very active -fire in their belly-most actual drill

very active -fire in their belly-most actual drilling in winter due to ground conditions but active year round mapping areial surveys etc


MAPLE GOLD MINES LTD.
Management’s Discussion and Analysis
Year ended December 31, 2017
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HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2017 AND THE PERIOD UP TO APRIL 18, 2018
Exploration highlights
• On March 29, 2018, the Company announced the filing of a National Instrument 43-101 Technical Report for the
updated Mineral Resource Estimate at the Douay Gold Project. The Technical Report is dated March 15, 2018 with
an effective date of February 9, 2018. The Technical Report was completed by Micon International Limited and
includes an Indicated Mineral Resource Estimate of 479,000 ounces of gold in 9,383,000 tonnes at an average gold
grade of 1.59 g/t Au (0.45 g/t gold cut-off grade) and an Inferred Mineral Resource Estimate of 2,759,000 ounces of
gold in 84,152,000 tonnes at an average gold grade of 1.02 g/t Au (0.45 g/t gold cut-off grade). The updated estimate
included additional drilling and assays from work completed during 2017 with updated block model wireframes,
modified search ellipses and modified geologic interpretations, all of which targeted a more refined and constrained
model.
• On March 14, 2018, March 8, 2018, February 27, 2018, January 29, 2018 and January 18, 2018 the Company
announced updates with respect to the winter drilling program including updates on the NE syenite target, receipt of
permits for drilling, additional drilling contracts and commencement of the first drill-hole.
• On January 10, 2018, the Company provided an exploration update with respect to the re-logging of over 18,000m
from selected higher-grade sections, completion of the 75 people camp and signing of first drilling contract.
• On November 29, 2017, the Company provided an exploration update prior to the winter drilling campaign. The
prospective length for intrusive-associated gold mineralization has expanded from 7km to 10km. In addition, a
significant 6km by 1km north east syenite exploration target has been defined.
• On November 6, 2017, the Company provided an update on its exploration work and provided an update that most of
the Company’s previously staked and pending claims have now been granted, bringing the total project size to more
than 370 km² with over 55km of strike along the Casa Berardi Deformation Zone.
• On September 12, 2017, the Company provided an exploration update and outlined go-forward exploration plans
following the Technical Advisory Committee spending significant time reviewing project data, visiting the site and
working with the Company’s geologic consultants to develop a refined go-forward program and strategy.
• On July 17, 2017, the Company announced the final drill results and summary from the 2017 spring-summer drill
program. The drill program totaled 23,965 metres across 59 drill-holes.
• On January 31, 2017, the Company announced that it had repurchased and cancelled a 1.5% Net Smelter Returns
Royalty interest on 32 contiguous claims from the Douay Gold Project from Northern Abitibi Mining Corp. for total cash
consideration of $325,000.
Corporate highlights
• On April 12, 2018, the Company announced the closing of a non-brokered private placement for aggregate proceeds
of $3,950,000 through the issuance of 16,458,334 common shares at a price of $0.24 per share. In connection with
the private placement administrative fees of $187,000 were paid to certain participants. The Company intends on
using the net proceeds from the private placement to continue advancing the Douay Gold Project and for general
corporate purposes.
• On November 17, 2017, the Company announced the listing for trading on the TSX-Venture Exchange 31,034,150
common share purchase warrants under the symbol MGM.WT. The share purchase warrants commenced trading on
November 20, 2017.
• On November 8, 2017, the Company announced that it had changed its name to Maple Gold Mines Ltd. On November
9, 2017, the Company’s common shares commenced trading on the OTCQB under the symbol MGMLF. On
MAPLE GOLD MINES LTD.
Management’s Discussion and Analysis
Year ended December 31, 2017
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November 20, 2017 the Company’s trading symbol on the TSX Venture Exchange changed to “MGM” and on the
Frankfurt Stock Exchange, Germany changed to “M3G”.
• On May 23, 2017, September 18, 2017, October 10, 2017 and November 6, 2017 the Company announced changes
to the corporate management team.
• On July 27, 2017, August 17, 2017 and October 10, 2017 the Company announced changes to the Board of Directors
and the establishment of a Technical Advisory Committee.
• On June 26 and July 14, 2017, the Company announced details of the completion of its hard dollar financing and
tranche 1 and tranche 2 of flow-through financing for gross proceeds of $10,100,000.