# Maple Gold Reports Updated Mineral Resource Estimate for the Douay/Joutel Gold Project, Qu&\#xE9;bec, Including a Maiden High-Grade Underground Mineral Resource Estimate at Joutel Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2 Original source: https://money.tmx.com/en/quote/MGM/news/7196548311942786/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p Publisher: tmx Original announcement: 2026-04-27T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Maple Gold Mines Ltd. - Ticker: MGM - Exchange: TSX - Region: Québec - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-08-23 22:35:28 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Maple Gold has announced an updated Mineral Resource Estimate for its Douay/Joutel Gold Project in Québec, reporting a 77% increase in Indicated resources to 905,000 ounces and a 70% increase in Inferred resources to 4,279,000 ounces. The update includes a maiden high-grade underground resource at Joutel, while Douay's pit-constrained and underground resources also grew. The overall resource growth is notable, though accompanied by lower average grades and reduced cut-off grades for the Douay components compared to the previous 2022 MRE. Reasoning: Maple Gold reported a significant update to its Douay/Joutel MRE, showing substantial growth in both Indicated and Inferred ounces, including a new high-grade underground resource at Joutel. However, this growth is accompanied by lower average grades and reduced cut-off grades for the Douay project components, indicating some dilutive growth. - Positive factor: Significant increase in total Indicated and Inferred gold ounces across the project. - Positive factor: Maiden high-grade underground Mineral Resource established at Joutel. - Positive factor: Resource estimate prepared to NI 43-101 standards with Qualified Person sign-off. - Negative factor: Average grades for Douay Open Pit and Underground resources have decreased compared to the previous estimate. - Negative factor: Cut-off grades were lowered for both Douay Open Pit and Underground, contributing to tonnage growth. - Negative factor: A substantial portion of the total resource remains in the Inferred category. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The total project Indicated Resources increased by 77% to 19.1 Mt and Inferred Resources increased by 70% to 130.2 Mt compared to the 2022 MRE. Evidence · text > Total Project Indicated Resources Increase 77% to 905,000 Gold Ounces \(19.1 Mt at 1.55 g/t Au\) and Total Project Inferred Resources Increase 70% to 4,279,000 Gold Ounces \(130.2 Mt at 0.88 g/t Au\) **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Total project Indicated gold ounces increased by 77% to 905,000 oz and Inferred gold ounces increased by 70% to 4,279,000 oz compared to the 2022 MRE. Evidence · text > Total Project Indicated Resources Increase 77% to 905,000 Gold Ounces \(19.1 Mt at 1.55 g/t Au\) and Total Project Inferred Resources Increase 70% to 4,279,000 Gold Ounces \(130.2 Mt at 0.88 g/t Au\) **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The 2026 MRE includes a maiden high-grade underground Mineral Resource at Joutel. Evidence · text > The 2026 MRE also includes a maiden high-grade underground Mineral Resource at Joutel **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report is being prepared in accordance with Canadian National Instrument 43-101. Evidence · text > A technical report is being prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \(" CIM "\) Definition Standards \(2014\) incorporated by reference in Canadian National Instrument 43-101 \(" NI 43-101 "\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr. Denis Decharte, P.Eng., an employee of SLR, is a Qualified Person for NI 43-101 and has read and approved the contents of this press release. Evidence · text > The Mineral Resources disclosed in this press release have been estimated by Mr. Denis Decharte, P.Eng., an employee of SLR and independent of Maple Gold. By virtue of his education and relevant experience, Mr. Decharte is a "Qualified Person" for the purpose of NI 43-101. **Cut-off Lowered** Polarity: negative Definition: Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation. Why it applies: The Douay Pit-constrained MRE uses a 0.35 g/t Au COG compared to 0.45 g/t Au for the 2022 MRE, and Douay Underground uses 0.98 g/t Au compared to 1.15 g/t Au. Evidence · text > Douay Pit-constrained Mineral Resources for the SLR 2026 MRE are reported above a 0.35 g/t Au COG compared to a 0.45 g/t Au COG for the SLR 2022 MRE. Douay Underground Mineral Resources are reported above a 0.98 g/t Au cut-off grade for the SLR 2026 MRE compared to a 1.15 g/t Au cut-off grade for the SLR 2022 MRE. **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Table 2 shows a grade variance of -17% for Douay Open Pit Indicated, -18% for Douay Open Pit Inferred, and -11% for Douay Underground Inferred compared to the 2022 MRE. Evidence · table > -17% Context: 731 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports several Indicated Mineral Resource categories for Douay and Joutel. Evidence · text > Indicated Resource of 17.3 million tonnes \(" Mt "\) at an average grade of 1.31 g/t Au totaling 731,000 ounces \("oz"\) Au **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports several Inferred Mineral Resource categories for Douay and Joutel. Evidence · text > Inferred Resource of 111.1 Mt at an average grade of 0.77 g/t totaling 2,744,000 oz Au ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2#fact-resource-facts-0) Douay · gold #### Identity - Project: Douay - Commodity: gold - Ticker: MGM #### Resource Data - Category: indicated - Tonnes: 17300000 - Grade: 1.31 - Grade Unit: g/t - Contained Metal: 731000 - Contained Unit: oz - Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-27T00:00:00.000Z Reasoning: The Douay Open Pit Indicated resource shows substantial growth in tonnage and contained ounces, which is positive. However, the average grade has decreased, and the cut-off grade was lowered, suggesting some dilutive growth. - Positive factor: Significant tonnage and contained metal growth in the Indicated Open Pit category for Douay. - Positive factor: Resource is in the higher-confidence Indicated category. - Negative factor: Average grade of 1.31 g/t Au is moderate for an open pit gold resource. - Negative factor: Grade has declined by 17% compared to the previous estimate. - Negative factor: Cut-off grade was lowered from 0.45 g/t Au to 0.35 g/t Au. Evidence · table > 1.31 Context: 17.3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2#fact-resource-facts-1) Douay · gold #### Identity - Project: Douay - Commodity: gold - Ticker: MGM #### Resource Data - Category: inferred - Tonnes: 111100000 - Grade: 0.77 - Grade Unit: g/t - Contained Metal: 2744000 - Contained Unit: oz - Cutoff Grade: 0.35 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-27T00:00:00.000Z Reasoning: The Douay Open Pit Inferred resource represents a large gold endowment with significant growth. However, the grade is low, and it has declined from the prior estimate, with the lower cut-off grade contributing to the increased tonnage. - Positive factor: Very large tonnage and significant contained metal in the Inferred Open Pit category for Douay. - Positive factor: Substantial growth in tonnage and contained metal compared to the previous estimate. - Negative factor: Average grade of 0.77 g/t Au is low for an open pit gold resource. - Negative factor: Grade has declined by 18% compared to the previous estimate. - Negative factor: Cut-off grade was lowered from 0.45 g/t Au to 0.35 g/t Au. - Negative factor: Resource is in the lower-confidence Inferred category. Evidence · table > 0.77 Context: 111.1 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2#fact-resource-facts-2) Douay · gold #### Identity - Project: Douay - Commodity: gold - Ticker: MGM #### Resource Data - Category: indicated - Tonnes: 900000 - Grade: 1.66 - Grade Unit: g/t - Contained Metal: 48000 - Contained Unit: oz - Cutoff Grade: 0.98 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-27T00:00:00.000Z Reasoning: This is a new Indicated Underground resource for Douay, which is positive for project optionality. However, the tonnage is small, and the grade is relatively low for an underground mining scenario. - Positive factor: New Indicated Underground resource for Douay, adding to project flexibility. - Positive factor: Resource is in the higher-confidence Indicated category. - Negative factor: Small tonnage and contained metal for this category. - Negative factor: Grade of 1.66 g/t Au is weak for an underground gold resource. Evidence · table > 1.66 Context: 0.9 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2#fact-resource-facts-3) Douay · gold #### Identity - Project: Douay - Commodity: gold - Ticker: MGM #### Resource Data - Category: inferred - Tonnes: 11700000 - Grade: 1.5 - Grade Unit: g/t - Contained Metal: 560000 - Contained Unit: oz - Cutoff Grade: 0.98 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-27T00:00:00.000Z Reasoning: The Douay Underground Inferred resource shows growth in tonnage and contained ounces, but the grade is low for underground mining and has declined from the prior estimate, influenced by a lower cut-off grade. - Positive factor: Significant tonnage and contained metal in the Inferred Underground category for Douay. - Positive factor: Tonnage and contained metal have grown compared to the previous estimate. - Negative factor: Grade of 1.50 g/t Au is weak for an underground gold resource. - Negative factor: Grade has declined by 11% compared to the previous estimate. - Negative factor: Cut-off grade was lowered from 1.15 g/t Au to 0.98 g/t Au. - Negative factor: Resource is in the lower-confidence Inferred category. Evidence · table > 1.50 Context: 11.7 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2#fact-resource-facts-4) Joutel · gold #### Identity - Project: Joutel - Commodity: gold - Ticker: MGM #### Resource Data - Category: indicated - Tonnes: 900000 - Grade: 4.53 - Grade Unit: g/t - Contained Metal: 126000 - Contained Unit: oz - Cutoff Grade: 1.7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-27T00:00:00.000Z Reasoning: This is a significant maiden Indicated Underground resource at Joutel, featuring a strong gold grade that enhances the overall project's high-grade potential. - Positive factor: Maiden high-grade Indicated Underground resource at Joutel. - Positive factor: Grade of 4.53 g/t Au is strong for an underground gold resource. - Positive factor: Resource is in the higher-confidence Indicated category. Evidence · table > 4.53 Context: 0.9 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/maple-gold-reports-updated-mineral-resource-estimate-for-the-douay-joutel-gold-p--605cb5d8-3cac-4910-b5fc-aa66c06c0fa2#fact-resource-facts-5) Joutel · gold #### Identity - Project: Joutel - Commodity: gold - Ticker: MGM #### Resource Data - Category: inferred - Tonnes: 7500000 - Grade: 4.11 - Grade Unit: g/t - Contained Metal: 992000 - Contained Unit: oz - Cutoff Grade: 1.7 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-27T00:00:00.000Z Reasoning: The maiden Inferred Underground resource at Joutel is substantial in size and features a strong gold grade, significantly adding to the project's overall gold endowment and high-grade potential. - Positive factor: Maiden high-grade Inferred Underground resource at Joutel. - Positive factor: Grade of 4.11 g/t Au is strong for an underground gold resource. - Positive factor: Significant tonnage and contained metal for a maiden resource. - Negative factor: Resource is in the lower-confidence Inferred category. Evidence · table > 4.11 Context: 7.5 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.