Maple Gold Details 1,500 Metre Long Drill-Ready Target Area with New Induced Polarization Survey
Montreal, Quebec--(Newsfile Corp. - April 8, 2020) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to announce that the Company's infill induced polarization (IP) lines at the Northeast IP Target now includes a 1,500m metre long drill-ready target area in the SW portion of a 3km corridor of chargeability anomalies, with both known local geology and Induced Polarization response interpreted to be favourable for new Vezza-type gold discoveries. The past producing Vezza mine, located 12 km to the east of Maple Gold's Douay Project, produced approximately 0.4M ounces at ~6 g/t Au (life-of-mine). In addition to Vezza, the much larger Casa Berardi deposit (6.2M ounces past production plus reserves and resources), occurs in the same litho-tectonic context as Vezza. Casa Berardi is located approximately 40km west of the Douay property, with current (proven and probable) reserve grades of 5.3 g/t Au for underground and 2.3 g/t Au in-pit.1 Summary highlights for this new discovery drill target include:
Single short historical drill-hole (1994), completed just off western edge of the new IP anomaly, intersected Vezza-style alteration and mineralisation (silica-sericite-pyrite altered sediments with disseminated pyrite) and anomalous background gold(20-120ppb Au) from 62.4m to end-of-hole at 153m, with interval gold grades increasing downhole.
The Company's infill IP survey defined highest chargeability over >400m distance (for context Vezza deposit extended for about 400m along strike), starting near surface and open to depth (Figs. 1 and 2).
Maple Gold will focus on vectoring toward the higher grade portion of the hydrothermal system in this area, believed to be to the northeast, associated with an increased chargeability response.
The IP anomalies forming the eastern half of the above-mentioned 3km corridor appear to be open to the north; the IP grid will be extended in that direction before initial drilling occurs in this area.
Note: Mineralisation hosted on adjacent and/or nearby properties is not necessarily indicative of mineralisation hosted on the Company's Douay Property.
Maple Gold's VP, Exploration, Fred Speidel, commented: "Our 2020 drilling campaign included a series of drill-holes within the known deposit area where we believe we can define more near surface higher-grade material, but we are also very excited about the prospect of making new greenfield discoveries across our greater property and the Northeast IP Target represents an excellent opportunity for us to do so." Coming soon: Educational Investor Update - Targeting New Gold Discoveries with Fred Speidel. Click the following link to receive investor updates directly to your inbox: https://bit.ly/2x35K6V
Figure 1: Chargeability slice at 150m depth; the response (measured in mV/V) is interpreted to reflect the presence of (electrically chargeable) disseminated pyrite associated with gold mineralisation. Note position of historical hole at SW edge of anomaly, and position of section 1800E shown in Fig 2, which serves to confirm the presence of a gold-bearing system in this area, but which only tested the near-surface and SW edge of it.
To view an enhanced version of Figure 1, please visit:
Drill-testing this new Northeast IP discovery target is a priority for the Company; the timing for drilling this discovery target will be dictated by both market conditions and by any ongoing work restrictions related to COVID-19. The position of the main proposed drill site as shown in Fig. 1 and 2 (currently one of several being permitted) reflects the Company's interpretation of where the vectors towards higher grade gold mineralisation may be pointing, starting from the historical hole that established the presence of a broad but low-grade gold-bearing hydrothermal system. The Company is using the trend indicated by the chargeability anomaly as a proxy for pyrite content, and the interpreted increase in pyrite content to the NE as a proxy for a vector towards higher grade gold mineralisation.
Figure 2: 2D inversion for IP (chargeability) section 1800E; note near-surface anomalous response and both broadening and strengthening of anomaly at depth; bottom of section is 460m depth. Trace of Fig. 2 plan view is also shown. Note that Vezza deposit gold mineralisation extends to at least 750m depth.
To view an enhanced version of Figure 2, please visit:
Maple Gold's pipeline of new discovery targets for both gold and VMS style mineralisation continues to grow. In addition to the drill-ready Northeast IP Target, the Company has several greenfield gold targets generated from 2018 top-of-bedrock drilling at the western edge of the Douay property and a series of base metal targets throughout the central portion of the property. The Company will complete additional IP lines over these target areas in the future to firm up new drill targets.
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
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.
1 Dec 31, 2018: 43-101 report, titled Technical Report for the Casa Berardi Mine, Northwestern Quebec, Canada, 297p.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54255