Maple Gold assays confirm near-surface continuity at former Eagle mine

Maple Gold Mines (TSXV: MGM) reported complete assay results for four drill holes and partial assay results for five additional drill holes from its 100% controlled Eagle mine property in Quebec. 

The holes were drilled in an area northwest of the past-producing Eagle mine that the company had previously identified as a potential southern splay of the main mine horizon. The new results confirm the continuity of the South mine horizon at relatively shallow vertical depths, suggest local widening of the mineralized zone in this area and further demonstrate the potential for additional subparallel gold trends at Eagle.

Drill hole EM-22-13 intersected 2.3 grams gold per tonne over 10.4 metres, including 5 grams gold over 3.2 metres (from 257 metres downhole). Drill hole EM-22-16 intersected 3.1 grams gold over 7.3 metres, including 4 grams gold over 3.6 metres (the latter from 193 metres downhole).

Drill hole EM-22-10 intersected 14 grams gold over 0.5 metre (from 539.5 metres downhole) and 8.3 grams gold over 1 metre (from 543 metres downhole); this hole also tested the south mine horizon more than 200 metres further to the southeast.

The company says that 2022 drilling results demonstrate vertical continuity of the south mine horizon over a 350 vertical metres from surface; known mineralization extends to roughly 800 metres vertical depth on adjacent sections and remains open along strike to the northwest as well as at depth.

“These new results at Eagle confirm our modelling interpretations and demonstrate the potential to define significant zones of gold mineralization beyond what was historically mined at Eagle during a much lower gold price environment,” said Fred Speidel, VP exploration of Maple Gold. 

“Encountering relatively shallow multi-gram gold intercepts in an area that remains open for roughly 200 metres along strike within the Eagle property boundary and a further 1.5 km beyond that on JV-controlled ground highlights the exploration upside that remains along this past-producing mine trend,” Speidel said. 

Results are pending from 2,250 metres of core from Eagle, with another 1,500 metres of drilling still to be completed this year.

Maple Gold shares jumped 1.5¢, or nearly 9% to 18¢ in afternoon trading, giving the company a market cap of $62.5 million. The stock has traded in a 52-week window of 13¢-39¢.