Maple Gold Mines drills 10.3 g/t gold over 7.8 metres at Eagle mine property, Quebec

Maple Gold Mines Ltd. [MGM-TSXV; MGMLF-OTCQB] reported additional assay results from the 2022 drilling at its 100%-optioned Eagle mine property, Joutel Township, Quebec.

The new results represent complete assays from five follow-up holes for which partial results were previously reported, targeting northwest extensions of the main mine horizon and along multiple subparallel gold horizons. The latest drilling in the northern splay of the main mine horizon has returned the best intercept to date from its 2022 program at Eagle.

Highlights: Drill hole EM-22-015 intersected 10.3 g/t gold over 7.8 metres, including 41.1 g/t gold over 1.0 metres in the North Mine Horizon.

Further up-hole, EM-22-015 intersected 4.3 g/t gold over 3.9 metres, including 6.6 g/t gold over 2.0 metres, demonstrating the potential for the North Mine Horizon to be wider than what was previously interpreted.

The EM-22-015 intercepts are located down-plunge from historical high-grade, near-surface drill results from a geologically similar hole (E-19: 19.6 g/t Au over 7.9 m, as well as 17.5 g/t Au over 5.6 m further up-hole) in an area with limited drilling that remains open further down-plunge.

EM-22-015 has now returned seven separate intercepts over a 120-metre interval starting from 142.5 metres downhole. Assays are still pending for roughly 20% of the Company’s 2022 drilling at Eagle.

“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 our target areas along a broader mineralized corridor over a stratigraphic thickness that now exceeds 100 metres in width,” stated Matthew Hornor, CEO. “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. This represents just one of several compelling follow-up targets that we are excited to pursue in 2023.”

The new results from EM-22-015 support the company’s model of multiple sub-parallel gold horizons, some of which are particularly high-grade (>10 g/t), extending from the southern splay of the main mine horizon (the “South Mine Horizon”) to beyond the North Mine Horizon over a mineralized corridor that now exceeds 100 metres in width. These two horizons merge into a single main mine horizon in the central part of the Eagle property.

The EM-22-015 intercepts are located approximately 60 m down-plunge from historical hole E-19. 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.

The company completed a total of 28 drill holes corresponding to ~13,823 m at Eagle during 2022. Approximately 20% of the assays for the entire program are still pending. Additional assay results will be released on a periodic basis over the coming months once they are received and interpreted.

The 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 H1 2023. The company also believes that continued drilling success at Eagle will relate positively to ongoing exploration on its joint venture ground at Telbel and along the entire Joutel Deformation Zone.

All intervals are downhole lengths. True widths are estimated to be between 35% (for steeper holes) to 80% (for shallower angle holes) of downhole lengths.

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.