- Maple Gold Mines (MGM) reported assay results from the first drill hole of the company’s Phase II drill program at its Eagle Mine Property
- One drill hole intersected 11.4 grams per tonne gold (g/t Au) over 3 metres, including 24.4 g/t Au over 1 metre
- These results are not found within the broadly conformable horizon mined at Eagle in the past, but instead within a microgabbro some distance to the north
- Maple Gold Mines Ltd. (MGM) is down 4.55 per cent trading at $0.21 per share as of 11:30 am ET
Maple Gold Mines (MGM) reported assay results from the first drill hole of the company’s Phase II drill program at its Eagle Mine Property.
The Phase II program consisted of four master diamond drill holes and one daughter diamond drill hole totalling 4,700 metres to test potential extensions of mineralization along and beneath the past-producing, high-grade Eagle-Telbel mine trend.
One drill hole intersected 11.4 grams per tonne gold (g/t Au) over 3 metres, including 24.4 g/t Au over 1 metre, to the north of the modelled main Eagle-Telbel mine horizon in the north hanging wall microgabbro. The new intercepts point to the potential significance of this favourable structural-stratigraphic target.
This is significant because these results are not found within the broadly conformable horizon mined at Eagle in the past, but instead within a microgabbro some distance to the north. The team could pursue superimposed structural targets (orogenic gold mineralization) as well.
Phase III drilling is expected to commence in Q4 2022.
The company’s President and CEO, Matthew Hornor, stated that these initial Phase II assays include the best result thus far from the 2022 drilling at Eagle, while the intercept location holds great significance for exploration targeting going forward, including Phase III drilling later this year.
“While core cutting has recently been impacted by electrical issues at site, we are implementing temporary and permanent solutions to improve efficiency and we expect the assay backlog to ease in the coming weeks. I am also delighted to welcome Kiran in his expanded role with the Company and we look forward to his experience as we navigate through our strategic and corporate finance initiatives.”
Maple Gold Mines Ltd. (MGM) is a Canadian advanced exploration company. The company is in a joint venture with Agnico Eagle Mines to advance the district-scale Douay and Joutel gold projects in Québec’s Abitibi Greenstone Gold Belt. The company also holds 100 per cent control of the Eagle Mine Property in Québec.
Maple Gold Mines Ltd. (MGM) is down 4.55 per cent trading at $0.21 per share as of 11:30 am ET.