Montreal, Quebec--(Newsfile Corp. - April 30, 2019) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") has completed its winter 2019 drilling program, with approximately 6,050 metres drilled in 15 holes, distributed across the Nika, Porphyry, 531 and Exploration Target areas (see Fig. 1). Several of the drill-holes were drilled to greater than planned depths as a result of visually significant sulfide mineralisation noted at the originally planned depths.
The primary objective of this work was to demonstrate continuity of higher grade areas both near surface and at moderate depths (at or beyond base of conceptual pit depths). All of the holes, including exploration drilling 1km south of the resource area, encountered visually significant sulfide mineralisation; all assays are pending. About half of the drill core has been sawed to-date; Maple Gold's in-house technicians will complete this work in the coming weeks to prepare samples for shipment to ALS Laboratory. Assay results are expected to be released as received over the course of the next 8-10 weeks.
Maple Gold's VP Exploration, Fred Speidel, commented: "Our drilling within the Nika and Porphyry Zones was designed to follow up on some of our best results from 2018, with the aim of extending zones and confirming continuity of higher-than-deposit-average-grade mineralisation within these respective areas. We are equally excited about pending results from the more limited drilling we completed at the 531 Zone and Exploration Target; the latter has very limited drill density, has not been drill tested for years and our updated geological model gives us reason to believe there is excellent potential for new discoveries there."
Additional Drill Campaign Details
2019 contract drilling costs were approximately 15% cheaper on a per-metre basis than in 2018, and drill program support costs were also reduced. The Company was pleased to surpass its targeted meterage with this 15-hole campaign and believes the results and new data will make meaningful contributions to the Company's evolving deposit-wide 3D models.
Nika Zone: 1,794 metres drilled (4 drill-holes)
These holes tested near surface and moderate depth extension of the new Nika Zone discovered in 2018, in particular DO-18-218 (50m averaging 1.77 g/t Au) and DO-18-217 (17m averaging 1.08 g/t Au, within a broader slightly lower-grade interval), and also deepened one historical hole that ended in 21.10 g/t Au on the western edge of the Nika Zone.
Porphyry Zone: 3,120 metres drilled (8 drill-holes)
These holes mainly tested the continuity of higher than average grades, particularly from 2018 drill intercepts such as in DO-18-216 (21m averaging 7.87 g/t Au uncut, including visible gold, and within a broader lower grade interval), DO-18-247 (21m averaging 3.49 g/t Au uncut, including visible gold) and DO-18-254 (27.5m averaging 1.24 g/t Au within a broader lower grade interval). The holes tested both contact style and syenite-hosted mineralisation.
531 Zone: 432 metres drilled (1 drill-hole)
This single hole tested the near-surface continuity of higher grade mineralisation in historical hole D-92-41 which gave 1.37 g/t Au over 31.5m in contact style mineralisation including a fault zone.
Exploration Target: 699 metres drilled (2 drill-holes)
Drilling at the Exploration Target tested expansion potential of locally high grade (2.08-17.45 g/t Au from historical drilling) contact style mineralisation in area with mixed syenite-basalt, located about 1km south of the southern limit of the Porphyry Zone.
Fig. 1: Distribution of 2019 drill-hole collars on gradient magnetic base map
To view an enhanced version of Fig. 1, please visit:
https://orders.newsfilecorp.com/files/3077/44416_maple2.jpg
Corporate Updates
The Company is pleased to advise that its Annual General Meeting will be held at 1pm PST on Thursday, June 13, 2019 at the Company's offices in Vancouver, B.C., located at Suite 600, 1111 West Hastings Street. The Company further reports that it will not be proceeding with a second tranche to the financing as announced on March 26, 2019. The Company has therefore closed on a total of $2.3 million of the previously announced $2.6 million.
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. 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: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement
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.
"Matthew Hornor"
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
VP, Corporate Development
Cell: 778.686.6836
Email: jlang@maplegoldmines.com
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. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44416
copyright (c) newsfile corp. 2019