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Maple Gold Announces C$4.8 Million Increase to Year Two Exploration Budget at Douay and Joutel
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2022) - Maple Gold Mines Ltd. (TSXV: M...
About this update from Maple Gold Mines Ltd
[{"type":"text","content":"Maple Gold Announces C$4.8 Million Increase to Year Two Exploration Budget at Douay and JoutelVancouver, British Columbia--(Newsfile Corp. - May 18, 2022) - Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (\"Maple Gold\" or the \"Company\") is pleased to announce that the 50/50 joint venture (the \"JV\") between the Company and Agnico Eagle Mines Limited (\"Agnico\") has agreed to increase the JV's Year Two exploration budget by C$4.8 million to support a deep drilling program at the JV's Douay Gold Project (\"Douay\") and Joutel Gold Project (\"Joutel\") in Quebec, Canada.\"Approval of this supplemental budget in Year Two of the JV is an important continuation of our 2022 exploration program across our 400 km2 land package,\" stated Matthew Hornor, President and CEO of Maple Gold. \"The JV has developed a more aggressive step-out and deep drilling program to define a larger gold system at Douay and to extend higher-grade mineralization along the entire past-producing Eagle-Telbel mine trend at Joutel. It is an exciting step for the JV to initiate this deep drilling program and we look forward to working closely with our partner to deliver new discoveries that can expand the current resource base.\"Fred Speidel, VP Exploration of Maple Gold added: \"The Abitibi Greenstone Belt is renowned for its deep-rooted gold systems and the confirmed presence of mineralized carbonatite at Douay requires deep, mantle-tapping structures. The expanded Year Two drill program will specifically target Douay's depth potential and will also kick-off maiden JV drilling at Joutel, where historical intercepts and initial 3D modeling point to the potential for extensions of high-grade gold mineralization at depth. Our current Eagle and Douay drill programs are ongoing and with this supplemental budget now approved we expect to be drilling continuously throughout 2022 and into 2023.\"The C$4.8 million supplemental exploration budget provides additional funding beyond Agnico's Year Two JV spending commitment of C$4 million, therefore the partners will each contribute C$2.4 million on a pro rata (50/50) basis as per the JV agreement. Maple Gold's portion will be fully funded using proceeds from the Company's 2021 flow-through financing (see news from December 9, 2021). The deep drilling program is expected to include four to six drill holes an...