Toronto, Ontario – December 7, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to provide an update on exploration activities near the Company’s 100% owned Hammerdown Gold Project (“Hammerdown” or the “Project”) in the Baie Verte mining district of Newfoundland and Labrador, Canada near the Towns of King’s Point and Springdale. Maritime is currently conducting a 5,000-metre diamond drill program near Hammerdown, focusing on near-mine exploration targets along the 3-kilometre trend between the Orion project and the Golden Anchor zone.
4.72 grams per tonne (“gpt”) Au over 8.15 m, including 10.4 gpt Au over 3.67 m in drill hole BB-22-203 (Orion)
1.38 gpt Au over 27.79 m, including 5.29 gpt Au over 4.36 m in drill hole BB-22-204 (Orion)
1.14 gpt Au over 45.71 m, including 4.66 gpt Au over 6.0 m in hole BB-22-205 (Orion)
2.98 gpt Au over 8.4 m, including 93.85 gpt Au over 0.20 m (Orion), re-sampled core intersection from 22.5-30.9 m in drill hole BB-20-114 (Orion Infill)
0.54 gpt Au over 38.0 m, including 0.71 gpt Au over 23.0 m in drill hole MP-22-219 (Area 22)
0.60 gpt Au over 10.5 m, including 19.1 gpt Au over 0.2 m in drill hole MP-22-220 (Area 22)
23.50 gpt Au over 0.20 m in drill hole MP-22-222 (Area 22)
Garett Macdonald, President and CEO comments, “Maritime’s 5,000 metre fall 2022 exploration program is approximately 50% complete, with 13 drill holes drilled at the Area 22 target and 6 drill holes at the Orion deposit. Initial results form both areas are very encouraging with new mineralization encountered at Area 22 stretching over 500 m in strike length, 100 m vertically and remaining open in all directions. At the Orion project, the results have improved the continuity of a high-grade mineralized shoot within the larger deposit. Since the completion of the positive feasibility study for the Hammerdown Gold Project, the Company’s exploration team has focussed on identifying near mine exploration targets that could extend the project’s mine life. These results are very positive for our plans and we look forward to additional results in the new year”.
Exploration at Orion is currently focused on additional definition drilling in the deposit’s central corridor to test for possible plunging high-grade mineralized shoots. To date, six drill holes have been completed and assay results have been received for three (Figure 1). Drill hole BB-22-203 returned an interval of 4.72 gpt Au over 8.15 m, including 10.4 gpt Au over 3.67 m at 80m vertical depth (see Figures 2 and 3), approximately 20m beneath hole BB-20-133 which intersected the zone with 4.8 gpt Au over 13.6 m; including 7.0 gpt Au over 8.1 m (see press release dated January 19, 2021). Drill hole BB-22-204 was drilled 50 m south of BB-22-203 and intersected a wide interval of mineralization grading 1.38 gpt Au over 27.79 m, including 5.29 gpt Au over 4.36 m at 70m vertical depth. Drill hole BB-22-205 was drilled 60 m south of BB-22-204 and intersected 1.14 gpt Au over 45.71 m, including 4.66 gpt Au over 6.0 m at a vertical depth of 50m.
Sampling of existing and historic drill holes is ongoing and has identified additional mineralized lenses within the deposit. These additional lenses have proven to be inconsistently sampled in prior drilling and additional infill sampling has been conducted on available drill cores in drill holes BB-20-104, BB-20-106, BB-20-107 and BB-20-114. This resampling identified appreciable gold grades in all 4 holes. Sampling of drill hole BB-20-114 returned an updated composite grade of 2.98 gpt Au over 8.4 m from 22.5-30.9 m, including a newly sampled discrete quartz vein returning 93.85 gpt Au over 0.2 m.
An optical and acoustic televiewer study has recently been completed on select holes at the Orion deposit to better define the geometry of structures controlling the gold mineralization. This information will be utilized in an enhanced geological model and in targeting for future exploration drilling.
Area 22 Exploration Update
The Area 22 exploration target was initially discovered as part of a condemnation drill program for the Hammerdown feasibility study in an area approximately 400 m south of the reserve pit shell (Figure 1). This earlier drilling intersected 30.2 m grading 0.76 gpt Au, including 8.9 m grading 1.74 gpt Au in drill hole DC-22-02 (see press release dated June 22, 2022) in the footwall to the Captain Nemo Fault. This fault was previously believed to be a fault bounding the Hammerdown gold mineralization and has resulted in this area being under explored.
To date, 13 drill holes have been completed at the Area 22 target partially delineating a mineralized corridor over a strike length of 500 meters. Mineralization encountered in drilling exhibits similarities to the Orion and Wisteria deposits and occurs along a 2.4 km-long magnetic low corridor that spans the distance from Orion to Hammerdown. Assay results have been received on 9 drill holes; all of which carried low-grade gold mineralization, with localized high-grade veining in shear zone hosted disseminated pyrite. Highlights include drill hole MP-22-219 which intersected 0.54 gpt Au over 38.0 m, including 0.71 gpt Au over 23.0 m and drill hole MP-22-220 which intersected 0.60 gpt Au over 10.5 m, including 19.1 gpt Au over 0.2 m. The Area 22 gold trend continues to migrate closer to the Hammerdown deposit and additional drilling is planned to determine the potential for an expansion of the Hammerdown feasibility study open pit shell.
Whisker Valley Cu-Au Research Project with Memorial University, Queens University and NSERC
The Company has initiated a collaborative research project on the Whisker Valley copper-gold project with Memorial University, Queen’s University and the Natural Sciences and Engineering Research Council of Canada (NSERC). The research project will be led by Memorial’s Dr. Stephen Piercey and will study the intrusive and volcanic rock suites which are host to the gold and copper mineralization to better understand the geological, structural and hydrothermal setting of mineralization in the Whisker Valley occurrences. The in-depth study will also document the origin of the mineralization, alteration mineral distributions, timing of mineralization and its relationship to regional magmatic and tectonic events. The goal will be to understand the evolution and origin of mineralization and to create geological, mineralogical, and geochemical criteria that can be used to improve exploration efficiency and targeting of further mineralization in the Whisker Valley project area. The new partnership will see Maritime provide both cash and in-kind contributions, both of which have been matched by NSERC through the NSERC Alliance Program (https://www.nserc-crsng.gc.ca/innovate-innover/alliance-alliance/index_eng.asp).
Figure 1. Plan Map Area 22
Figure 2. Orion cross section A-A’
Figure 3. Orion BB-22-203 intersection grading 4.72 gpt Au over 8.15m, including 10.43 gpt Au over 3.67m
Exploration activities at the Hammerdown Gold Project are administered on site by the Company’s Exploration Manager, Larry Pilgrim, P.Geo and Technical Advisor Jeremy Niemi, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. Samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.
About Maritime Resources Corp.
Maritime holds a 100% interest- directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property. This includes the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King’s Point, Newfoundland and Labrador. The Hammerdown Gold Project is characterized by near-vertical, narrow mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines between 2000 and 2004. The Company also owns the gold circuit at the Nugget Pond metallurgical facility in Newfoundland and Labrador, the Lac Pelletier gold project in Rouyn Noranda, Qu?bec and several other exploration properties in key mining camps across Canada.
On Behalf of the Board:
Garett Macdonald, MBA, P.Eng.
President and CEO
1900-110 Yonge Street, Toronto, ON M5C 1T4
Phone: (416) 365-5321
Caution Regarding Forward Looking Statements:
Certain of the statements made and information contained herein is “forward-looking information” within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”, “intends”, “indicates” “plans” and similar expressions. Forward-looking statements include statements concerning the low capital intensity and rapid payback of the Project, the exploration upside relating to the Project, the pursuit of mine life extensions, the potential to increase mineral resource and mineral reserve estimates, returns and FCF relating to the Project, capital financing processes relating to the Project, development of the next drill program on the Project, exploration and development of the Orion deposit, “Run of Mine”ore scheduled to be mined from the Project, timing of submission of the Project Development Plan and the Progressive Rehabilitation and Closure Plan for Hammerdown, timing of future site construction, timing to first gold production, length of construction period for the Project, timing of completion of required permitting, timing for approvals to be obtained for the closure and development plans relating to the Project, availability of capital financing, the non-equity portion of any construction capital financing, timing of completion of construction capital financing process, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including market reaction to the coronavirus outbreak; competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision at Hammerdown and executing exploration programs at its Newfoundland and Labrador properties on the Company’s proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company’s properties; uncertainty as to whether the acquisition of assets and new mineral property interests including the Nugget Pond gold circuit will be completed in the manner currently contemplated by the parties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange (“TSX-V”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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