New CEO eyes next growth phase at Maple Gold
Maple Gold Mines Ltd. [TSXV-MGM, OTCQB-MGMLF] has named Kiran Patankar as the company’s new President and CEO, effective immediately. Patankar previously served as interim President and CEO since August 28, 2023.
Patankar has more than 15 years of senior leadership experience in the mining industry, including a spell as Maple Gold’s Chief Financial Officer and Senior Vice-President, Growth Strategy. He was previously President and CEO of two TSX Venture Exchange-listed gold exploration and development companies. He was also an investment banker with leading Canadian and global financial institutions from 2007 to 2014.
“I am delighted and honoured to lead Maple Gold into its next phase of growth,’’ Patankar said. “While current market conditions remain challenging for junior gold explorers, our strong financial position, including nearly $5 million of available liquidity as of September 30, 2023, combined with cost reduction efforts and a new value-oriented exploration approach in ongoing partnership with Canada’s largest gold producer ideally positions the company to discover the next major gold camp in Quebec’s prolific Abitibi Greenstone Belt.’’
Maple Gold is working to develop the Douay Gold Project in Quebec in a 50-50 joint venture with Agnico Eagle Mines Ltd. (TSX-AEM, NYSE-AEM).
The joint venture combines the Douay Project and Agnico’s contiguous Joutel Project in a consolidated joint property package located in the Abitibi region of Quebec. The Joutel project hosts Agnico’s past-producing Telbel mine.
According to the latest estimate, pit-constrained indicated resources at Douay stand at 511,000 ounces of gold (10 million tonnes of grate 1.59 g/t) at an average grade of 1.52 g/y. Total inferred resources (including underground and pit constrained) are pegged at 2.53 million ounces of gold (76.7 million tonnes of grade 1.02 g/t).
The estimate was based on a total Douay drill database of 674 holes (241,626 metres) within the resource area, of which 38 (15,647) were completed by the company and the joint venture between 2019 and 2021.
The Douay project covers an area of more than 357 square kilometres along the Casa Berardi Deformation Zone within the Abitibi Greenstone Belt.
Agnico holds a 12.8% stake in Maple after complete a $6.2 million strategic investment in the junior by subscribing for 25.8 million units in a non-brokered private placement at 23.9 cents per share.
“From the time he was appointed Interim President and CEO in August, 2023, Kiran has spearheaded the execution of the company’s updated corporate strategy, which includes a thorough assessment of our district-scale Quebec gold projects,’’ said Maple Gold Chairperson Michelle Roth.
“He has fostered the alignment between our technical team and our strategic joint venture partner to improve exploration targeting and optimize results, which driving significant overhead cost reductions.’’
Maple Gold shares were unchanged at $0.05 and trade in a 52-week range of 25 cents and $0.045.