GRAPH ICON
TSX.V: MGM
GRAPH ICON
OTCQB: MGMLF
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Eagle Mine Project (100%-MGM)

  • Eagle hosts the historical underground Eagle Mine, which formed a part of Agnico's past-producing Eagle-Telbel mining complex that produced approximately 1.1 million ounces of gold between 1974 and 1993 during a significantly lower gold price environment. Maple Gold signed an option agreement to acquire 100% interest in the Eagle Mine Property with Globex Mining Enterprises Inc. (“Globex”) in 2021 (see option agreement details section below)
  • Strategic acquisition for Maple along the dominant northwest-southeast gold trend (Harricana Deformation Zone) that hosted the entire Eagle-Telbel mining complex.
  • New 3D geological and structural model was completed in Q4/2021 that highlighted several target areas with demonstrated high-grade material beyond mined out stopes.
  • Phase I drill campaign (~5,000 m) commenced in January 2022 to test a possible parallel/secondary shoot at Eagle.

The 77-hectare Eagle Mine Property is located several kilometres west of the former mining town of Joutel. The property is readily accessible by the same Highway 109 that runs through the JV's Douay Gold Project and connecting the towns of Amos and Matagami.

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Figure 1: Plan view on regional geology base map showing location of the Eagle Mine claim along with additional target trends and >2 g/t Au results from drilling highlighted (red).

 

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Figure 2: Completed Phase I (~4,500 m) and nearly completed Phase II (~4,000 m) drillholes at Eagle

The Eagle Mine formed a part of Agnico's first underground gold operation and included a production shaft that extends to a depth of approximately 950 metres. Historical production commenced at Eagle in 1974 and subsequently moved to Telbel (currently part of the 50-50 JV between Maple and Agnico). Combined with the Telbel underground mine, which included a production shaft that extends to a depth of approximately 1,200 metres, and the Eagle West open-pit/underground mines, the entire mining operation produced approximately 1.1 million ounces of gold from Eagle, Telbel and Eagle West (approximately 5 million tonnes of ore at an average grade of 6.5 g/t Au between 1974 and 1993).

From 2008 to 2015, Globex completed a series of six widely spaced infill and step-out drill holes. This included hole EM-14-001, which returned 12.4 m of 2.9 g/t Au from 347 to 359 m downhole, including 4.8 m of 5.4 g/t Au.

Globex drill core from holes completed between 2008 to 2015 were repatriated by Maple Gold and observed to exhibit multiple sulfide horizons, with variable amounts of associated iron carbonate and quartz, mainly within a strongly deformed sedimentary and pyroclastic package. Similar alteration and mineralization were also noted within weakly deformed subvolcanic mafic intrusives.

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Eagle Drill Core: Semi-massive pyrite cut by iron carbonate veinlet (lower left) at 354.9 m in EM-14-001, part of a 1 m sample interval that gave 13.7 g/t Au.

Maple Gold can acquire a 100% interest in Eagle by completing the following payments and exploration work over a five year period (see Table 1 below):

Table 1: Earn-in Terms of Option to Acquire undivided 100% Interest

Time/Period

Cash

Shares

Exploration

On signing

$50,000*

$50,000*

N/A

6-month anniversary

$50,000*

$50,000*

N/A

12-month anniversary

$50,000

$50,000

$200,000*

18-month anniversary

$62,500

$62,500

N/A

2-year anniversary

$62,500

$62,500

$300,000

3-year anniversary

$75,000

$75,000

$300,000

4-year anniversary

$100,000

$100,000

$400,000

5-year anniversary

$150,000

$150,000

N/A

Totals

$600,000

$600,000

$1,200,000

Upon completion of the earn-in, Globex will transfer title and ownership in the Eagle Property to the direction of Maple Gold, free and clear of all encumbrances apart from a 2.5% GMR, which is subject to a Right of First Refusal and can be reduced to a 1.5% GMR in consideration of a onetime C$1.5 million cash payment.