Friday, December 02, 2022
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Going for the gold. Maple Gold released results from drilling completed at the Douay Gold Project during the first half of 2022 totaling 7,800 meters. Douay is held by a 50/50 joint venture between the company and Agnico Eagle Mines Limited. The first year of drilling focused primarily on infill drilling. The second year focused on “quantum leap” style exploration with additional step-outs, deep drilling, and testing discovery targets. The same approach will be taken next year to define the extent and potential of the mineralized system at Douay. An additional ~10,000 meters of drilling has been completed at the Eagle and Telbel mine properties with assays pending.
Favorable drill results. Ten of twelve holes returned intercepts over 0.45 grams of gold per tonne, and seven returned intercepts greater than 1.0 gram of gold per tonne. Hole DO-22-322A in the Nika Zone intersected 9.8 grams of gold over 1 meter from 584 meters depth along with other positive intercepts that support depth continuity of the intrusive hydrothermal gold system at Douay. Sediment-hosted gold showings at the NE IP Target provided support for a new gold zone four kilometers to the northeast of the current Douay mineral resource area. Hole DO-22-326 in the Central Zone returned four intercepts greater than 1 gram of gold per tonne, including 3.0 grams of gold per tonne over 1.0 meter from only 67 meters downhole.
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