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

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. Read More >>