Maple Gold Commences Induced Polarization Work to Test for Potential Higher-Grade Gold Lenses
Montreal, Quebec--(Newsfile Corp. - January 29, 2020) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to announce that induced polarization ("IP") work recently commenced at Douay, with the aim of establishing new high-grade discovery targets during the first quarter. One area prospective for new higher grade discoveries is located approximately 6km NE of the Douay deposit's 531 Zone.
Several chargeability anomalies were defined during a 2019 IP survey, including a broad northern anomaly (the "North IP Target") about 3km long within the same package of rocks as the recently closed Vezza Mine (located only 12km east of the Douay property limit). Discovering new high-grade lenses of mineralisation within the Company's greater property package has the potential to contribute significantly to conceptual mining scenarios and the Company has therefore earmarked funds for initial scout drilling in the event favourable results are obtained from the infill IP work (7 lines) at the North IP Target. Three test lines will also be undertaken in the 531 Zone area (See figure 1 below).
Maple Gold's President and CEO, Matthew Hornor, commented: "In addition to our drilling plans within the known resource area, we are very excited to firm up new discovery targets across our greater property package and believe the potential to discover new higher-grade gold lenses remains excellent. The broad North IP Target we defined last year sits within an area prospective for higher grade gold mineralisation similar to other nearby mines along the same break (Casa Berardi 40km to the west and Vezza 12km to the east of Douay)."
Both Casa Berardi and Vezza deposits are structurally-controlled and hosted within the Taïbi Group sedimentary rocks (Vezza), and/or the volcanic rocks immediately to the south (Casa Berardi). At Casa Berardi, past production plus resources equal approximately 6.2Moz Au, mainly in gold-bearing quartz-(carbonate) veins. Current reserve grades are 5.3 g/t Au underground and 2.3 g/t Au in-pit. The Vezza deposit, located in a similar geological (sediment-hosted) and structural context, but with broader auriferous silica-carbonate alteration rather than veins, has past production plus current resources of about 0.4Moz at an average grade of about 6 g/t Au. This geological context also occurs over the northern portion of the current Douay property (Figs. 1, 2), with the North IP Target being largely undrilled.
Note: Mineralisation hosted on adjacent and/or nearby properties is not necessarily indicative of mineralisation hosted on the Company's Douay Property.
Fig 1. Location of NE Grid IP anomalies relative to Resource Area. Top Priority North IP Target anomalies are largely undrilled, South IP anomalies are spatially associated with mostly known and partly drilled conductors. Note: the lone historical drill-hole in the North IP Target area intersected Vezza-style silicified/pyritic sediments.
Fig. 2: Regional gold and base metal discovery targets at property scale. Note position of current resource, spatially associated with Douay Syenitic intrusive complex. Base metal targets in central part of property were defined during 2018 mapping program; while no exposed syenitic bodies were found there at the time, additional pyritic intrusive complexes at shallow depth cannot be ruled out until geophysical surveys have been completed.
In addition to the "Orogenic Gold" (Casa Berardi and Vezza) and Intrusive-Related Gold (Douay) deposit types, the mafic-volcanic dominant Cartwright Hills Group to the south also contains several sedimentary and/or felsic interflow horizons that are favorable for gold-rich VMS deposits, similar to those that occur at Estrades some 12km West of the Douay property boundary. Limited mining (0.34Mt) there in 1990-1991 yielded average grades of 13.0% Zn, 1.2% Cu, 6.2 g/t Au, and 170.8 g/t Ag. Maple Gold remains excited about, and committed to continue systematically testing these discovery targets (Fig.2 above).
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work. Click the following link to review the Company's QA-QC standards and protocols: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement.
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 ~355 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 resource 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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
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 mineralisation 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51921