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Maples Gold Mines updates year two of joint venture with the third-biggest gold producer

Kitco News

(Kitco News) - While the resource sector has been beaten up, there are opportunities in a down market, said B. Matthew Hornor, CEO of Maple Gold Mines.

On Sunday Hornor spoke to Kitco at the Mining Investment Event of the North in Quebec City.

Maple Gold Mines (CVE:MGM) is in a 50/50 joint venture with Agnico Eagle Mines to advance the district-scale Douay and Joutel gold projects, which are located in the Abitibi Greenstone Gold Belt of Quebec, Canada. The company also holds an exclusive option to acquire 100% of the Eagle Mine Property located at Joutel. The JV was announced in 2020. Earlier this year Agnico completed its merger with Kirkland Lake Gold making Agnico the third-largest gold producer.

The markets have been hard on the junior sector. The VanEck Junior Gold Miners (GDXJ) index is down 12% year to date, but Hornor said valuations look attractive to possibly do some deals.

"I can say that we are looking at all sorts of opportunities in a down market," said Hornor. "Often times management teams get more transactional. Of course we're looking—taking advantage of some of the situations and being opportunistic where it makes sense for our shareholders."

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