Maple Gold drills 9.2 metres of 2.4 g/t gold at Douay Project, Quebec

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Maple Gold Mines Ltd. [MGM-TSXV; MGMLF-OTC; M3G-FSE] has released results from four step-out drill holes at the 531 zone from the recently completed 10,270-metre winter drill campaign at the Douay gold project in the Abitibi region of Quebec. Douay is held by a 50/50 joint venture between the company and Agnico Eagle Mines Ltd. [AEM-TSX, NYSE].

The results indicate the potential for additional gold resources to be added beyond the current 2019 RPA 531 zone underground mineral resource.

Highlights

Hole DO-21-298 returned 6.3 metres of 2.4 g/t gold (from 462 m), including 3.0 metres of 4.3 g/t gold. Hole DO-21-299 returned 9.2 metres of 2.4 g/t gold (from 492.8 m), including 1.5 metres of 8.8 g/t gold and 1.0 metre of 43.0 g/t gold with visible gold (from 526 m).

Hole DO-21-300 returned 1.3 metres of 4.8 g/t gold (from 542.5 m). Hole DO-21-302 returned 1.5 metres of 5.9 g/t gold (from 299.5 m) and 1.0 metres of 21.7 g/t gold with visible gold (from 508.2 m).

The four step-out holes were drilled to test the east-southeast (ESE) continuity of the mineralized system and specifically targeted structurally controlled, high-grade extensions at depth within the 531 zone. These latest results now support the continuity of the system, providing justification for additional step-out drilling to be undertaken with the aim of expanding the current RPA 2019 531 zone underground resource toward the east-southeast and at depth. Opportunity also remains to expand mineralization closer to the surface.

Fred Speidel, vice-president, exploration, Maple Gold, stated: “We have consistently obtained impressive results at the 531 zone and these new intercepts appear to form part of a southeastern extension that remains open for at least another 250 metres. The JV looks forward to interpreting these results further once we receive additional assays for three more holes drilled in this area and to expanding the zone with further step-out drilling.”

Additional assay results from the winter 2021 drill campaign, including from three additional holes in the 531 zone, are expected to be released over the coming months once they are received and interpreted.

Maple Gold granted 100,000 stock options to certain consultants under the company’s equity incentive plan. The stock options are exercisable at a price of 51 cents per share and will vest one-third immediately, one-third 12 months from the date of grant and one-third 24 months from the date of grant. The stock options expire within five years.


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