Eagle hosts the historical underground Eagle Mine, which formed a part of Agnico's past-producing Eagle-Telbel mining complex that produced 1.1 million ounces of gold between 1974 and 1993

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Plan view on regional geology base map showing location of the Eagle Mine claim along with select past drill results and locations of other mines in the former Eagle-Telbel gold operation. (Credit: Maple Gold Mines)

Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company”) is pleased to announce that it has entered into an option agreement with Globex Mining Enterprises Inc. (“Globex”) to acquire a 100% interest in the Eagle Mine Property (“Eagle” or the “Property”), providing a clear path to consolidate the past-producing, high-grade Eagle-Telbel underground mines at the Joutel Gold Project in Quebec, Canada. The Joutel Gold Project (“Joutel”) is held by a 50/50 joint venture (“JV”) between the Company and Agnico Eagle Mines Limited (“Agnico”).

Summary:

  • Eagle hosts the historical underground Eagle Mine, which formed a part of Agnico’s past-producing Eagle-Telbel mining complex that produced 1.1 million ounces of gold between 1974 and 1993.[1]
  • The transaction consolidates a strategic land position along the dominant northwest-southeast gold trend (Harricana Deformation Zone) that hosted the entire Eagle-Telbel mining complex. Limited exploration activity has been conducted at Eagle since mine closure in 1993.
  • Maple Gold will acquire a 100% interest in Eagle by completing payments to Globex totaling C$1.2 million in cash and shares over five years and incurring exploration expenditures of C$1.2 million over four years, which can be accelerated at the Company’s discretion.
  • Maple Gold will immediately begin developing a new 3D geological and structural model that builds upon the work currently underway at the Telbel underground mine area and will apply additional exploration approaches to target new gold zones in the Eagle Mine area that may have been overlooked over the past 28 years.

“Securing an option to acquire Eagle is highly strategic as we have strong reason to believe that high-grade gold mineralization remains at the entire past-producing Eagle-Telbel mine area,” stated Matthew Hornor, President and CEO of Maple Gold. “Consolidating this ground provides significant exploration upside through potential near-mine extensions to the historic underground workings. We will apply a similar approach that we have been using at Telbel and Douay and leverage the JV’s access to historical drill data and mining records to expand our 3D model and targeting along this entire trend.”

MAPLE GOLD SIGNS OPTION AGREEMENT TO ACQUIRE THE PAST-PRODUCING EAGLE MINE PROPERTY AT THE JOUTEL GOLD PROJECT
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Calgary, Alberta–(Newsfile Corp. – July 19, 2021) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company”) is pleased to announce that it has entered into an option agreement with Globex Mining Enterprises Inc. (“Globex”) to acquire a 100% interest in the Eagle Mine Property (“Eagle” or the “Property”), providing a clear path to consolidate the past-producing, high-grade Eagle-Telbel underground mines at the Joutel Gold Project in Quebec, Canada. The Joutel Gold Project (“Joutel”) is held by a 50/50 joint venture (“JV”) between the Company and Agnico Eagle Mines Limited (“Agnico”).

Summary:

Eagle hosts the historical underground Eagle Mine, which formed a part of Agnico’s past-producing Eagle-Telbel mining complex that produced 1.1 million ounces of gold between 1974 and 1993.[1]
The transaction consolidates a strategic land position along the dominant northwest-southeast gold trend (Harricana Deformation Zone) that hosted the entire Eagle-Telbel mining complex. Limited exploration activity has been conducted at Eagle since mine closure in 1993.
Maple Gold will acquire a 100% interest in Eagle by completing payments to Globex totaling C$1.2 million in cash and shares over five years and incurring exploration expenditures of C$1.2 million over four years, which can be accelerated at the Company’s discretion.
Maple Gold will immediately begin developing a new 3D geological and structural model that builds upon the work currently underway at the Telbel underground mine area and will apply additional exploration approaches to target new gold zones in the Eagle Mine area that may have been overlooked over the past 28 years.
“Securing an option to acquire Eagle is highly strategic as we have strong reason to believe that high-grade gold mineralization remains at the entire past-producing Eagle-Telbel mine area,” stated Matthew Hornor, President and CEO of Maple Gold. “Consolidating this ground provides significant exploration upside through potential near-mine extensions to the historic underground workings. We will apply a similar approach that we have been using at Telbel and Douay and leverage the JV’s access to historical drill data and mining records to expand our 3D model and targeting along this entire trend.”

Eagle Mine Property Details

The 77-hectare Eagle Mine Property is located several kilometres west of the former mining town of Joutel. The Property is readily accessible by the same Highway 109 that runs through the JV’s Douay Gold Project which connects the towns of Amos and Matagami.

The Property hosts the historical underground Eagle Mine which formed a part of Agnico’s first gold mining camp and includes a production shaft that extends to a depth of approximately 950 metres. Combined with the nearby past-producing Telbel underground and Eagle West open-pit/underground mines, the entire mining operation produced over 1.1 million ounces of gold from the mining and milling of approximately five million tonnes of ore between 1974 and 1993.

Exploration drilling at the Eagle Mine in 1992, during its second-to-last year of operation, included hole AE-92-30A which returned 10.2 metres of 10.2 g/t Au. From 2008 to 2015, Globex completed a series of six widely spaced infill and step-out drill holes. This included hole EM-14-001, which returned 12.4 m of 2.9 g/t Au from 347 to 359 m downhole, including 4.8 m of 5.4 g/t Au.

Globex drill holes from 2008 to 2015 were recently reviewed by Maple Gold’s VP Exploration and were observed to exhibit multiple sulfide horizons, with variable amounts of associated iron carbonate and quartz, mainly within a strongly deformed sedimentary and pyroclastic package. Similar alteration and mineralization were also noted within weakly deformed subvolcanic mafic intrusives.

Terms of the Option Agreement:

Maple Gold can acquire a 100% interest in Eagle by completing payments to Globex totaling C$1.2 million in cash and shares over five years and incurring exploration expenditures on the Property of C$1.2 million over a four-year period, which can be accelerated at Maple Gold’s discretion. Globex will retain a 2.5% Gross Metal Royalty (“GMR”), which is subject to a Right of First Refusal and can be reduced to a 1.5% GMR in consideration for a cash payment of C$1.5 million. Table 1 below outlines the terms for Maple Gold to exercise the option and earn an undivided 100% interest in Eagle.

Source: Company Press Release