Mr. Matthew Hornor reports
MAPLE GOLD RECEIVES $1.9M FROM REVENU QUEBEC AND OUTLINES 2019 DRILLING PLANS
Maple Gold Mines Ltd. has added $1.9-million to its treasury after receiving its full 2017 tax credit refund from Revenu Quebec. An upcoming winter 2019 drill program will test refined higher-grade targets generated from recently reported 3-D modelling work. Mapping and gold deportment work will continue through the summer of 2019. A new resource update is expected in late Q1 and the company plans to begin a preliminary economic assessment in late 2019.
The company has designed a 10,000-metre program and plans to drill a minimum of 5,000 metres this winter focused on the following targets:
Extensions of higher-grade mineralised bodies within the Douay resource area, particularly at the geologically similar (intrusive hosted and contact style) Nika and Porphyry zones: DO-18-218 (azimuth: 002, dip: minus 46) intersected 50 metres of 1.77 grams per tonne gold starting at 214 m in the Nika zone, which remains open to surface and to depth. In the Porphyry zone, DO-18-216 (azimuth: 341, dip: minus 49) returned 21 m of 7.87 g/t Au starting at 303 m and DO-18-247 (azimuth: 360, dip: minus 65) gave 21 m of 3.49 g/t Au starting at 275 m; these two holes were collared about 1.3 kilometres apart and mineralization is also open in several directions;Depth extensions at Douay West (target depth about 530 m vertical) as well as at the geologically similar 531 zone (target depth about 400 m vertical); there has been little drilling since 1993 at the 531 zone (1992 drill hole 70531-2 (azimuth: 360, dip: minus 65) intersected 55.7 m of 2.6 g/t Au from 313 m) and only limited drilling since 2014 at Douay West.Exploration outside the resource area, where several intervals of high-grade (up to 17.5 g/t Au over 1.5 m) contact-style mineralization similar to that at the Porphyry zone were intersected in a historical hole.
Disclosure notes: Assays listed above are uncut and down-the-hole lengths, with true widths approximately 90 per cent of down-the-hole lengths. Intercept depths are reported as vertical depths from surface.
Matthew Hornor, Maple Gold's president and chief executive officer, commented: "We have ranked and prioritized all of our drill targets and with more than $4-million in the treasury we are now in position to test top priority drill targets, while concurrently working with RPA on our new resource estimate for Douay.
"With the support of our strong shareholder base and an improving gold environment, we feel that it is of utmost importance to continue building value at the project with a highly focused drilling campaign. Our winter drilling and other exploration work in 2019 will contribute to the first ever deposit-wide PEA at the project, which we anticipate starting near year-end."
Plans for winter 2019 include high-priority drilling and geophysics; the company has outlined about 10,000 metres of top-priority drilling to test numerous targets on the Douay property at Douay West, Nika, Porphyry and 531 zones. A minimum of 5,000 metres will be drilled during the 2019 winter campaign, with final metreage subject to market and weather conditions. The company also plans to conduct limited metallurgical work and further refine the 3-D model in support of the planned PEA.
Drill bids from prospective contractors are currently being evaluated and the company anticipates selecting a contractor very shortly. Concurrent with the winter drilling, a ground geophysical program is planned to test one of the targets generated during the summer 2018 mapping program (see press release of Nov. 14, 2018). New mineralized zones defined at Nika and areas with higher-than-expected grade intercepts at the Porphyry zone obtained during 2018 drilling, both offer significant opportunities to add to the deposit resource base at higher-than-deposit average grades. Drilling at the Douay West and 531 zones, where mostly higher-grade intercepts were obtained in historical holes, is meant to test possible depth extensions of the mineralization as well as to better understand the structural controls for these complex areas.
Corporate note
The company announces that subject to the approval of the TSX Venture Exchange, the company has agreed to issue 568,182 common shares in the capital of the company at an issue price of 11 cents in settlement of certain outstanding obligations. Upon issuance, such shares will be subject to a four-month hold period.
Qualified person
The scientific and technical data contained in this press release were reviewed and prepared under the supervision of Fred Speidel, MSc, PGeo, vice-president, exploration, of Maple Gold. Mr. Speidel is a qualified person under National Instrument 43-101. 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/quality control
Maple Gold implements strict quality assurance and quality control 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 the analytical 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 its website.
About Maple Gold Mines Ltd.
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 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.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.