TSXV:MGM

Maple Gold Begins Fall Discovery Exploration Program; Initial Drilling to Test Northeast IP Target

Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to announce that drill rig mobilization is underway for its planned 3,000-metre Fall 2020 exploration drill campaign at the Douay Gold Project in northern Quebec, Canada. The fall drill program is primarily aimed at testing exploration targets that were detailed through the Company's 2019-20 Induced Polarization ("IP") work programs. Initial drilling of one to two deeper (~500-metre) holes will focus on a high-priority discovery target located approximately 4 kilometres northeast of the project's established gold resource, known as the Northeast IP target ("NE IP target").

"While the Douay gold project already hosts one of the largest undeveloped gold resources in Quebec, the significant geological endowment of our property package has always suggested district-scale gold potential," stated Matthew Hornor, President and Chief Executive Officer of Maple Gold. "We are particularly excited to drill test new, potentially higher-grade targets outside of our current conceptual pits as they not only hold the potential to expand resources at the project but to significantly impact future project economics."

NE IP Target

Initially defined by the Company through IP work in early 2019 (see news from June 12, 2019), the NE IP Target is a 3-kilometre-long regional discovery target with only a single rather shallow historical drill hole from the 1990s collared just off the SW edge of this target. Results from the historical hole, which returned anomalous gold values of 20 to 120 ppb over the entire hole length, indicated that the area hosts alteration and sulfide mineralization comparable to that observed at the past-producing, high-grade Vezza gold mine located 12 kilometres east of the Company's Douay property.

Owned by private mining company Nottaway Resources Inc. and closed in 2019, the Vezza gold mine hosted higher grade gold mineralization including Measured and Indicated resources of 1.2 Mt at 6.5 g/t Au (based on a 4.2 g/t Au cut-off) and Inferred resources of 435,800 tonnes at 4.9 g/t Au (based on a 3.0 g/t Au cut-off) according to a Maudore Minerals NI43-101 report from March 22, 2013 (disclaimer: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property).

Following the definition of the initial IP anomalies from the winter 2019 grid, the Company undertook extensive additional IP work throughout 2020 on the NE IP Target as well as on several other earlier chargeability anomalies in order to fully delineate these targets (see news from January 29, 2020; April 9, 2020; and June 30, 2020). The most recent IP work was concluded in September and consisted of a total of 61.4 line kilometres, of which 30.4 line-kilometres focused on the 3-kilometre corridor of chargeability anomalies at the NE IP Target.

With the combined results from its three IP surveys in this area, the Company has fully delineated the area for initial drilling with three sites currently permitted (four more sites pending), in order to begin testing this target as the first part of its fall drill campaign. The company anticipates drilling up to three drill holes, each roughly 500 metres in length, to test the heart of the chargeability anomaly.

Fred Speidel, Maple Gold's Vice-President Exploration, commented: "The NE IP Target represents just one of a series of new discovery targets we have defined with our various exploration campaigns. We are excited to test the NE IP Target given the proof-of-concept support we have from the lone historical drill hole and potential for discovering a significant new sediment-hosted gold zone with multi-gram gold grades as is the case at Vezza."

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/3077/66607_ff9bfc6af4adf925_001.jpg

Figure 1: Simplified geology map with structural context showing current conceptual pits at the Douay gold resource; the NE IP Target area shown as a chargeability plan* at 350m depth (section 1800E refers to inverted section in Figure 2); and planned drill sites (three sites already permitted and four additional sites in the permitting process).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3077/66607_ff9bfc6af4adf925_001full.jpg

*Chargeability responses are a function not only of the abundance of chargeable minerals (pyrite being one of the most common), but also of their grain size and distribution. The various surveys the Company has done recently (2013 onward) indicate chargeability anomalies of around 4-50mV/V are present over the Resource Area. The responses are undoubtedly attenuated by the glacial overburden cover, so that modest anomalies of about >10mV/V, such as at the resource 531 Zone, coincide with pyrite contents of 2-10%. The Vezza style of mineralization, typically with only 0.5-1% pyrite, will have an appreciably lower magnitude response, as is observed here.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/3077/66607_ff9bfc6af4adf925_002.jpg

Figure 2:
Inverted section showing significant broadening of high-contrast chargeability anomaly at depth; length of (projected) historical hole is shown as the black bar - too short and off SW edge of anomaly to properly test the target. White bar shows length of hole to be drilled in Fall 2020 campaign.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3077/66607_ff9bfc6af4adf925_002full.jpg

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 press 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.

About Maple Gold

Maple Gold Mines Ltd. controls the 357-square-kilometre Douay Gold Project located within the prolific Abitibi Greenstone Gold Belt in northern Quebec, Canada. The Project has an established National Instrument 43-101 gold resource (RPA 2019) of 422,000 ounces in the Indicated category (8.6Mt grading 1.52 g/t Au) and 2.35 million ounces in the Inferred category (71.2Mt grading 1.03 g/t Au) with significant potential for resource expansion and new discoveries. On October 8, 2020, the Company announced the signing of a binding term sheet with Agnico Eagle Mines Limited that contemplates the formation of a 50-50 joint-venture, which will combine Maple's Douay Project and Agnico's Joutel Project into a consolidated joint property package. 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

Ms. Shirley Anthony
Director, Corporate Communications
Cell: 778.999.2771
Email: santhony@maplegoldmines.com

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 the completion of the JV and Financing and use of proceeds of the Financing. 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. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66607

News Provided by Newsfile via QuoteMedia

The Conversation (0)
Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Description

The securities of Many Peaks Minerals Ltd (‘MPK’) will be placed in trading halt at the request of MPK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 April 2024 or when the announcement is released to the market.

Keep reading...Show less
Don Hansen, gold bars.

Investor Education: Gold vs. US Dollar Outlook with Expert Don Hansen

Private investor Don Hansen has honed his resource sector investment approach for more than 20 years, and he shared his latest research in a conversation with the Investing News Network.

He discussed the US dollar's rise and fall as the world's reserve currency, as well as how China is shifting away from the dollar and toward gold. Hansen also went over data on the inverse relationship between the gold price and the S&P 500 (INDEXSP:.INX), explaining how decades-long patterns show where both are heading.

"The exciting part to me is when we look at the previous data you can see that the stock market phase is about to end. It's at a very high level and it's at the end of its period," he explained during the interview.

Keep reading...Show less
A small golden bull statue on top of US money.

Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper

Goldman Sachs (NYSE:GS) is maintaining its bullish stance on commodities as they continue to enjoy strong cyclical and structural support, and as the US and Europe move closer to cutting interest rates.

The American investment bank said it sees raw materials potentially returning 15 percent in 2024.

“We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” Bloomberg quotes analysts Samantha Dart and Daan Struyven as saying in a note this past Sunday (March 24). “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”

Keep reading...Show less
Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)

Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)

If you're interested in gold stocks, it's worth taking a look at the top ASX gold stocks that pay dividends.

A dividend is a sum of money that is paid regularly by a company to a class of its shareholders out of its earnings. Dividends are often issued as cash payments, but can also be issued as stock or other property.

Read on for a deeper look at gold dividend stocks and a breakdown of the top five dividend-paying ASX gold stocks.

Keep reading...Show less
Falco Resources Ltd. (TSX.V: FPC)

Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project’s Environmental Impact Assessment

Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) is pleased to announce the receipt of confirmation of the admissibility of its Environmental Impact Assessment (“EIA”) for the Horne 5 Project located in Rouyn-Noranda (the “Admissibility”) from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MEFCCWP”).

Since the initial EIA filing in 2018, Falco has completed extensive field work and studies, in addition to providing the documentation in order to respond to questions and requests for information raised by the MEFCCWP. Driven by ESG principles, the EIA was conducted by a multidisciplinary team comprised of Falco’s employees, experts and partners, and highlights the Horne 5 Project’s benefits and impacts on its physical, biological and human environments. The EIA includes various measures to avoid, mitigate or compensate for these impacts, and to enhance the project’s overall benefits, in a strong corporate governance environment. The EIA and all related documentation are publicly available on the Environmental Assessment Register of the MEFCCWP.

Keep reading...Show less
R3D Resources

$1.5 Million in Firm Commitments Received for Capital Raisings

$0.5 million partial underwrite of the Rights Issue & $1.0 million in further debt or equity to be raised by end April 2024

R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to provide an update on the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023.

Keep reading...Show less

Latest Press Releases

Related News

×