Maple Gold Mines Expands Douay Project with New Drilling Plans

Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) is making significant strides in its efforts to enhance resource potential at its Douay property in northern Quebec. During a recent site visit, CEO Kiran Patankar highlighted the vastness of the land controlled by the company, emphasizing the potential for substantial growth in mining operations. With a recent addition of 128 claims, representing a 17% increase, Maple now holds a total of 905 claims in the area, which is part of the 481-square-kilometer land package situated within the Abitibi’s Casa Berardi deformation zone.

Patankar’s enthusiasm for the Douay project is palpable. Standing atop the headframe, he pointed out visible features that indicate the site’s potential, including a possible mill site and areas for tailings. “I look around and I see a mine. I see a mine with a potential to grow along strike,” he stated. Douay is one of two key projects for Maple, alongside Joutel, which features the historically significant Eagle-Telbel mine complex, previously operated by Agnico Eagle Mines from 1974 to 1986 and produced over 1.1 million ounces of gold.

The company benefits from its strategic location, as both projects lie within driving distance of major gold mines, including Agnico’s Malartic and Detour Lake operations. This proximity enhances the exploration potential of Maple’s holdings, with Patankar noting the untapped areas along the Casa Berardi that extend for an additional 50 kilometers to the northwest.

Despite a doubling of Maple’s share price this year to approximately $1.50, Patankar expressed frustration that the market has not fully recognized the company’s value. With a current market capitalization of about $92 million, he believes that junior companies like Maple often struggle to gain the recognition they deserve for their exploration potential.

In anticipation of a resource update scheduled for the first half of next year, Maple plans to conduct 30,000 metres of new drilling between October and March. This includes 20,000 metres at Douay and 10,000 metres at Joutel. Currently, Douay is estimated to host 10 million tonnes grading 1.59 grams gold per tonne, amounting to 511,000 contained ounces of gold, alongside an inferred resource of 76.7 million tonnes grading 1.02 grams gold, translating to 2.53 million ounces.

“I think we have the potential to get to 5 million ounces at Douay, and that’s just the tip of the iceberg,” Patankar remarked. He emphasized the need for further drilling below 500 metres to unlock additional resources. Géral Riverin, a technical advisor and Maple board member, echoed this optimism, stating, “We have a good lake here. We’re going to catch a lot of fish.”

The Douay project, located in the northern Abitibi Greenstone Belt, approximately 700 kilometers northwest of Montreal and 55 kilometers south of Matagami, has a rich history. Originally discovered by Inco over forty years ago, the site has undergone various phases of exploration and development, but has never been mined. Previous owners, including Vior and Aurizon Mines, conducted feasibility studies but ultimately shifted focus to other opportunities.

Maple’s recent acquisition of Joutel in 2021 from Globex Mining Enterprises further diversifies its portfolio. The Joutel project spans 39 square kilometers and is contiguous with Douay. Crews are now targeting a promising area known as the MICH, where past production occurred. Senior geologist Daniel Johannsson noted that the company is revising its drilling targets to explore previously untested sections of the mine.

Bringing the Eagle mine back into production will require addressing flooding concerns in the shafts and tunnels that have accumulated water over the last three decades. Maxime Bouchard, a geologist collaborating with Maple, expressed confidence in the project’s future. “At Joutel, there is leftover good all over the place,” he stated, reinforcing the idea that combining Douay, Joutel, and surrounding claims creates a district-sized project ripe for exploration and development.

As Maple Gold Mines moves forward with its ambitious plans, the focus remains on leveraging its strategic location, expanding drilling efforts, and maximizing the potential of its two key projects in the heart of Quebec’s gold-rich landscape. With optimism resonating throughout the mining camp, the company aims to secure its place in the competitive gold sector as it prepares for an exciting year ahead.