Maple Gold Enters JV Partnership and Strategic Investment with Agnico Eagle in C$6.2 Million Deal
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Maple Gold Mines has signed a binding term sheet with Agnico Eagle Mines which contemplates a 50-50 joint venture It will combine Maple Gold’s Douay Project and Agnico’s Joutel Project into a consolidated joint property package.
Agnico has also agreed to complete a strategic investment into Maple Gold at approximately C$0.24 per unit for gross proceeds of approximately C$6.2 million.
The strategic partnership brings together two groups with a common focus on exploration, discovery, and development in the Abitibi greenstone belt. Maple is contributing its Douay Project and Agnico is contributing its Joutel Project, a property that hosted its past-producing Telbel mine. Together, the groups plan to advance on exploration to test new targets and expand the known mineralization. Data review, compilation and re-interpretation of the adjacent properties together using modern approaches offer unique opportunities to evaluate the camp as a whole.
“The strategic partnership with Agnico marks a transformational milestone for Maple Gold and supports the opportunity in front of us. Agnico is one of the world’s premier gold mining companies. Their involvement along with the Joutel contribution will create a highly prospective land package that has the potential to form an exciting new gold district in Quebec’s Abitibi Gold Belt,” said Matthew Hornor, Maple Gold’s president and CEO.
“The strategic investment brings Maple Gold’s cash balance to more than C$12 million which, when combined with the C$18 million in JV funding, results in a strong capital position to be directed at exploration, development and new corporate growth opportunities. The strength of Maple Gold’s balance sheet, along with the strategic partnership with Agnico and their support with future project financing, will put us in a strong position to create shareholder value,” added Hornor.
Maple Gold and Agnico share a common vision for realizing the potential at the consolidated Douay-Joutel Project. The companies believe that a modern approach to exploration has the potential to lead to new gold discoveries and expanded mineral resources. The established gold resource at Douay (RPA 2019) and opportunities to expand the system’s known footprint with step-out drilling along with aggressive regional exploration has the potential to deliver a series of exploration successes across the consolidated property package.
About Maple Gold
Maple Gold Mines Ltd. controls the 357-square-kilometre Douay Gold Project located within the prolific Abitibi Greenstone Gold Belt in northern Quebec, Canada. The project has an established National Instrument 43-101 gold resource (RPA 2019) of 422,000 ounces in the Indicated category (8.6Mt grading 1.52 g/t Au) and 2.35 million ounces in the Inferred category (71.2Mt grading 1.03 g/t Au) with significant potential for resource expansion and new discoveries. The project benefits from exceptional infrastructure access and the company is currently focused on carrying out aggressive exploration programs to expand and update the known resource.
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