Maple Gold Mines Ltd. (TSX.V: MGM)
Released preliminary 3D modelling results from Phase II of a three-phase review of historical drill data at the past-producing, high-grade Telbel underground mine at the Joutel Gold Project in Quebec, Canada.
Joutel is held by a 50-50 joint venture between the Company and Agnico Eagle Mines Limited.
|Maple Gold||TSX.V: MGM|
|Market cap||C$105 m @ 33c|
MAPLE GOLD RELEASES INITIAL 3D MODELLING RESULTS FROM THE PAST-PRODUCING HIGH-GRADE TELBEL
Vancouver, British Columbia – August 16, 2021) – Maple Gold Mines Ltd. (TSX.V: MGM) (“Maple Gold” or the “Company“) is pleased to release preliminary 3D modelling results from Phase II of a three-phase review of historical drill data at the past-producing, high-grade Telbel underground mine (“Telbel”) at the Joutel Gold Project (“Joutel”) in Quebec, Canada.
Joutel is held by a 50-50 joint venture (“JV”) between the Company and Agnico Eagle Mines Limited (“Agnico”). The Phase II work program (see news from May 10, 2021) involved further data verification and analysis of approximately 250,000 metres (“m”) of historical drill results and the construction of a new 3D model for drill targeting.
- Results indicate that the favourable geology hosting the Telbel deposit can be observed both along strike and at depth from the past-producing mine area.
- Significant, high-grade gold mineralization may be present along three distinct trends or plunges that extend outside the footprint of the Telbel Mine, as historical mining had focused on the exploitation of a single zone between the 600-m to 1,000-m levels under much different market conditions than those prevailing today.
- Selected historical drill intercepts1 both above (see Figure 4) and below (see Figure 5) the mined-out stopes at Telbel include:
|Historical drill intercepts ABOVE mined-out stopes (from surface to 500 m depth)||Historical drill intercepts BELOW mined-out stopes (below 1,000 m)|
|Drill core length (m)||Gold grade (g/t Au)||Drill core length (m)||Gold (g/t Au)|
- The model has also identified two sub-parallel gold trends beyond the main Telbel Mine horizon that have seen only limited drilling to-date.
Maple Gold management comments
“The results from this major data review and 3D modelling effort by the JV demonstrate the size and grade potential of gold mineralization that remains in the vicinity of the historical Telbel Mine.
“The next phase of work will be to fully utilize the 3D model to better interpret the geological environment and to establish and permit high-priority drill targets as we progress toward a maiden drill program.
“The Company is maximizing this opportunity to explore a significant Canadian gold mining camp with strong future potential using modern tools and technology and we look forward to working alongside our JV partners to unlock its full value.”
Matthew Hornor, President and CEO of Maple Gold.
“Our recent 3D modelling work indicates that the principal mineralized zones in the Telbel Mine area are distributed along three distinct trends or plunges, which remain open both up and down plunge.
“Furthermore, certain plunge intersections occur in areas that have seen little to no previous drilling. We have also identified new target areas beyond the mined-out stopes as well as two sub-parallel target trends both north and south of the main Telbel Mine horizon with high-grade gold intercepts that were not followed up on historically.
“These initial model results provide encouragement for potential extensions to the past-producing mine area, which we are excited to test in upcoming drill programs.”
“Phase III of the Telbel digitization program is now underway to define infill and step-out drill targets designed to follow up on shallow, high-grade intersections above the mined-out areas of the Telbel deposit and to confirm the continuity of the mineralized structures at Telbel.
“Completion of the Phase III priority drill targeting and permitting work is expected in Q3/2021.”
Fred Speidel, VP Exploration of Maple Gold
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