Maple Gold Mines (TSX.V: MGM)
Reported the mobilization of a second drill rig, while the first drill rig continues Phase II drilling at the 100%-controlled Eagle Project, to commence a 6,000 m deep drilling program at the Joutel Project in Quebec, Canada.
Joutel is held by a 50/50 joint venture between the Company and Agnico Eagle Mines.
|Maple Gold||TSX.V: MGM|
|Market cap||C$64 m @ 19c|
Maple Gold Adds Second Drill Rig to Commence 6,000-Metre Deep Drilling Program at Joutel
Vancouver, British Columbia–(Newsfile Corp. – August 3, 2022) – Maple Gold Mines Ltd. (TSXV: MGM) (“Maple Gold” or the “Company“) is pleased to report the mobilization of a second drill rig, while the first drill rig continues Phase II drilling at the 100%-controlled Eagle Project, to commence a 6,000 metre (“m”) deep drilling program at the Joutel Project (“Joutel”) in Quebec, Canada, held by a 50/50 joint venture (“JV”) between the Company and Agnico Eagle Mines Limited.
This deep drilling program is expected to include three (3) drill holes in the Telbel mine area (“Telbel”) beneath and adjacent to the historical underground mine workings, which extend to roughly 1,200 m below surface.
Past gold production at Telbel focused on a single zone between 500 – 1,050 m; however, data digitization and 3D modeling have identified significant gold intercepts up to approximately 1,400 m below surface that remain open for follow-up exploration.
Deep drilling at Telbel will be funded as part of a previously announced C$4.8-million supplemental Year Two JV exploration budget (see news from May 18, 2022).
To control potential drill hole deviation, Aziwell Canada Inc. has been contracted to provide directional drilling support on an as-needed basis during the Telbel deep drilling program.
Fred Speidel, VP Exploration of Maple Gold, stated:
“We are excited to commence initial deep drilling at Telbel, marking the first drilling at Telbel since the early 1990s.
“Last year’s digitization and modelling work identified significant higher-grade (>5 g/t Au) mineralization extending beyond the mined-out stopes and has supported our drill targeting.
“The expanded Year Two JV budget provides us with the financial means to begin testing these compelling targets and near mine extensions at depth.”
Initial Telbel Targets and Program Details
Maple Gold previously reported 3D modelling results for the main mine trend at Telbel after digitizing more than 250,000 metres of historical drill data (see news from August 16, 2021), which highlighted the potential for higher-grade gold mineralization above and below the historical underground mine workings, as well as additional discovery targets at a district scale (see Figure 1 below).
The deep drill program is expected to include one (1) drill hole that will be collared south of the main Telbel mine horizon and drilled to the north (S-N) and two (2) drill holes collared north of the target area and drilled to the south (N-S). This will provide valuable geological information by covering the entire stratigraphy of the mineralized system, and will also serve to test known sub-parallel mineralized zones that have not been fully explored in the past. Deep drilling will investigate mineralized trends with step-outs of over 350 metres from historical information
About Maple Gold
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.
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