Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) says new assays from the past-producing Eagle mine at its Joutel project in Quebec are the strongest yet and show a wider mineralized corridor than previously thought.
Drill hole EM-22-015 intersected 10.3 grams gold per tonne over 7.8 metres from 228 metres downhole, including 41.1 grams over 1 metre, Maple said in a news release on Monday. Only 20% of the drilling at Eagle last year remains to be reported. Joutel lies 700 km northwest of Montreal in the Abitibi gold belt.
The same hole, which is 60 metres down-plunge from historical high-grade, near-surface drill results, intersected 4.3 grams gold over 3.9 metres from 217.1 metres depth including 6.6 grams gold over 2 metres, the company said.
The Eagle assays reveal gold near surface in concentrations greater than 10 grams per tonne in an area along the north mine horizon that’s had limited drilling and remains open further down-plunge, Maple chief executive officer Matthew Hornor said in the release. The results have widened a mineralized corridor to more than 100 metres and bode well for plans to restart the namesake underground mine that Agnico Eagle Mines (TSX: AEM; NYSE: AEM) ran as its first operation from 1974 to 1986.
"Drill results continue to support the company's view that multiple sub-parallel gold horizons exist beyond what was historically mined at Eagle," Hornor said. “This represents just one of several compelling follow-up targets that we are excited to pursue in 2023."
April 18, 2024
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