Vancouver, British Columbia--(Newsfile Corp. - December 1, 2022) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to announce that, further to the Company's news release on October 7, 2022, two (2) additional drill rigs have been secured, bringing the number of rigs at site up to five (5) in total. The additional rigs will help to complete the previously announced 6,000 metre ("m") deep drilling program in the Telbel mine area ("Telbel") at the Joutel Project ("Joutel"), which is held by a 50/50 joint venture (the "JV") between the Company and Agnico Eagle Mines Limited, as well as initiate the previously announced 10,000 m deep drilling program at the JV's Douay Project ("Douay") in the coming weeks.
Three (3) drill rigs are currently turning at the Company's 100%-controlled Eagle Mine Property ("Eagle"), where the previously announced 5,000 m Phase III drill program is expected to be completed by year-end. A fourth drill rig was added in late October and continues to drill at Telbel. The fifth drill rig has arrived at site and been mobilized to Telbel, where the Company expects to complete the 6,000 m program by January 2023. As drill rigs become available from Eagle and Telbel, they will be relocated to Douay and the Company anticipates having all five (5) drill rigs turning at Douay during Q1/2023 to expedite the 10,000 m deep drilling program.
The Company has now released assay results corresponding to approximately 13,300 m of 2022 drilling across Eagle and Douay, with approximately 10,300 m of additional drilling completed to-date at Eagle and Telbel.
"With five drill rigs actively turning on our Québec projects, the Company remains on track to meet our targeted 2022 drill metreage," stated Matthew Hornor, President and CEO of Maple Gold. "We look forward to additional results from drilling at Eagle and Telbel and to commencing the deep drill program at Douay to test potential depth extensions below the current pit-constrained mineral resource as soon as drill rigs from Eagle and Telbel become available."
Deep drilling at Telbel and Douay is being funded by a previously announced C$4.8-million supplemental Year Two JV exploration budget (see news from May 18, 2022). The JV's additional Year Three (February 2, annual start date) drilling and exploration plans will be designed by the partners in late Q4 2022 and finalized during early Q1 2023.
Pictured above: Multiple drill rigs in action at Eagle as exploration drilling ramps up along the Joutel Mine Complex, which produced 1.1 Moz at 6.5 g/t Au from 1974 - 1993.
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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 projects benefit from exceptional infrastructure and access and boast ~400 km² 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 Eagle 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 Casa 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 resources 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: This email address is being protected from spambots. You need JavaScript enabled to view it.
Mr. Jeff Uppal
Manager, Investor Relations
Cell: 778.977.4724
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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 work 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 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.
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