It said the program consisted of eight diamond drill holes, covering 4,462 metres. The program was designed to test potential extensions of mineralization along the past-producing Eagle-Telbel Mine Trend.
“Importantly, drilling has identified at least four additional styles of gold mineralization beyond the known Eagle-Telbel style mined historically, providing further indications for multiple gold events that may provide for broader gold mineralization than previously interpreted,’’ the company said in a press release.
Drilling highlights include hole EM-22-005, which returned 4.0 g/t gold over 7.5 metres, including 6.4 g/t gold over 3.0 metres within a semi-massive pyrite and iron carbonate horizon typical of the Eagle-Telbel style of mineralization.
Back in July, 2021, Maple said it had entered into an option agreement with Globex Mining Enterprises Inc. [GMX-TSX, G1MN-Frankfurt] to acquire a 100% interest in the Eagle mine property.
Maple said the deal offered a clear path to consolidate the past-producing, high-grade Eagle-Telbel underground mine at the Joutel gold project in Quebec, Canada. The Joutel Gold project is held in a 50/50 joint venture between Maple Gold and Agnico Eagle Mines Ltd. (AEM-TSX, AEM-NYSE), which in turn owns 12.8% of Maple Gold.
The Eagle property hosts the historical underground Eagle Mine, which formed part of a Agnico’s past producing Eagle-Telbel mining complex that produced 1.1 million ounces of gold between 1974 and 1993. The transaction consolidated a strategic land position along the dominant northwest-southwest gold trend (Harricana Deformation Zone) that hosted the entire Eagle-Telbel mining complex.
Maple Gold signed a binding term sheet with Agnico Eagle Mines, which contemplated a 50-50 joint venture that combines Maple Gold’s Douay Project and Agnico’s Joutel Project in a consolidated joint property package.
The Douay and Joutel projects are contiguous properties located in the Abitibi region of Quebec. The Joutel project hosts Agnico’s past-producing Telbel mine.
“The data collected during Phase 1 is already guiding our Phase 2 drilling, which testes the Eagle-Telbel Mine Trend at greater depths, and we expect to reach our target of 12 drill holes totalling roughly 8,200 metres by the end of this quarter,’’ said Fred Speidel, vice-president, exploration at Maple Gold.
“In addition, we have just completed Winter 2022 drilling at Douay with assays results anticipated in the coming weeks. Initial partnership drilling at Telbel is expected to commence in the third quarter of 2022, as part of a recently approved $4.8 million supplemented budget for deep drilling at Douay and Joutel,” he said.
Meanwhile, on June 17, 2020, Maple Gold shares closed at 19.5 cents and currently trade in a 52-week range of 45.5 cents and 16 cents.