Mining

Maritime Resources Samples 19.1 gpt Gold, 69.6 gpt Silver and 3.0% Copper in New Outcrop at Whisker Valley – Expands Exploration Program

maritime resources samples 19 1 gpt gold 69 6 gpt silver and 3 0 copper in new outcrop at whisker valley expands exploration program

Toronto, Ontario–(Newsfile Corp. – September 11, 2020) – Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to announce that it has sampled additional high grade gold, silver and copper mineralization in bedrock and float samples within new quartz/sulphide veining at the Whisker Valley Project (“Whisker”) in the Baie Verte Mining District of Newfoundland and Labrador. The Whisker Valley property is located approximately six kilometres northwest of the Company’s high grade Hammerdown Gold Project (Figure 1). Maritime’s 2020 field exploration program at Whisker includes additional prospecting, trenching and an initial 5,000 metre diamond drilling program commencing mid-September to test the potential extension of the high-grade Gary vein system and test similar gold bearing zones on the property.

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Figure 1

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Highlights

  • Additional field sampling expands high grade boulder field returning up to 75.80 gpt Au, 35.20 gpt Ag and 0.75% Cu in mineralized float samples
  • Trenching at the Gold Pit located 700 metres to the east of the Gary vein system exposed high grade veins in bedrock with grab samples assaying up to 37.15 gpt Au, 98.40 gpt Ag and 3.13% Cu
  • Sampling and geological mapping reveals evidence for the potential of a porphyry gold-copper system
  • Airborne magnetic surveys define new magnetic anomalies characteristic of mineralized porphyry systems
  • Whisker Valley project expanded by an additional 21 square kilometres through staking
  • 5,000 metre diamond drill program initiated

Gary Veins to Gold Pit Mineralized Corridor

Maritime’s prospecting team has identified additional mineralized boulders in the boulder field located 1.5 kilometres to the east of the Gary vein system (Figure 2). A total of 69 new boulders have been found in this area with gold values ranging between 0.01 gpt to 75.80 gpt gold, between 0.20 gpt to 80.40 gpt silver and between 0.01% to 3.80% copper (Avg. 9.67 gpt Au, 9.53 gpt Ag and 0.16% Cu). A total of 45 of these samples returned greater than 1.0 gpt gold with 21 samples returning greater than 10 gpt gold.

Prospecting in the area between the Gary veins and the Gold Pit has identified a large, angular mineralized quartz boulder that strongly resembles the style of mineralization seen at the Gary veins. Assays from this boulder returned grades of 75.8 gpt gold, 35.2 gpt silver and 0.75% copper.

Trenching of the area immediately west of the Gold Pit has uncovered high grade veins in bedrock. These veins trend east-west and are characteristically similar to the Gary veins with sulphides contained in quartz veins. Grab samples from these newly trenched veins returned values ranging between 16.94 gpt to 37.15 gpt gold, between 39.7 gpt to 98.4 gpt silver and between 1.31% to 3.13% copper. Trenching continues at the Gold Pit towards the west with diamond drilling planned to test the mineralization along strike. All new 2020 assays from float and bedrock are listed in Table 1 below. The Company cautions that grab samples are selective by nature and may not be representative of the mineralization present.

New High Grade Gold Discovered in Bedrock

This year’s exploration program has also identified a new, highly prospective area located 1.6 kilometres north of the Gary vein system. Mineralized quartz veins have been uncovered in bedrock in this area and exhibit the same east-west trend as the Gary veins and the veins at the Gold Pit. Three grab samples have been collected to date, returning 3.95 gpt, 4.27 gpt and 15.59 gpt gold with silver grades measuring 0.90 gpt, 1.30 gpt and 3.20 gpt silver respectively. The veins are located within the Burlington Granodiorite along an east-west trending topographical linear feature that occurs at the southern edge of a strong east-west trending magnetic anomaly. This area is a high priority trenching and drilling target.

Commentary

“The discovery of additional high-grade gold, silver and copper mineralization in bedrock across from the Gary vein system opens up an exciting new chapter for the Company at Whisker Valley,” commented Garett Macdonald, President and CEO. “We intend to accelerate our exploration program by mobilizing a diamond drill to the project for an initial 5,000 metre program on key targets.”

Discussion

Maritime’s 2019 field mapping and sampling programs identified numerous gold and base metal targets across Whisker. The widespread extent of gold mineralization in soils, grab samples, the large-mineralized boulder field and at the Gary vein system plus the new veins identified in trenching in this year’s program are strong indications of an extensive mineralizing system. The 2019 mapping identified broad pervasive alteration along with disseminated sulphides spatially and temporally associated with the host Ordovician granodiorite and alkali porphyry intrusions underlying the property.

The characteristics of the gold mineralization at Whisker indicate that the gold and base metal mineralization along with the alteration may be indicators of a large gold-copper porphyry mineralizing event. Although the underlying rocks at Whisker are older than those hosting some of the important porphyry gold-copper deposits worldwide, evidence to date indicates that a preserved mineralized porphyry system may exist which is now exposed within an erosional window of the Ordovician granodiorite and associated alkalic intrusions.

Maritime’s 2019 gradient aerial magnetic geophysical survey highlighted numerous curved and bulls-eye magnetic features characteristic of known mineralized porphyry systems worldwide (Figure 2). The 2020 exploration program at Whisker will consist of extensive mapping programs along with geophysical and geochemical surveys and an initial 5,000 metres of diamond drilling to further support the porphyry gold-copper model and potentially vector toward more high grade zones.

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Figure 2

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Figure 3

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Figure 4. – Whisker Valley looking West Towards the Gary Vein system

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Figure 4

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Analytical Procedures

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. 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.

Table 1. Summary of assay results from float and outcrop samples

SAMPLE
NO
SAMPLE
TYPE
EASTING NORTHING Au
(g/t)
Ag
(g/t)
Cu
(%)
463001 Float 548535.00 5497082.00 0.01 4.20 0.08
463002 Float 548524.00 5497159.00 >0.01 <0.2 0.01
463003 Float 548529.00 5497184.00 0.41 3.20 0.04
463004 Float 548531.00 5497191.00 21.05 35.40 0.02
463005 Float 548530.00 5497206.00 20.82 9.80 0.02
463006 Float 548532.00 5497247.00 18.22 19.60 0.02
463007 Float 548530.00 5497265.00 5.71 7.10 0.02
463008 Float 548528.00 5497263.00 2.50 2.60 0.04
463009 Float 548521.00 5497222.00 16.58 9.90 0.11
463010 Float 548524.00 5497226.00 11.96 20.60 0.72
463011 Float 548558.00 5496993.00 1.31 1.30 0.23
463012 Float 548531.00 5497318.00 1.34 0.20 0.02
463013 Float 548529.00 5497292.00 10.45 12.30 0.05
463014 Float 548654.00 5497281.00 0.78 0.50 0.00
463015 Float 548786.00 5497414.00 9.08 9.10 0.12
463016 Float 548782.00 5497419.00 21.72 35.20 0.30
463017 Float 548785.00 5497406.00 1.43 6.70 0.00
463018 Float 548785.00 5497405.00 2.35 6.70 0.00
463019 Float 548788.00 5497387.00 13.10 25.90 0.19
463020 Float 548785.00 5497387.00 18.71 18.50 0.16
463021 Float 548781.00 5497390.00 3.86 2.30 0.00
463022 Float 548779.00 5497393.00 0.75 2.30 0.02
463023 Float 548780.00 5497392.00 30.40 15.40 0.01
463024 Float 548792.00 5497384.00 4.73 4.50 0.01
463025 Float 548791.00 5497381.00 7.59 1.10 0.00
463026 Float 548791.00 5497396.00 7.95 17.30 0.25
463027 Float 548791.00 5497404.00 41.62 80.40 0.25
463028 Float 548792.00 5497385.00 17.49 21.20 0.07
463029 Float 548790.00 5497413.00 12.06 17.10 0.05
463030 Outcrop 548204.00 5497362.00 0.01 3.30 0.00
463031 Float 548055.00 5496729.00 >0.01 0.20 0.00
463032 Float 549152.00 5496681.00 8.44 7.40 0.00
463033 Float 549162.00 5496696.00 0.47 1.10 0.00
463034 Float 549159.00 5496678.00 5.88 17.20 0.03
463035 Float 549151.00 5496671.00 0.01 3.10 0.00
463036 Outcrop 548182.00 5496193.00 0.01 0.20 >0.0005
463037 Outcrop 548829.00 5497097.00 0.01 <0.2 0.00
463038 Float 548678.00 5497318.00 0.24 1.30 0.02
463039 Float 548681.00 5497317.00 10.75 12.20 0.23
463040 Outcrop 548678.00 5497307.00 0.02 0.30 0.09
463041 Outcrop 548785.00 5497383.00 0.01 0.20 0.00
463042 Float 548785.00 5497383.00 0.02 0.70 0.00
463052 Float 548537.00 5497082.00 0.08 0.20 0.00
463053 Float 548525.00 5497144.00 55.98 14.00 0.02
463054 Float 548526.00 5497191.00 0.03 0.30 0.00
463055 Float 548525.00 5497217.00 22.42 5.10 0.00
463056 Float 548523.00 5497239.00 1.23 0.80 0.05
463057 Float 548522.00 5497236.00 27.32 12.80 0.59
463058 Float 548521.00 5497236.00 44.17 15.10 0.09
463059 Float 548525.00 5497233.00 0.89 2.30 0.01
463060 Float 548526.00 5497237.00 4.79 8.60 0.13
463061 Float 548524.00 5497257.00 28.48 20.30 0.01
463062 Float 549057.00 5497351.00 1.10 5.05 0.00
463063 Float 548792.00 5497437.00 0.36 0.80 0.00
463064 Float 548792.00 5497437.00 1.04 4.80 0.14
463065 Float 548791.00 5497454.00 0.29 0.40 0.01
463066 Float 548788.00 5497480.00 0.02 0.20 0.00
463067 Float 548787.00 5497495.00 9.60 2.10 0.02
463068 Float 548799.00 5497451.00 4.35 13.70 0.05
463069 Float 548784.00 5497394.00 1.40 1.50 0.00
463070 Float 548791.00 5497390.00 4.12 5.30 0.00
463071 Float 548792.00 5497390.00 13.39 15.00 0.04
463072 Float 548791.00 5497411.00 4.44 5.70 0.06
463073 Float 549269.00 5497146.00 0.39 1.00 0.00
463074 Outcrop 548227.00 5497182.00 >0.01 <0.2 0.00
463075 Float 548070.00 5496727.00 75.80 35.20 0.75
463076 Float 548070.00 5496727.00 0.18 0.35 0.02
463077 Float 548904.00 5496648.00 0.05 <0.2 0.01
463078 Outcrop 548889.00 5496657.00 >0.01 0.20 0.00
463079 Outcrop 548181.00 5496193.00 >0.01 0.20 0.00
463080 Float 548804.00 5497081.00 0.01 0.20 0.00
463081 Outcrop 548678.00 5497322.00 0.01 0.20 0.00
463082 Float 548754.00 5497688.00 1.58 14.40 2.17
463085 Outcrop 547450.00 5498498.00 4.27 1.30 0.01
463086 Outcrop 547525.00 5498722.00 0.22 0.20 0.00
463087 Outcrop 546908.00 5498455.00 3.95 0.90 0.01
463088 Float 541388.00 5485620.00 >0.01 0.40 0.01
463089 Float 541412.00 5485642.00 0.01 0.30 0.01
463050 Outcrop 546855.00 5498476.00 0.01 <0.2 >0.0005
463101 Outcrop 546862.00 5498479.00 0.99 0.40 0.00
463102 Outcrop 546940.00 5498503.00 0.03 <0.2 0.00
463103 Outcrop 546936.00 5498505.00 0.01 0.20 0.00
463104 Outcrop 546940.00 5498496.00 15.59 3.20 0.00
463105 Float 541367.00 5485614.00 0.01 0.40 0.01
463106 Float 541416.00 5485646.00 0.01 0.50 0.02
463107 Float 548251.00 5496703.00 4.96 18.30 3.48
463108 Outcrop 548240.00 5496685.00 19.09 69.60 2.96
463109 Outcrop 548242.00 5496687.00 16.94 98.40 3.13
463110 Outcrop 548247.00 5496685.00 37.15 39.70 1.31
463111 Outcrop 548247.00 5496686.00 35.69 50.00 1.88

 

About Maritime Resources Corp.

Maritime Resources holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine and Orion project plus the Whisker Valley exploration project, all located near the Baie Verte Mining District and King’s Point, Newfoundland and Labrador. The Hammerdown gold deposit is characterized by near-vertical, narrow mesothermal quartz veins containing gold in pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004 producing 143,000 ounces of gold at an average mine grade of 15.7 gpt gold through a combination of narrow vein open pit and underground mining.

On Behalf of the Board:

Garett Macdonald, MBA, P.Eng.
President and CEO

For further information, please contact:

Tania Barreto (Shaw), CPIR
Head of Investor Relations

1900-110 Yonge Street, Toronto, ON M5C 1T4
info@maritimegold.com
www.maritimeresourcescorp.com

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Qualified Person

Exploration activities at the Hammerdown Gold Project and Whisker Valley 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.

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 potential to increase mineral resource and mineral reserve estimates, the Company’s decision to restart the Project, the Company’s plans regarding depth extension of the deposit at Hammerdown, the Company’s plans regarding completing additional infill and grade control testing within the PEA mine plan, the Company’s plans regarding drilling targets previously identified, the anticipated timing of submitting the permit registration for Hammerdown, and the Company’s decision to acquire new mineral property interests and business opportunities, 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 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; 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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