Montreal, Quebec--(Newsfile Corp. - October 11, 2018) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G)("Maple Gold" or the "Company") is pleased to provide a general corporate update as the Company enters the final quarter of 2018.
Maple Gold is currently completing a first pass regional mapping and sampling program in the outcrop-rich central third of the property to generate additional greenfield targets, while also working to integrate all of the new drill data from the 2018 campaign into updated sections, plans and 3D models.
The Company completed 22,593 total metres of drilling during the 2018 campaign (see program summary press release dated September 4, 2018), with approximately 16,300 metres focused within the resource area. This is the first drill campaign completed since assembling the new technical committee and exploration team approximately one year ago.
One focus for Maple Gold's technical team has been establishing cohesive 3D geological and structural models that together will form the foundation for subsequent resource estimations and future drill targeting within the 6km by ~2km known resource area. The new modeling work is underway at site after a year of pouring through project data and logging select historical core and all of the new drill holes from the 2018 campaign. Maple Gold has created and is refining a new set of interpreted geological/analytical cross sections, and possibly for the first time, also the corresponding long sections, level plans and a digital 3D model for the Douay deposit. An updated resource estimate integrating the new models and drill data from 2018 is expected to be initiated in the coming months (Q4).
Maple Gold's VP, Exploration, Fred Speidel, commented: "We believe that our detailed and methodical approach to modeling the geology, structure and mineralization at Douay is a critical step and one that will help pave the way for future exploration, resource optimization and development."
Maple Gold's President and CEO, Matthew Hornor, stated: "At the corporate level we have been strategically allocating our spending to focus resources on key milestones, while also reducing overheads by approximately 50% as of July 1. We felt it was prudent to conserve capital to ensure the Company maintains a comfortable financial position should weaker market conditions persist well into 2019. We are working towards an updated resource estimate and exploring potential partnerships with major gold miners as the industry enters another M&A cycle."
The Company's approach at the project level has included bringing the majority of exploration functions in-house to ensure continuity in the Company's knowledge base, with the aim to fully apply best practice geoscience in all of the Company's exploration activities. The Company is committed to following the discovery model, with 20-30% of exploration and drilling budgets allocated toward new regional greenfield target areas. The current mapping and sampling program and planned induced polarization (IP) lines over greenfield target areas during the upcoming winter season are examples of the Company's property-wide exploration approach.
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 377 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 resource1 that remains open in multiple directions. For more information please visit www.maplegoldmines.com.
ON BEHALF OF MAPLE GOLD MINES LTD.
B. Matthew Hornor, President & CEO
For Further Information Please Contact:
Mr. Joness Lang
VP, Corporate Development
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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, including statements about the prospective mineral potential of the Porphyry Zone, the potential for significant mineralization 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.
1 (Micon 2018) 479,000 ounces at 1.59 g/t Au (Indicated category) and 2,759,000 ounces at 1.02 g/t Au (Inferred category), using a 0.45 g/t Au cut-off grade. Please visit www.maplegoldmines.com or the Company's SEDAR filings for a copy of the Micon 2018 report.