vezza-style mineralization, with very large (600m to 800m) drilling gaps to the north and northwest.
Maple Gold’s VP, Exploration, Fred Speidel, commented: “The Douay Gold Project continues to have tremendous exploration potential and modern geophysical surveys have already helped us define very compelling regional discovery targets several kilometers away from the known resource. We are also very intrigued by the potential for higher-grade gold lenses along the northern flank of the resource area (e.g. Main Zone W Target) and the target areas we are pursuing along the southern margin of the 531 Zone, where significant higher grade intercepts were obtained in 2019. A new discovery at any one of these largely undrilled target areas would be a very exciting development for us.”
Fig. 1: Overview of planned IP grids (white), on regional magnetic base with structural interpretation (brown dashes). South Target includes AI and 531 Zone extension targets.
The single shallow drillhole within the NE target area (see Fig. 2) provides geological and geochemical support for the chargeability anomaly, in that results in that hole (silicified sedimentary rocks with disseminated pyrite and anomalous gold) are consistent with a more distal expression of the higher-grade Vezza-style mineralization being sought.
As any one of the interpreted structures shown in the figures could potentially host higher grade Vezza (past production about ~0.5Moz averaging just under 6 g/t Au) or Eagle-Telbel (past production of 1.15Moz Au averaging 6.15 g/t Au) styles of gold mineralization, the Company is particularly interested in targets along or near such structures. Of particular note (see press release of May 6, 2020) is the lithotectonic boundary that links the Main Zone, Main Zone W target, and Central Zone, extending along the entire northern flank of the currently known Douay deposit, where numerous drilling gaps exist.
Fig. 2: NE target area trend of chargeability anomalies, on regional magnetic base and showing historical drillholes. Note only a single drillhole into the ~3km NE Target area.
Fig. 3: South and Main Zone W targets, on detailed airborne magnetic base. Note continuity of magnetic signature associated with Porphyry and 531 Zones beyond the current resource and target area.
The Company is intrigued by the scale of the South Target on the south side of the currently known resource area; results of a review of limited historical drillholes in these areas are permissive of continuation of the known Douay intrusive-hydrothermal system further to the south.
Note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s Douay Property.
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 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work. For a complete description of protocols, please visit the Company’s QA/QC page on the website at: https://maplegoldmines.com/index.php/e n/projects/qa-qc-qp-statement.
About Maple Gold
Maple Gold is an advanced gold exploration and development company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s ~355 km² Douay Gold Project is located along the Casa Berardi Deformation Zone (55 km of strike) within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project benefits from excellent infrastructure and has an established gold resource that remains open in multiple directions. 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: jlang@maplegoldmines.com
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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, including statements about the prospective mineral potential of the Porphyry Zone, the potential for significant mineralization from other drilling in the referenced drill program and the completion of the drill program. 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 regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could 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 new information, future events or otherwise, except as required by law.