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    Maple Gold Mines’ Québec resource upgrade: key project notes for mine planners

    April 28, 2026|

    Reviewed by Joe Ashwell

    Maple Gold Mines’ Québec resource upgrade: key project notes for mine planners

    First reported on MINING.com

    30 Second Briefing

    Maple Gold Mines’ Douay and Joutel projects in Québec’s Abitibi belt have posted a major resource upgrade, with Douay now holding 17.3 million tonnes in-pit indicated at 1.31 g/t (731,000 oz) and 111.1 million tonnes inferred at 0.77 g/t (2.74 million oz), plus underground resources totalling 608,000 oz. Joutel adds 900,000 tonnes indicated at 4.53 g/t (126,000 oz) and 7.5 million tonnes inferred at 4.11 g/t (992,000 oz), a 77% indicated and 70% inferred ounce increase versus 2022. The 481 km² land package along the Casa Berardi deformation zone remains open, with a fully funded C$13.9 million 2026 exploration budget and a 32,000-metre drill programme feeding into scoping and engineering studies.

    Technical Brief

    • Resource update incorporates drilling completed between October 2021 and November 2025, including infill holes.
    • Higher assumed operating costs and gold prices than 2022 underpin the revised pit and underground shells.
    • New modelling used more detailed mineralisation wireframes, refining geometry for both Douay and Joutel deposits.
    • Joutel resource formalises a first high-grade underground inventory at a past-producing Agnico-operated mine complex.
    • Step-out results from an ongoing 32,000 m drill programme are excluded, leaving upside outside current envelopes.
    • Assays remain pending for 30 of 58 holes targeting potential extensions at both deposits.
    • A fully funded C$13.9 million 2026 budget covers permitting plus further drilling for near-term resource growth.
    • Additional drilling campaigns are scheduled through H2 2026 and into 2027, with both deposits still open.
    • Planned 2026 work includes scoping and engineering studies to de-risk Douay/Joutel towards potential development scenarios.
    • Proximity to Agnico’s Malartic and Detour Lake and Hecla’s Casa Berardi offers brownfield-style infrastructure leverage.

    Our Take

    With Maple Gold Mines now at about C$206 million market cap on the TSXV, it sits in the same valuation band as several early‑stage gold names in our database that later became takeover targets once they had >2 Moz inferred resources defined, which may be relevant given Douay’s 2.74 Moz inferred figure.

    The combination of a large, lower‑grade in‑pit gold system at Douay and a higher‑grade underground resource at Joutel along the Casa Berardi deformation zone mirrors the ‘hub‑and‑spoke’ development concepts seen around Detour Lake and Malartic, suggesting optionality for a future central processing strategy rather than stand‑alone mines.

    Gold equities coverage in our database notes that the sector is still trading near only slightly above five‑year average cash‑flow multiples, so the 11% share price move for Maple Gold Mines on this resource update appears to be more project‑specific re‑rating than a broad gold‑beta move.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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