Maple Gold consolidates Douay/Joutel project on Quebec
Maple Gold Mines Ltd. [MGM-TSXV, MGMLF-OTCQB, M3G-FSE] has accelerated its growth strategy with a senior executive appointment and full consolidation of its Douay/Joutel gold project in Quebec.
Maple Gold is a well-funded exploration company with a focus on advancing its 100%-owned, district scale Douay/Joutel gold project, which is located on the Abitibi Greenstone gold belt in Quebec. Covering approximately 481 square kilometres of prospective ground, the project includes an established gold mineral resource at Douay with significant expansion potential and the past-producing Telbel and Eagle West mines at Joutel. In addition, the company has held an option to acquire 100% of the Eagle mine property, a key part of the Joutel mining complex.
On Monday, the company said it has exercised the option to acquire a 100% interest in Eagle, a core inlier claim at Joutel that hosts the historical Eagle underground mine. Pursuant to an option agreement dated July 16, 2021, between Maple Gold and Globex Mining Enterprises Inc. [GMX-TSX, GLBXF-OTCQX, G1MN-Frankfurt], the company completed cash and share payments to Globex totaling $1.2 million in cumulated exploration expenses prior to the five-year anniversary of the option agreement. “Legal title to the property, together with all its associated rights, interests and applicable permits, and reclamation bonds, will be transferred to [Maple Gold],’’ the company said in a press release. Globex will retain a 2.5% Gross Metal Royalty, which is subject to a right of first refusal and can be reduced to a 1.5% GMR in return for a cash payment of $1.5 million.
On Monday, Maple shares advanced on the news, rising 1.96% or $0.05 to $2.60. The shares trade in a 52-week range of $4.00 and 65 cents.
The current mineral resource at Eagle, which forms part of the company’s Douay/Joutel project mineral resource estimate, consists of 73,000 ounces of gold indicated (0.5 million tonnes at 5.04 g/t tonne) and 386,000 ounces inferred (3.0 million tonnes at 4.07 g/t gold).
The company said compilation of historical data combined with new drilling indicates that high-grade gold mineralization at Eagle extends will beyond the historical underground workings and that the system remains open in multiple directions with strong potential for expansion through follow-up drilling. The company is planning aggressive fully funded step-out drill programs and Eagle and Joutel in the second half of 2026 and 2027.
The company said Douay/Joutel benefits from exceptional infrastructure access and boasts 481 square kilometres of highly prospective ground including an established, multi-million-ounce gold mineral resource at the Douay and Joutel deposits, both with significant expansion potential, as well as the past-producing Eagle and Telbel mines in Joutel that were key parts of the historical Joutel Mining Complex. The total Douay/Joutel mineral resource estimate now stands at 905,000 ounces indicated (19.1 million tonnes at 1.48 g/t gold) and 4.3 million ounces of gold inferred (130.2 million tonnes at 1.03 g/t gold).
Meanwhile, the company has named Alex Rodriguez as Senior Vice-President, Corporate Development and Strategy. Rodriguez brings over 15 years of mining, corporate development, M&A strategy, and investor relations experience across Canada, the U.S., Peru and Chile.
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