- Maple Gold Mines Ltd (TSXV:MGM) has summarised its winter drill program at the Douay Gold Project in northern Quebec
- The company managed to drill 4,370 metres across 13 drill holes, before COVID-related shutdowns in the region took effect
- Drilling was focused on three targets at the project, the NW Zone, Nika Zone and the Porphyry Zone
- The company expects to receive and release the drill program’s results over the next two months
- Maple Gold Mines Ltd (MGM) remains unmoved, with shares trading for C$0.09 and a market cap of $21.5 million
Maple Gold Mines Ltd (TSXV:MGM) has summarised its winter drill program at the Douay Gold Project in northern Quebec.
The company managed to drill 4,370 metres across 13 drill holes, before COVID-related shutdowns in the region took effect. The majority of assays are still pending but the company has provided a breakdown of the winter drill-program’s aims.
Drilling focussed on three targets at the project, the NW Zone, Nika Zone and the Porphyry Zone.
At the NW Zone, the company performed step-out drilling to hopefully expand the known resource in the area, which is currently estimated to be 96,000 ounces of gold.
At the Nika Zone, Maple Gold hopes to follow-up previous wide-spread gold assays, with further promising results which could support a new pit. Based on previous exploration work, the zone is currently estimated to contain 109,000 ounces of gold.
Meanwhile, at the Porphyry Zone the company has focused drilling on potential high-grade intercepts, among the areas previous wide-spread low-grade assays.
With assay labs recently reopened, as the Province of Quebec lifts its COVID-19 restrictions, the company expects to receive and release the drill program’s results over the next two months.
Matthew Hornor, Maple Gold’s President and CEO, believes the company’s staff have performed admirably, give the present challenges facing the industry.
“We were fortunate to complete nearly 4,400 metres before local shutdowns took effect.
We are also very fortunate during this pandemic and economic uncertainty in the markets to have a dedicated team willing to take less cash every month while working hard on multiple strategies with a commitment to build value and position the Company for strong performance in the quarters ahead,” he said.
Maple Gold Mines Ltd (MGM) remains unmoved, with shares trading for C$0.09 at 10:21am EST.