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Maple Gold Mines (MGMLF) – Stepping Out and Drilling Deep

Natural Resources
0 min read

Friday, May 20, 2022

Maple Gold Mines (MGMLF)
Stepping Out and Drilling Deep

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Exploration to include deep drilling programs. The joint venture between Maple Gold and Agnico Eagle Mines Limited will increase its 2022 exploration budget by C$4.8 million to support a deep drilling program at the Douay and Joutel Gold projects in Quebec. Goals for the more aggressive step-out and deep drilling program include defining a larger gold system at Douay and extending higher-grade mineralization along the entire past-producing Eagle-Telbel mine trend at Joutel. The deep drilling program is expected to include four to six drill holes and/or drill hole extensions totaling roughly 10,000 meters across Douay and Joutel.

Updating estimates. The C$4.8 million supplemental exploration budget provides additional funding beyond Agnico’s second year JV spending commitment of C$4 million. Therefore, the partners will each contribute C$2.4 million on a pro-rata basis. While our per share estimates are unchanged, we have increased our 2022 and 2023 exploration expenditure estimates to C$10.4 million and C$10.65 million, respectively, from C$8.0 million and C$8.25 million….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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