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'Stand out' results at Douay

Maple Gold Mines (TSXV: MGM) is now aiming for a resource update in the second half for its flagship Douay gold project in Quebec’s Abitibi greenstone belt as it reported “stand out” results from winter drilling.
'Stand out' results at Douay 'Stand out' results at Douay 'Stand out' results at Douay 'Stand out' results at Douay 'Stand out' results at Douay

Maple Gold will use winter drilling results in a resource update for Douay in Quebec

Staff reporter

The programme used some targets generated by a new 3D model, and highlights reported this week included 51m at 2.81g/t gold from 378m and the discovery of a new sub-parallel gold zone to the south of 28m at 2.55g/t.

The explorer, which counts ex-Ivanhoe Mines alumni in its leadership team, had planned to update the resource this quarter but said it would take the necessary time to include model refinements and new drilling results for a better quality estimate.

The update is expected to consider an openpit and underground scenario.

The 2018 resource comprised a pit-constrained indicated 479,000 ounces and an inferred 2.76 million ounces.

Dundee Corp and Sprott Asset Management affiliate, CMP 2019 Resource Ltd Partnership, joined the junior's register in a March during an increased raising of C$2.6 million (US$1.9 million).

The company closed the first tranche of private placement at C12.5c per flow-through share that raised $2.3 million, and said it would gain a further $300,000 in hard-dollar financing at 10c per share, with support from one of its largest shareholders.

It had cash and equivalents of almost $6 million (US$4.5 million) at the end of March.

Maple Gold's shares were trading at 18c a year ago and fell to 7.5c last week.

They gained 5.5% or half-a-cent yesterday to close at 9.5c, capitalising it at $21.6 million (US$16 million).