Maple Gold provides corporate update and outlook
July 31, 2019 – Montreal (Quebec): Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G - https://www.commodity-tv.net/c/search_adv/?v=299175 ) is pleased to provide a brief corporate recap of key developments during the first half of 2019 and H2 outlook as the Company enters the back half of 2019.
3D Geological Model:
One of Maple Gold’s primary objectives has been bringing the quality of technical work to major company standards. The Company’s exploration team and technical committee leaders have significant major-company experience to draw from, and establishing a new 3D geological, structural and mineralisation model (see press release January 16, 2019 and Fig. 1 below) was identified as a critical next step for numerous reasons.
Maple Gold’s 3D mineralisation model with conceptual pits and distribution of drill-holes from winter 2019 program.
Maple Gold’s Vice-President of Exploration, Fred Speidel, commented: “Developing a new 3D model allows us to better understand the morphology of this large gold-rich intrusive- hydrothermal system, better define and constrain potentially economic gold mineralisation, and improve our targeting of higher grade shoots or feeders with our drill campaigns.”
Speidel added, “We elected to drill our lone 531 Zone drill-hole this year using our new 3D model (see Fig. 1 above). The assay results from that drill-hole were within the top five ever drilled on the property. These models are dynamic and evolve as additional data is included, but the foundation we have established puts us in a great position to be more efficient with the drill-bit and accelerate our exploration and development path going forward.”
2019 Winter Drill Campaign Summary:
Maple Gold completed a 6,045 metre (15-hole) drill campaign during the second half of the winter season (see press release April 30, 2019). The 2019 program came in under budget on a per metre basis and delivered a number of successes. Fourteen (14) of the 15 holes drilled intersected gold mineralisation (all assays have been reported, see corresponding press releases noted below). The Company also reported higher than deposit average grade intercepts from each of the resource zones that were drilled, headlined by: 19m @ 2.46 g/t Au in the Porphyry Zone (see press release May 29, 2019); 51m @ 2.81 g/t Au and 28m @ 2.55 g/t Au in the 531 Zone (see press release June 5, 2019); and 42.5m @ 1.75 g/t Au in the Nika Zone (see press release July 10, 2019).
The potential of the immediate target area along the interpreted trend to the southeast of this year’s intercepts from DO-19-262 is currently being evaluated. This interpreted zone of higher grade gold mineralisation is defined by multiple high-grade intercepts from two different drill-holes (including D-92-39, which intersected 30m of 3.3 g/t Au and 10m of 5 g/t Au; and DO-19-262: which cut 28m of 2.55 g/t Au and 51m of 2.81 g/t Au – see press release June 5, 2019); these intercepts currently occur at vertical depths of as little as 250m, and extend at least to vertical depths of 400m. The Company’s current working hypothesis indicates that this higher-grade zone remains open for more than 350 metres to the southeast. The Company is currently reviewing core from historical drill-holes in this area with the aim of characterising the stratigraphy and refining its target concepts in advance of a potential drill campaign focused on the 531 Zone during the fall. The Company expects to report further interpretations with corresponding figures and drill targets this summer.
2019 drilling in the Nika Zone has provided additional support for the significance of this new mineralised zone, which now extends over a distance of approximately 650m along strike, linking two existing smaller conceptual pits (Micon 2018) and providing an interpreted link to the Porphyry Zone as well. Nika Zone mineralisation will be included in the new resource estimation update which is being prepared by Roscoe Postle Associates Inc. (RPA).
Drill results from the most recent campaign showed the presence of higher-than deposit average grades both near surface, and at moderate depths, thereby providing further support for the Company’s current concept of an eventual open-pit extraction scenario, which could be followed by a subsequent underground expansion.
The Company continues to work with RPA on refining the latest wireframes using the Company’s geological model, along with the latest drill data from the recently completed 2019 campaign. Maple Gold anticipates reporting a new baseline resource estimate early this fall that is expected to contemplate an optimized open-pit plus initial underground expansion scenario.
Maple Gold’s President and CEO, Matthew Hornor, stated: “The gold market is finally showing signs of potential breakout and we have not wavered in our belief that moving the Douay Gold Project forward in a measured way during challenging times will put us in a favourable position as we aim to leverage all of the modeling and technical work that’s been completed over the past 18 months. We limited our winter drilling campaign to 60% of initially planned meterage to conserve capital for priority follow up work and to provide more financial flexibility as we evaluate various strategic alternatives during the second half of the year.”
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work.
Quality Assurance (QA) and Quality Control (QC)
Maple Gold implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill-hole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to ALS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company’s QA/QC page on the website at:
About Maple Gold
Maple Gold is an advanced gold exploration and development company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s ~355 km² Douay Gold Project is located along the Casa Berardi Deformation Zone (55 km of strike) within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project benefits from excellent infrastructure and has an established gold resource3 that remains open in multiple directions. For more information please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
VP, Corporate Development
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Forward Looking Statements:
This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective mineral potential of the Porphyry Zone, the potential for significant mineralisation from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.