Maple Gold Mines drills 11.4 g/t gold over 3 metres at Eagle mine project, Quebec

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Maple Gold Mines Ltd. [MGM-TSXV; MGMLF-OTCQB] reported initial assay results from the first drill hole of the company’s phase 2 drill program at its 100%-optioned Eagle mine property in Quebec. The phase 2 program consisted of four master diamond drill holes and one daughter diamond drill hole totalling approximately 4,700 metres to test potential extensions of mineralization along and beneath the past-producing, high-grade Eagle-Telbel mine trend.

Highlights include drill hole EM-22-009 that intersected 11.4 g/t gold over 3 metres, including 24.4 g/t gold over 1 metre, to the north of the modeled main Eagle-Telbel mine horizon in the hanging wall microgabbro.

The new EM-22-009 intercept and other notable high-grade historical intercepts hosted in the same microgabbro unit (including hole 16-77 with 26.7 g/t gold over 2.5 metre and hole 16-71 with 26.4 g/t over 1.4 metres within 14.3 g/t over 2.9 metres) all point to the potential significance of this favourable structural-stratigraphic target.

Limited historical drilling in the hangingwall was not typically assayed for gold as previous operators were not focused on this mineralization style and target type.

The company has drilled approximately 16,450 metres out of approximately 30,000 metres planned in 2022 across its Quebec project portfolio; Eagle assays have now been reported for approximately 5,400 metres (representing 59% of completed Eagle drilling).

“These initial phase 2 assays include the best result thus far from our 2022 drilling at Eagle and the location of the intercept holds great significance for our exploration targeting going forward, including phase 3 drilling later this year,” stated Matthew Hornor, President and CEO. “While core cutting has recently been impacted by electrical issues at site, we are implementing temporary and permanent solutions to improve efficiency and we expect the assay backlog to ease in the coming weeks. I am also delighted to welcome Kiran in his expanded role with the company and we look forward to his experience as we navigate through our strategic and corporate finance initiatives.”

The highlighted intercept in EM-22-009 is located north of the main modeled Eagle mine horizon in the hanging wall microgabbro. The EM-22-009 intercept is significant because these results are not found within the broadly conformable horizon mined at Eagle in the past, but instead within a microgabbro some distance to the north.

The Company’s phase 1/2 drilling at Eagle has confirmed that in addition to the conformable semi-massive pyrite horizon mined historically at Eagle-Telbel, multiple additional zones which may or may not be conformable, overlapping with the Harricana Deformation Zone, are also prospective. This includes not only the microgabbro interval, but also the Harricana Group sediments still further to the north. The Harricana Group sediments to Cartwright Group basalts contact may represent a further, largely untested target.

Phase 3 drilling at Eagle, expected to start in Q4/2022, will follow-up not only on the best results of the first two drilling phases, but also on the results of previous downhole electromagnetic surveys, on ranked airborne EM targets from the recently competed Mag-EM survey and on a recently completed high-resolution drone magnetic survey.

Due to recent electrical issues at site, the company has faced challenges with its core saws resulting in a temporary backlog of assay results. The company has contracted third-party core cutting providers to secure its immediate needs, has procured standby equipment, and is making necessary upgrades to ensure long-term efficiencies and redundancies so that similar problems are avoided in the future.

Maple Gold is pleased to announce the appointment of Kiran Patankar as Chief Financial Officer of the company replacing Gregg Orr. Mr. Patankar has held the position of Senior Vice President, Growth Strategy with the company since 2021.

The company approved the grant to certain employees and officers of stock options to purchase an aggregate of 1,050,000 common shares of the company at an exercise price of $0.26 per common share. The Options have a 5-year term and vest 1/3 immediately, 1/3 in 12 months and 1/3 in 24 months from the date of grant until fully vested.


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