Maple Gold Intersects Bonanza Grade Gold Including 334.0 g/t Gold over 1.0 Metre in the Porphyry Zone at Douay

Vancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) ("Maple Gold" or the "Company") is pleased to report results from the final nine holes completed during the 10,217-metre winter drill campaign at the Douay Gold Project ("Douay" or the "Project") in Quebec, Canada. Douay is held by a 50/50 joint venture (the "JV") between the Company and Agnico Eagle Mines Limited.

Highlights:

  • Drill hole DO-21-295 intersected 334.0 g/t gold (Au) over 1.0 metre (m) (from 57.0 m downhole) within the western portion of the Porphyry Zone (see Figure 1 for drill hole locations), representing one of the highest-grade intercepts ever encountered at Douay.

  • DO-21-295 also intersected 72.7 g/t Au over 0.7 m (from 358.0 m downhole), beyond the northern extent of the of the 2019 RPA NI43-101 Resource Estimate ("RPA 2019") Porphyry Zone conceptual pit (see Figure 2).

  • At the Main Zone, DO-21-304 intersected 1.5 g/t Au over 15.0 m (from 428.0 m downhole), one of the better sediment-hosted intercepts reported to date. In addition, DO-21-306 intersected 4.0 g/t over 5.0 m (from 143.0 m downhole), within a broader and more variable grade envelope that averaged 1.6 g/t over 15.0 m. Additional multi-gram gold intercepts were obtained from other drill holes in this area (see Table 1 for full results).

  • The JV's maiden drill campaign returned three of the top five intercepts ever reported at Douay in terms of gold accumulation (grade x thickness), validating the Company's targeting methodology.

Fred Speidel, VP Exploration of Maple Gold, stated: "Encountering multiple bonanza grade gold zones flanking either side of the Casa Berardi North Fault highlights the significant exploration potential for the sparsely-drilled northern flank of the Porphyry Zone. The deeper bonanza grade gold mineralization in hole DO-21-295 remains open to the east, with just a single drill hole over more than 600 m, which provides a compelling exploration target for follow up drilling. We are excited to build upon the impressive results from the JV's maiden drill campaign, with drilling expected to resume in the Nika and 531 Zones in Q4 2021."

The Company has now reported all assay results from the winter 2021 drill campaign. An updated Douay mineral resource estimate, which will include more than 19,000 m of additional drilling since the RPA 2019 mineral resource estimate, including over 15,000 m within the current resource area, is expected to be completed in Q4 2021. Additional details regarding Q4 2021 drilling sites and plans are expected be released in the coming weeks.

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Figure 1: Plan view of 2021 drill collars (new results highlighted in blue).

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Figure 2: Oblique section looking northwest (100 m total width) highlighting DO-21-295 bonanza grade intercepts, the lowermost of which is well north of the current conceptual pit.

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Background and Interpretation of Results

These additional new bonanza grade (> 34 g/t Au) intercepts in DO-21-295 underscore the potential for two distinct styles of mineralization at Douay: 1) more typical lower-grade disseminated gold mineralization closely associated with an alkaline intrusive complex; and 2) a structurally controlled, locally bonanza grade overprint associated with major deformation zones that can be found in a variety of rock types.

Earlier drill holes in this area also showed significant widths of >1 g/t Au (see Figure 2); The northern limit of the conceptual pit in the western Porphyry Zone remains open with significant drilling gaps, particularly to the east, where a single relatively short drill hole is noted over a distance of more than 600 m.

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Plate 1: Altered syenite with bright yellow visible gold associated with quartz-feldspar veinlets. Note also granular silver-colored pyrite. Sample from 57.6 m downhole in DO-21-295, within a 1 m interval which returned 334.0 g/t Au. ~20mm field of view.

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Maple Gold has also received assay results for multiple drill holes within the Main Zone, where mineralized zones are relatively narrow, subvertical, and typically higher than deposit-average grade. The style of mineralization within the Main Zone more closely resembles orogenic gold systems, with strong Fe-carbonate-sericite alteration, quartz-carbonate-sulfide veinlets and absence of intrusive-related features commonly found in the intrusive and basalt-hosted mineralization. Within the Main Zone, the Casa Berardi North Fault, also auriferous, juxtaposes the highly altered Cartwright Hills Group basalts to the south against similarly deformed and highly altered Taibi Group sediments to the north. In the case of DO-21-304, these sedimentary rocks include a conglomerate unit that is consistently mineralized over an interval of 15 m (1.5 g/t over 15 m, including 2.2 g/t Au over 5 m), representing one of the better sediment-hosted zones to date and similar to the reported DO-20-272 intercept some 5 km to the northwest (see news from May 7, 2020).

Importantly, the DO-21-304 results confirm the continuity of Main Zone mineralization below the base of the current 2019 RPA conceptual pit. This may allow extending the underground resource wireframe to below the hole 70556 intercept (see Figure 3), which is not currently included in the resource estimation due to broad spacing between drill holes. The current Main Zone conceptual pit extends to a maximum depth of 145 m, with known mineralization now extending to a depth of over 450 m.

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Figure 3: Main Zone oblique section looking northwest (50 m total width) highlighting results from DO-21-304. Note that in DO-21-304, the Casa Berardi North Fault is located just 10 m up-hole from the reported gold intercept.

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Table 1: Additional Winter 2021 Drill Program Highlights

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*Au assays are performed by SGS labs; initially by 30 g fire assay (FA) with ICP-AES finish; over-limits are re-assayed by 30 g fire assay with gravimetric finish; where visible gold is observed, the screen metallic method may be used. In the above table, all assays are FA-ICP-AES, except for the two bonanza grade intercepts in DO-21-295, where screen metallic results are reported. All reported assays are uncapped and downhole core lengths. True widths are ~70-90% of downhole lengths.

Qualified Person

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 press release through his direct participation in the work.

Quality Assurance (QA) and Quality Control (QC)

The JV implements strict Quality Assurance ("QA") and Quality Control ("QC") protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drillhole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the Val-d'Or, QC, SGS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company's QA/QC webpage at www.maplegoldmines.com.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec's prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold resource at Douay (RPA 2019) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. The Company holds an exclusive option to acquire 100% of the Eagle Mine Property.

The district-scale property also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

"Matthew Hornor"

B. Matthew Hornor, President & CEO

For Further Information Please Contact:

Mr. Joness Lang
Executive Vice-President
Cell: 778.686.6836
Email: jlang@maplegoldmines.com

Mr. Kiran Patankar
SVP, Growth Strategy
Cell: 604.935.9577
Email: kpatankar@maplegoldmines.com

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 press 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 exploration work and results from current and future work programs. 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. 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.

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