Maple Gold Mines surges on Quebec resource boost

Maple Gold Mines (TSXV: MGM) soared on Monday after reporting a significant increase in resource estimates for its Douay and Joutel projects in Quebec’s Abitibi region.

At Douay, the in-pit resource totaled 17.3 million tonnes at an average gold grade of 1.31 grams per tonne for 731,000 oz. in the indicated category, plus 111.1 million tonnes at 0.77 grams gold for 2.74 million. oz in the inferred category, according to a statement issued Monday. There is also an underground resource of  48,000 oz. indicated and 560,000 oz. inferred.

Joutel hosts an underground resource of 900,000 tonnes indicated at 4.53 grams gold, for 126,000 oz. of contained gold, plus 7.5 million tonnes inferred at 4.11 grams gold for 992,000 oz.

The resource was based on results of successful exploration and infill drilling that Maple conducted between October 2021 and November 2025. It also incorporated comprehensive mineralization modeling and higher cost and gold price assumptions compared to the last resource estimate in 2022.

Both Douay and Joutel are part of a 481-sq.-km land package that Maple has amassed along Abitibi’s Casa Berardi deformation zone. They are located within driving distance of three major mines in the area: Agnico Eagle Mines’ (TSX, NYSE: AEM) Canadian Malartic and Detour Lake and Hecla Mining’s (NYSE: HL) Casa Berardi.

Maple shares jumped 12% to a near 52-week high of $3.02 apiece for a market capitalization of about $211 million (US$155 million). The stock has traded between 65¢ and $3.18 in the past year.

Major milestone

The new resource estimate marks a “major milestone” for the company, as it demonstrated substantial resource growth at Douay based on limited drilling and established a first high-grade underground resource at Joutel, says Maple. Joutel hosts a past-producing mine complex previously operated by Agnico.

“This rapid advancement trajectory highlights the strategic value of Douay/Joutel, a rare, district-scale, multi-million-ounce gold project with demonstrated geological upside located in Québec’s established, infrastructure-rich Abitibi gold belt,” Maple CEO Kiran Patankar said in the news release.

Compared with the 2022 resource, the company has now added 394,000 indicated and 1.77 million inferred gold oz. in combined resources, for an increase of 77% and 70% in the respective categories.

Patankar also noted that the update did not include step-out results from its ongoing 32,000-metre drill program, so the new resource serves as a “baseline” for growth. Assays are currently pending for 30 of the 58 holes drilled to test potential extensions at both deposits.

Maple said it has also planned fully funded drill programs for the second half of 2026 and into 2027 to drive further near-term resource expansion at the deposits, both of which remain open. At the same time, development initiatives are planned throughout 2026 to advance and de-risk Douay and Joutel, including scoping and engineering studies.

An exploration budget of $13.9 million has been approved for 2026. It will cover permitting and drilling to further advance the projects.