The companies only gave in towards the middle of last month Maple Gold Mines Ltd. (ISIN: CA5651271077 / TSX-V: MGM) and Agnico Eagle announced that mining giant Agnico Eagle has increased its stake in this top gold explorer to close to 20%. In addition, the two companies are carrying out a project consolidation.
The parallel exploration work could not go any better either. The recently completed geophysical investigations into the delineation of a new and highly prospective target area south of the known mineral resource on the ‘Douay’ gold project in northern Quebec, Canada, identified an extremely promising target. Due to the explosive nature of the new findings, the Canadian gold explorer Maple Gold Mines will start drilling here as soon as possible as part of its current autumn drilling program 2020!
The ‘IP’ (‘Induced Polarization’) grid surveys carried out, which extend well south of the Mineral Resource Area, identified one of the strongest chargeability anomalies recorded on the entire ‘Douay’ property to date. This newly delineated chargeability anomaly, named ‘P8 Target’, covers an area of 1.2 square kilometers beginning approximately 0.7 km south of the ‘Porphyry’ zone. During the airborne electromagnetic measurements, a strike length of more than 400 m was identified on the ‘P8 target’.
Source: Maple Gold Mines
Fred Speidel, Vice President Exploration at Maple Gold, also emphasized that the ‘P8’ target is geophysically more significant than any other known mineralized zone on the ‘Douay’ project in terms of the strength and extent of overlapping charge and conductivity signals explained:
“There are some geological similarities to our existing gold resources, such as the higher grade ‘Douay West’ and ‘531’ zones. However, the new target also has geological and geophysical similarities to the pyritic gold mineralization which is characteristic of the ‘Telbel’ mine area which has been producing in the past. “
The new cargo destination is further proof of the significant discovery potential on the company’s large property package.
“Similar environments exist in several areas of Douay, where we employ models and targeting concepts that help us understand our understanding of other high-grade gold mines in the immediate vicinity.”
As a result, the company has now applied for additional permits to add drill sites to test this new area for potentially higher grade gold and base metal mineralization! Up to three deep wells are expected to be drilled towards the end of the exploration program in autumn 2020.
Boreholes in the immediate vicinity of the ‘P8 target’ are still very few and far between. However, the geologists recently examined two historic wells of 244 m and approximately 190 m vertical depth, respectively, drilled by previous operator Inco in 1988. A heavily mineralized system over tens of meters with elevated pyrite and anomalous gold grades of 30-580 g / t was identified at the core. The two holes provided a proof of concept for the presence of a mineralized system in the area. However, they were too short to test the chargeability anomaly of the ‘P8 Target’, which extends to at least 450 m depth, over twice the vertical section verified by the historical drilling.
Source: Maple Gold Mines
The core of the associated electromagnetic conductor target, offset approximately 350 m to the east from the core of the chargeability anomaly, has also never been drill tested. The five holes adjacent to and to the east of this target include DO-17-198 which has intersected several non-precious metal-rich intercepts with anomalous gold grade. The best section included 25 g / t Au, 0.19% Zn and 0.02% Cu over 32.7 meters. Hole DO-17-201A, drilled a further 300 m to the southeast, intersected graphitic sediments with carbonatite injections and returned 44 g / t Au 2.75% Zn and 0.02% Cu over 6.4 meters.
Historical drilling on the ‘P8 Target’ clearly shows that a heavily mineralized system exists that includes and extends beyond the new chargeability anomaly of Maple Gold. Also, base metal results far east of the most significant EM conductor on the property support the potential for increased base metal grades in the region. This means that Maple Gold Mines can once again seamlessly build on the previous successes!
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