Positive Results From MRE For Douay Gold Project

VANCOUVER - Maple Gold Mines Ltd. reported on the updated Mineral Resource Estimate (2022 MRE) for the Douay Gold Project in Quebec, Canada, which is held by a 50/50 joint venture (JV) between the Company and Agnico Eagle Mines Limited. Total contained gold ounces at Douay have increased along with further conversion from Inferred to Indicated Resources categories based on successful exploration and infill drilling, comprehensive mineralization modeling, and using higher cost and gold price assumptions compared to the RPA 2019 MRE.

Highlights from the 2022 MRE: 1) Pit-constrained Indicated Resources increased 21% compared to the RPA 2019 MRE to 511,000 ounces ("oz") at an average grade of 1.59 grams per tonne gold ("g/t Au") (from 422,000 oz at an average grade of 1.52 g/t Au). 2) Pit-constrained Inferred Resources increased slightly compared to the RPA 2019 MRE1 to 2,065,000 oz at an average grade of 0.94 g/t Au (from 2,045,000 oz at an average grade of 0.97 g/t Au). 3) Underground Inferred Resources increased 50% compared to the RPA 2019 MRE to 460,000 oz at an average grade of 1.68 g/t Au (from 307,000 oz at an average grade of 1.75 g/t Au). 4) Initial Indicated Resources in the Nika Zone (30,000 oz at an average grade of 1.13 g/t Au) and the 531 Zone (58,000 oz at an average grade of 2.85 g/t Au), resulting from significant intercepts from the JV's first drill campaign. 5) Mineralized zones at Douay remain open for expansion and are largely untested below an average vertical drill depth of approximately 350 meters (“m”). 6) Ongoing drilling at Douay is primarily focused on exploration targets in areas with lateral and depth expansion potential that are not part of the 2022 MRE.

Since the RPA 2019 MRE, the Company and the JV have incurred an aggregate of approximately US$6.1 million in direct exploration expenditures. This equates to a discovery cost of approximately US$23/oz Au for the incremental resources defined in the 2022 MRE.

"We completed two modest drill programs in 2020 amid a global pandemic and followed that up with a roughly 10,000-m maiden JV drill campaign in 2021 that, in line with our expectations, successfully converted Inferred to Indicated ounces and ultimately increased the overall gold endowment at Douay," commented Matthew Hornor, President and CEO. "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. Looking ahead, the Company is targeting larger step-out and deeper drilling along the full extent of the Douay resource area."