MONTREAL, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM) (OTCQB: MGMLF) (Frankfurt: M3G) is pleased to provide an update on timing for the next resource estimate update. The Company’s last NI 43-101 Inferred Mineral Resource Estimate (2.8M Oz @ 1.05 g/t Au – using a 0.5 g/t cut-off grade) was filed on April 11, 2017 (Micon 2017). The Company’s technical team has modified and updated internal models in advance of the current drill campaign and has now engaged Micon International Ltd. to prepare a formal resource estimate update.
None of the ~23,000 metres drilled in 2017 were included in last year’s estimate. In addition, a significant amount (~8,000 samples) of previously un-assayed historic core was assayed during Q4 2017 to improve resource modelling. Maple Gold’s senior geologists have now led the re-logging of more than 22,000 metres of drill core throughout the highest priority zones of the deposit. Maple Gold continues to update and modify its interpretation of the local geology. For all of these reasons, the Company is proceeding with an updated resource estimate in order to better reflect the current gold endowment at the Douay Gold Project. The Company expects the updated resource estimate to be reported within the coming weeks during Q1 2018.
Maple Gold’s President and CEO, Matthew Hornor, stated: “We look forward to establishing an up-to-date resource base in early 2018 and then building on this throughout the year with our 25,000+ metre drilling campaign. This is an exciting time for the Company and our shareholders as we head into 2018 with a strong set of catalysts and value drivers ahead of us.”
Maple Gold’s VP, Exploration, Fred Speidel, stated: “We have spent significant time going through the existing model internally to ensure that we are comfortable with the assumptions and interpretations, given our current knowledge and understanding, of the intrusive-hydrothermal system at Douay. We have a very well-balanced team of geologists that includes structural geology expertise, and we will be building new refined geologic models this year on the back of all of the new drilling data and interpretation work that will be completed by our technical group.”
Qualified Person:
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 Mines. 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.
About Maple Gold:
Maple Gold is a well-funded gold exploration company focused on advancing a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 370 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has a significant drill campaign under way to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
“Matthew Hornor”
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
VP, Corporate Development
Office: +1 416.682.2674
Email: jlang@maplegoldmines.com
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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. 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. Forward-looking statements include, but are not limited to, statements with respect to the Company’s opinions and beliefs, financial position, business strategy, plans for drilling and re-logging, characterisation of gold mineralisation, geological modelling, data integration, establishing high-quality inferred resource expansion targets, testing target areas, the Company’s goal to deliver significant value, drill campaigns, and plans and objectives of management for future properties and operations. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such 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.
