GRAPH ICON

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GRAPH ICON

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Market Price: $0.04
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Eagle Mine Project

  • The Eagle Mine Property (“Eagle”) hosts the historical underground Eagle Mine, which formed a part of Agnico's past-producing Eagle-Telbel mining complex that produced approximately 1.1 million ounces of gold between 1974 and 1993 during a significantly lower gold price environment.
  • Maple Gold signed an option agreement to acquire 100% interest in the Eagle Mine Property with Globex Mining Enterprises Inc. (“Globex”) in 2021 (see option agreement details section below)
  • Transaction consolidates a strategic land position along the dominant northwest-southeast gold trend (Harricana Deformation Zone) that hosted the entire Eagle-Telbel mining complex.
  • New 3D geological and structural model was completed in Q4/2021 that highlighted several target areas with demonstrated high-grade gold mineralization beyond the mined-out stopes.
  • Maple Gold completed three phases of drilling during 2022 for a total of 13,822 m across 28 drill holes. Highlighted results from 2022 drilling at Eagle include: 4.0 g/t Au over 7.5 m, including 6.4 g/t Au over 3.0 m, in hole EM-22-005; 11.4 g/t Au over 3 m, including 24.4 g/t Au over 1 m, in hole EM-22-009; and 10.3 g/t Au over 7.8 m, including 41.1 g/t Au over 1.0 m, in hole EM-22-015.
  • The 2022 drill results continue to support the Company's view that multiple sub-parallel gold horizons exist beyond what was historically mined at Eagle and have expanded target areas along a broader mineralized corridor over a stratigraphic thickness that now exceeds 100 metres in width.

Eagle is a 77-hectare property located several kilometres west of the former mining town of Joutel in mining-friendly Québec, Canada. The property is readily accessible by the same Highway 109 that runs through the JV's Douay Gold Project and connecting the towns of Amos and Matagami. The location and regional geological setting of Eagle are shown in Figure 1.

figure1 eaglemine 18mar2022

Figure 1: Plan view on regional geology base map showing location of the Eagle Mine claim along with additional target trends and >2 g/t Au results from drilling highlighted (red).

 

 

The former Eagle underground mine formed a part of Agnico's first gold operation (the Joutel Mining Complex) and included a production shaft that extends to a depth of approximately 950 metres. Historical production commenced at Eagle in 1974 and subsequently shifted to Telbel (currently part of the 50-50 JV between Maple and Agnico). Combined with the Telbel underground mine, which included a production shaft that extends to a depth of approximately 1,200 metres, and the Eagle West open-pit/underground mines, the Joutel Mining Complex produced approximately 1.1 million ounces of gold from Eagle, Telbel and Eagle West (approximately 5 million tonnes of ore at an average grade of 6.5 g/t Au between 1974 and 1993).

From 2008 to 2015, Globex completed a series of six widely spaced infill and step-out drill holes. This included hole EM-14-001, which returned 12.4 m of 2.9 g/t Au from 347 to 359 m downhole, including 4.8 m of 5.4 g/t Au.

Globex drill core from holes completed between 2008 to 2015 were repatriated by Maple Gold and observed to exhibit multiple sulfide horizons, with variable amounts of associated iron carbonate and quartz, mainly within a strongly deformed sedimentary and pyroclastic package. Similar alteration and mineralization were also noted within weakly deformed subvolcanic mafic intrusives.

90557 maple.4

Eagle Drill Core: Semi-massive pyrite cut by iron carbonate veinlet (lower left) at 354.9 m in EM-14-001, part of a 1 m sample interval that gave 13.7 g/t Au.

Maple Gold completed three phases of drilling during 2022 for a total of 13,822 m across 28 drill holes. Highlighted results from 2022 drilling at Eagle are summarized below (see Figure 2 for hole locations). Assays are still pending for approximately 20% of the 2022 program.

  • EM-22-005: 4.0 g/t Au over 7.5 m, including 6.4 g/t Au over 3.0 m
  • EM-22-009: 11.4 g/t Au over 3 m, including 24.4 g/t Au over 1 m
  • EM-22-13: 2.3 g/t Au over 10.4 m, including 5.0 g/t Au over 3.2 m
  • EM-22-015: 10.3 g/t Au over 7.8 m, including 41.1 g/t Au over 1.0 m
  • EM-22-015: 4.3 g/t Au over 3.9 m, including 6.6 g/t Au over 2.0 m
  • EM-22-016: 3.1 g/t Au over 7.3 m, including 4.0 g/t Au over 3.6 m\

The 2022 drill results continue to support the Company's view that multiple sub-parallel gold horizons exist beyond what was historically mined at Eagle and have expanded target areas along a broader mineralized corridor over a stratigraphic thickness that now exceeds 100 metres in width (see Figure 3). There is an apparent concentration of >10 g/t gold starting near surface and extending down-plunge to the EM-22-015 intercepts along the North Mine Horizon in an area with limited drilling that remains open further down-plunge (see Figure 4).

fig 2

Figure 2: Highlighted results from EM 22-015

eagle

Eagle Drill Core: EM-22-015 intercept at 230.8 m downhole in lapilli-tuff host. Sulfide patches in between lapilli are semi-massive to massive. NQ core, 47.6mm diameter. 

fig 3

Figure 3: NW-looking cross section (85 m total width) highlighting new assay results (gold boxes) and previously reported/historical intercepts (white boxes) along well-defined sub-parallel horizons.

The EM-22-015 intercepts are located approximately 60 m down-plunge from historical hole E-19 (see figure 4). Additional historical drill holes intersected >5g/t Au roughly 250 m further down-plunge, highlighting the grade and volume potential of this new zone that will be tested via follow-up drilling in 2023.

fig 4

Figure 4: NE-looking long section (55 m total width) highlighting the location of the EM-22-015 intercept (10.3 g/t Au over 7.8 m) relative to pre-existing grade contouring in the North Mine Horizon. Note the open area extending down-plunge from hole E-19 (19.6 g/t Au over 7.9m).

Intercepts >2 g/t Au have now been obtained at Eagle at downhole depths ranging from 109 to 1,234 m, which is indicative of the significant depth continuity of the system. The Company's next steps will include a comprehensive review of all available data at Eagle, including incorporating results from the 2022 program into its 3D geological model, along with definition of priority targets for follow-up drilling in 2023. The Company also believes that continued drilling success at Eagle will relate positively to ongoing exploration on its JV ground at Telbel and along the entire Joutel Deformation Zone.

Maple Gold can acquire a 100% interest in Eagle by completing the following payments and exploration work over a five-year period (see Table 1 below):

Table 1: Earn-in Terms of Option to Acquire undivided 100% Interest

Time/Period

Cash

Shares

Exploration

On signing

$50,000 (paid)

$50,000 (paid)

N/A

6-month anniversary

$50,000 (paid)

$50,000 (paid)

N/A

12-month anniversary

$50,000 (paid)

$50,000 (paid)

$200,000

18-month anniversary

$62,500 (paid)

$62,500 (paid)

N/A

2-year anniversary

$62,500

$62,500

$300,000

3-year anniversary

$75,000

$75,000

$300,000

4-year anniversary

$100,000

$100,000

$400,000

5-year anniversary

$150,000

$150,000

N/A

Totals

$600,000

$600,000

$1,200,000

Upon completion of the earn-in, Globex will transfer title and ownership in the Eagle Property to the direction of Maple Gold, free and clear of all encumbrances apart from a 2.5% GMR, which is subject to a Right of First Refusal and can be reduced to a 1.5% GMR in consideration of a onetime C$1.5 million cash payment.