Maple Gold Intersects 132 Metres Of 1.58 G/T Gold In The Nika Zone At The Douay Gold Project

Highlights:

• Drill hole DO-21-282X at the Nika Zone intersected 132 m of 58 g/t Au (from 185.5 m downhole), including 100.3 m of 1.76 g/t Au (from 185.5 m downhole) and 9.6 m of 5.49 g/t Au (from 247.6 m downhole). This result was within a broader envelope of mineralization that returned 195 m of 1.28 g/t Au (from 152 m downhole).
• DO-21-282X represents by far the best intercept drilled at the Nika Zone to date.
• Results are expected to expand existing resources at the Nika Zone, both in-pit in the area up-dip of hole DO-21-282X and below-pit as approximately 35% of the intersection is located below the 2019 RPA NI43-101 Resource Estimate (“RPA 2019”) conceptual pit floor.

Matthew Hornor, President and CEO of Maple Gold, stated: “We are thrilled with these results from the JV’s maiden drill campaign. Hole DO-21-282X returned one of the best grade-thickness intercepts ever encountered at Douay and is a testament to what a collaborative approach to exploration can uncover. We look forward to reporting more assays in the coming months from additional step-out and discovery drill holes completed this winter.”

Fred Speidel, VP Exploration of Maple Gold, added: “This 132-metre interval at Hole DO-21-282X, which contains nearly continuous gold mineralization, is substantially longer than the original 50-metre discovery hole we intersected at Nika in 2018. Furthermore, the zone remains open in multiple directions including up-dip at shallower depth; below the current conceptual pit floor; and further along trend both to the northwest and southeast, where similar structural blocks remain undrilled. This result supports our belief that multiple existing zones at Douay host more continuous mineralization than what has been discovered to date and reinforces the expansion potential we see across the Project and land package.”

Background and Interpretation of Results

Maple Gold discovered the Nika Zone in 2018 with hole DO-18-218, which returned 50 m of 1.77 g/t Au (from 297 m downhole). This discovery hole contributed to a new Nika Zone conceptual pit contiguous with an expanded NW Zone in the Company’s subsequent RPA 2019 report.

Drill hole DO-21-282X, which deepened a winter 2020 hole that was cut short due to COVID-19 restrictions, targeted the southeastern continuation of mineralization in the original Nika Zone discovery hole and encountered a wider, higher grade and shallower zone of gold mineralization starting from 152 m downhole.

Key observations from DO-21-282X include:

• Additional support for a >1-km-long northwest-southeast trending gold zone that remains sparsely drilled at its northwestern and southeastern ends;
• Recognition that several holes previously drilled in the Nika Zone (e.g. DO-11-57; see Figures 1 and 2) may have been drilled too shallow to intersect the full width of the mineralized zone in DO-212-282X and require depth extension;
• The existing RPA 2019 block model includes a limited amount of mineralization grading >0.45 g/t Au (base case cut-off grade) defined at shallow depths, including up-dip of DO-21-282X; results for DO-21-282X are indicative of a broader zone of shallow mineralization (see Figure 2);
• The immediate DO-21-282X area forms part of a coherent structural block south of the Casa Berardi North fault (reference Lithotectonic Boundary in Figure 1 below), underlain by closely intermixed syenite and basalt containing sulphide mineralization and gold closely associated with crackle and hydrothermal breccias (See Plates 1-3 for drill core photographs);
• Several areas with similar magnetic/structural characteristics remain undrilled or sparsely drilled, providing an opportunity to define high-potential drill targets both within and beyond the current >1 km strike extent of the Nika Zone; and
• Results support current geological and structural interpretations that link the Nika Zone mineralization to the western part of the Porphyry Zone (see Figure 1).

Based on these observations, the JV has defined additional step-out target areas in the Nika Zone for drilling in upcoming campaigns (see Target Areas in Figure 1). Structural relogging and interpretation of petrophysical and geochemical analyses is also ongoing. Data from this work will feed into a more detailed reinterpretation of the Nika Zone for the purpose of additional targeting.

Additional assay results from the winter 2021 drill campaign will be released on a periodic basis over the coming months once they are received and interpreted.

Qualified Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc., P. Geo., Vice-President Exploration of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this press release through his direct participation in the work.

Quality Assurance (QA) and Quality Control (QC)

The JV implements strict Quality Assurance ("QA") and Quality Control ("QC") protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drillhole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the Val-d’Or, QC, SGS laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company’s QA/QC webpage at www.maplegoldmines.com.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Quebec’s prolific Abitibi Greenstone Gold Belt. The projects benefits from exceptional infrastructure access and boasts ~400 km² of highly prospective ground including an established gold resource (RPA 2019) that holds significant expansion potential as well as the past-producing Telbel mine.

The property also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.

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Forward Looking Statements:

This press release contains "forward-looking information" and "forward-looking statements" (collectively referred to as "forward-looking statements") within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.