Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Maple Gold Mines (TSXV: MGM) has filed an NI 43-101 technical report for the Douay and Joutel gold projects in Quebec, both of which are held in a 50/50 joint venture with Agnico Eagle Mines. The report contains an updated Douay mineral resource estimate that Maple announced on March 17 and documents the exploration status of Joutel.
As disclosed in the March 17 release, the pit-constrained indicated resources at Douay has increased by 21% over its previous estimate (2019), totalling 511,000 oz. at at an average grade of 1.59 g/t gold. The inferred resources increased slightly compared to the 2019 estimate to 2,065,000 oz. at an average grade of 0.94 g/t.
For the underground portion, the inferred resources increased 50% to 460,000 oz. at an average grade of 1.68 g/t gold.
The update incorporated initial indicated resources for the Nika zone (30,000 oz. averaging 1.13 g/t) and the 531 zone (58,000 oz. averaging 2.85 g/t), based on results of the JV’s first drill campaign in 2021.
Highlights of the 2021 drilling included a bonanza intercept of 334 g/t gold over 1 metre at the Porphyry zone, which was one of the highest grade intervals ever reported at the project.
As anticipated, the 10,000-metre drill program last year “successfully converted inferred to indicated ounces and ultimately increased the overall gold endowment at Douay,” Maple Gold CEO Matthew Hornor said in a March 17 press release.
“Targeted infill drilling demonstrates the potential for future resource conversion within the currently defined mineralized zones and continues to de-risk the deposit; however, the updated model that underpins the 2022 MRE indicates significant room for growth,” Hornor added.
Mineralized zones at Douay remain open for expansion and are largely untested below an average vertical drill depth of approximately 350 metres.
