Looking Ahead

An Effective Board in Action

A Significant Discovery in the Making?

Telbel Deep Drilling Program Highlights Resource Potential at Depth

Mark Reichman

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Basic Materials

Metals & Mining

Maple Gold Mines Ltd – Ordinary Shares

An Effective Board in Action
Maple Gold Mines is an exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM), Canada&#8217;s largest gold producer and the third largest globally, to jointly explore the contiguous Douay and Joutel Gold projects located in Quebecâ€™s renowned Abitibi Greenstone Belt. The projects represent a large and highly prospective land package encompassing 400 square kilometers, including an existing gold resource with significant expansion potential at Douay, along with the past producing Telbel and Eagle mines at Joutel. Maple Gold controls 100% of the Eagle mine which lies within the Joutel property boundary. 
Maple Goldâ€™s Board of Directors recently concluded that a leadership transition was in the best interest of the companyâ€™s stakeholders and appointed Mr. Kiran Patankar as Interim President and Chief Executive Officer to replace Mr. Matthew Hornor. Mr. Patankar previously served as Chief Financial Officer and has been a key member of the leadership team since joining the company in 2021. Mr. Patankar is well-prepared for his new position and we expect he will be actively engaged. We think his role could be made permanent within a relatively short time frame at which time he could join the companyâ€™s board of directors. Mr. Michael Rukus, a Chartered Professional Accountant (CPA), has been appointed as the Chief Financial Officer and previously served as the companyâ€™s corporate controller. Recall that Maple Gold recently appointed Mr. Jocelyn (Josh) Pelletier as the companyâ€™s Chief Geologist. Mr. Pelletier has over 20 years of exploration experience working mostly on gold deposits. He has explored multiple greenstone belts in Canada and specializes in metallogeny and the understanding of structural controls of epithermal and porphyry systems, iron oxide copper gold deposits, and orogenic gold deposits.&nbsp;
In our view, Mr. Hornor&#8217;s operating style and strategic priorities may not have been appropriately aligned with that of the Board of Directors. With the changes in leadership, including the recent appointment of Mr. Josh Pelletier as Chief Geologist, we think management will be conducting a thorough review of its operations and plans to enhance the company&#8217;s effectiveness, efficiency, and productivity in support of delivering resource growth at the Douay project and high-grade ounces at the past producing Joutel project. During the third quarter, we expect the company will provide more details regarding its exploration budget and associated exploration and drilling plans.
Recall that the first phase of deep drilling at the joint venture&#8217;s Douay and Joutel projects was completed in April and entailed 13,100 meters of drilling across Douay (5,793 meters) and Joutel (7,343 meters) prior to winter break-up. At Douay, all holes drilled intersected gold mineralization greater than 1 gram of gold per tonne, with 10 intercepts greater than 2.5 grams of gold per tonne and several broad low-grade intervals averaging 0.1 to 0.3 grams of gold per tonne. The drilling affirmed the continuity of the gold system down to at least approximately 1,600 meters vertical depth or up to four times deeper than Douayâ€™s currently defined mineral resources.
The goal of exploration and drilling along the past-producing Eagle-Telbel mine trend is to define high-grade zones of gold mineralization and additional mineral resources to complement the established resource at Douay. Maple Gold has completed more than 21,500 meters of drilling across the four-kilometer Eagle-Telbel Mine trend, with ~14,500 meters at Mapleâ€™s 100%-owned Eagle mine property and 7,343 meters of joint venture drilling at Telbel, which is held by a 50/50 joint venture between Maple and Agnico Eagle Mines Limited. 
 
In the Telbel mine area at Joutel, the joint venture drilled three master drill holes and four wedge drill holes. All Telbel drill holes intersected broad zones of semi-massive to massive sulfide mineralization. Hole TB-22-003 and its associated wedges intersected three mineralized zones and bottomed in mineralization. Importantly, upper mineralized zones intersected by the hole were well north of the main horizon. Results from the drilling program support the strike and depth continuity of the Eagle-Telbel Mine Horizon beyond the current limits of drilling and the presence of multiple mineralized horizons along with the presence of high-grade gold mineralization beneath the underground mine workings and deepest historical gold intercepts. All three holes intersected significant horizons of semi-massive to massive sulfides, with Hole TB-23-003W2 intersecting significant gold mineralization approximately 575 meters below the lowest level of historic mining at Telbel.
At Maple Goldâ€™s 100%-controlled Eagle mine, ~14,500 meters of drilling in 30 holes was completed in 2022. The results revealed a broader mineralized corridor and an opportunity to rapidly add high-grade ounces. Several priority target areas have emerged along the north and south mine horizons.
Capital Structure and Liquidity
As of June 30, Maple Gold reported cash and cash equivalents in the amount of C$6,159,785 and marketable securities in the amount of C$336,430. The company has a loan payable in the amount of C$40,000 which is due December 25, 2025 and is interest-free until December 31, 2023 and bears interest at 5% per annum thereafter. If at least 75% of the loan principal is paid before December 31, 2023, the balance of the loan will be forgiven. We expect the company to repay the loan prior to December 31, 2023. As of June 30, 2023, there were 339,130,956 shares outstanding.

Maple Gold Mines Ltd – Ordinary Shares (MGMLF)

An Effective Board in Action

Fundamental Analysis:

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Looking Ahead (MGMLF)

An Effective Board in Action (MGMLF)

A Significant Discovery in the Making? (MGMLF)

Telbel Deep Drilling Program Highlights Resource Potential at Depth (MGMLF)

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