Maple Gold Mines Ltd. Reports its 50/50 Joint Venture Completes 100% Acquisition of Two Inlier Claim Blocks at the JV's Douay Gold Project in Quebec, Canada
October 19, 2021 at 07:42 am EDT
Maple Gold Mines Ltd. reported that the 50/50 joint venture between the Company and Agnico Eagle Mines Limited has completed the 100% acquisition of two inlier claim blocks at the JV's Douay Gold Project in Quebec, Canada. In addition, Geotech Ltd. has been contracted to complete a regional high-resolution airborne magnetic and electromagnetic ("Mag-EM") survey to support exploration drill targeting across 266 km? of JV-controlled ground. Highlights: The JV acquired two separate inlier claim blocks at Douay (22 total claims covering 12.3 km?) from First Mining Gold Corp. and SOQUEM. The acquired claims lie within the western half of the Douay property, an area the Company mapped, sampled, and drilled in two areas to top-of-bedrock in 2018 and determined to be prospective for Cu-Zn and Au-rich volcanogenic massive sulfide (VMS) mineralization. The new high-resolution Mag-EM (VTEM Plus) survey is designed to identify conductors, which can be indicators of semi-massive and massive sulfide zones, to a significantly greater depth relative to previous geophysical surveys flown in the 1970s and early 2000s. Airborne geophysical surveying will also cover the entire Joutel Gold Project ("Joutel"), including the Eagle-Telbel Mine Trend and observed sub-parallel trends. Background and Discussion: The acquired inlier claim blocks both have elements of interest, including: multiple interflow horizons; mineralized quartz-carbonate veinlets; open geophysical targets based on historical airborne EM; and anomalous Au and Zn from limited historical drilling. Maple Gold completed geological mapping and initial sampling of the western half of the Douay property in 2018; that same year top-of-bedrock drilling was also done in two separate areas. This work generated a series of kilometric-scale Cu-Zn and Au targets, most likely of VMS type, that have yet to be followed up. In addition, the Mag survey results will allow refinement of the current geological interpretation and may point to new target areas given that part of the Eagle-Telbel deposits also had a positive magnetic response. Limited historical literature indicates that the Eagle deposit was originally discovered by drill testing combined aeromagnetic and airborne EM targets. Relogging of selected Eagle drill holes by the Company also showed the presence of magnetite. Results from the new Mag-EM survey are expected to be received in late 2021 and will support winter 2022 and subsequent drill targeting.