Maritime Resources Corp. [TSXV-MAE] (” Maritime” or the “Company”) is delighted to reveal drill outcomes and an upgrade from its continuous 40,000 metre (” m”) expedition program. The outcomes reported are from drilling at the Hammerdown Gold Project (” Hammerdown” or the “Project”) in the Baie Verte Mining District of Newfoundland and Labrador, Canada that includes the Hammerdown and Orion gold deposits. Expedition activities are continuous with 2 diamond drill rigs now concentrating on brand-new local targets near Hammerdown and west of the Green Bay fault at the Whisker Valley and Gull Ridge tasks (” Figure 1″).
- 201 gpt Au over 3.0 m, consisting of 159.5 gpt Au over 0.31 m (BB-21-179, Orion)
- 2.77 gpt Au over 4.31 m (BB-21-166, Orion)
- 1.06 gpt Au over 13.88 m (MP-21-191, Hammerdown)
- 5.93 gpt Au over 1.72 m (MP-21-197, Hammerdown)
- 2.94 gpt Au and 30.55 gpt Ag over 2.98 m (GA-21-36, Golden Anchor zone)
- Completed residential or commercial property scale air-borne VTEM, ZTEM and ground based IP geophysical studies
- Year to date drilling overalls 20,000 m, 50%of the prepared 40,000 m program
” The very first stage of drilling this year has actually concentrated on untried locations at the Hammerdown Gold Project where our company believe prospective exists to broaden mineral resources and enhance task economics. 3 locations are revealing guarantee consisting of a state-of-the-art plunge at the Orion deposit, brand-new shallow mineralization at the Orion North target with resemblances to the felsic porphyry mineralization discovered at Orion and Hammerdown’s Wisteria zone and a brand-new vein system at the Golden Anchor zone situated 200 metres east of Hammerdown which is open in all instructions,” commented Garett Macdonald, President and CEO. “Our local expedition program is now exposing numerous interesting locations of brand-new gold, silver and nickel-copper-PGM mineralization throughout our 360 square kilometre adjoining residential or commercial property with drilling underway with 2 drill rigs and a 3rd to be included quickly.”
Hammerdown Gold Project Drilling
Recent drilling at the Orion deposit has actually concentrated on resource meaning and locations for possible growth (” Figure 2″). Drill hole BB-21-179 effectively targeted a 60 metre large space in the Main zone returning a period of 2011 gpt Au over 3.0 m, consisting of 159.52 gpt Au over 0.31 m in between historic drill holes BB-96-37(2084 gpt Au over 1.25 m, consisting of 103.38 gpt Au over 0.25 m to the east) and BB-96-48( 4.79 gpt Au over 1.05 m, consisting of 18.91 gpt Au over 0.25 m to the west). This suggests a possible southwest plunge to the mineralized system that is open at depth and along strike (” Figure 3″).
Additional drilling at the Orion North zone situated in the space in between the Hammerdown and Orion deposits continues to reveal mineralization in a formerly untried location of the job. Drill hole BB-21-196 collared in and drilled 60 metres of transformed porphyry dykes with distributed sulphides comparable in design and modification to the Main zone at Orion showing the existence of a faulted balanced out of the Main zone discovered 500 metres to the northeast. Other drilling at Orion North consisted of drill hole BB-21-188 which returned 2.66 gpt Au over 1.2 m from 17.6 m to 18.8 m, consisting of 15.1 gpt Au over 0.2 m bringing this brand-new vein to within 15 meters of surface area.
New drilling at the Golden Anchor zone, converged 2.94 gpt Au and 30.55 gpt Ag over 2.98 m in GA-21-36 This was a follow-up to a considerable crossway in drill hole GA-20-35 consisting of a quartz/sulphide vein with noticeable gold grading 6.9 gpt Au over 6.0 m, consisting of 19.9 gpt Au over 2.0 m( see news release dated February 1, 2021). The Golden Anchor zone lies 200 m east of the Hammerdown deposit, is open in all instructions and represents a crucial location for possible resource growth.
Discussion of Regional Exploration Targets
- Birchy Island Pond (Au) Located 5 km east of Hammerdown, the Birchy Island Pond target is a brand-new quartz vein system exposed at surface area at the crossway of numerous faults. Ground based IP studies have actually recognized a number of chargeable abnormalities recommending the existence of shared sulphide mineralization. Follow up prospecting and mapping of these abnormalities recognized outcrops and float of mineralized quartz veining including pyrite. Stage 1 exploratory drilling was finished consisting of 5 drill holes amounting to 1,116 m. Each of the drill holes converged quartz and sulphide veining with small base metals hosted in sheared and transformed mafic volcanics (” Figure 4″). Assays are pending from the tested drill core.
- Timber Pond (Au, Ag, Cu) Phase 1 exploratory drilling was finished consisting of 5 drill holes amounting to 647 m. Drilling experienced zones of enormous and distributed sulphide mineralization along with a lens of gold mineralization in the hangingwall to the enormous sulphides. The brand-new drilling likewise determined a fault zone that might have off set the VMS and gold mineralization to the west. Assays are pending from the tested drill core.
- Fluorite Zone (Au) A brand-new mineralized zone including prevalent distributed pyrite with comprehensive silica and potassic modification has actually been determined at Whisker Valley nearby to the high grade stone field (see news release outdated September 11, 2020). This zone is defined as a substantial hydrothermal breccia system including gold, zinc, fluorite, and uncommon earth aspects that is geologically comparable to other alkalic epithermal systems such as the world class Cripple Creek gold deposits in Colorado, USA. The surface area degrees of this system are not yet understood nevertheless comparable modification and mineralization has actually been exposed in trenching and prospecting over a number of hundred metres. 4 grab samples from the trenched location returned considerable quantities of gold varying from 0.45 gpt gold to 1.32 gpt gold (” Figure 5″). The brand-new alkalic epithermal gold possibility lies stratigraphically above an exposed and extremely modified monzonite invasion that is thought to be the alkaline porphyry root of the epithermal possibility. Ground based IP studies have actually been finished and diamond drilling is now underway.
- Skate Pond (Ni, Cu) Geophysical studies finished in 2020 determined a big, strong air-borne chargeability abnormality at Gull Ridge determining 4.5 km x 1.5 k m. Initial prospecting and trenching of the surface area expression of this abnormality determined prevalent distributed and blebby sulphide mineralization hosted in a mix of gabbroic and granodioritic rocks of the Gull Ridge Pluton. Within the gabbroic system the main type of mineralization consisting of pyrite, pyrrhotite, pentlandite and chalcopyrite in addition to a secondary type consisting of coarse crystalline magnetite with shared pyrite. Within the granodiorite rocks big blebs and shared pyrite prevail. Over 2,500 soil samples covering 20 km 2 were taken recognizing various Ni-Cu and Au anomalous patterns. Trenching has actually exposed a 100 m broad zone of carefully distributed Ni-Cu sulfides hosted in a coarse gabbroic rock including pseudo-pillow textures which appear to manage the mineralization. Ground based IP and EM studies have actually been finished over parts of the pattern and to date 2 drill holes amounting to 843 m have actually been finished. Assays are pending from the tested drill core.
Figure 1: Maritime Property with Project Locations
Table 1: Drill Hole Composites
Composite Table of Significant Intersections higher than 1 g/m.
Sample composites higher then 3g/m in strong.
Table 2: Drill Hole Locations and Orientations
Table 3: Whisker Valley– Fluorite Zone Rock Samples– 2021
All samples assayed and referring to this news release were finished by Eastern Analytical Limited (” EAL”) situated at Springdale, Newfoundland and Labrador. EAL is an ISO 17025: 2005 certified lab for a specified scope of treatments. EAL has no relationship to Maritime. Samples are provided in sealed plastic bags to EAL by Maritime field teams where they are dried, squashed, and pulped. Samples are squashed to roughly 80%passing a minus 10 mesh and split utilizing a riffle splitter to around 250 grams. A ring mill is utilized to crush the sample split to 95%passing a minus 150 mesh. Sample declines are safely kept at the EAL website for future recommendation. A 30- gram agent sample is chosen for analysis from the 250 grams after which EAL uses a fire assay blend followed by acid food digestion and analysis by atomic absorption for gold analysis. Other metals were evaluated by using an acid food digestion and 34 component ICP analysis surface. EAL runs a detailed QA/QC program of requirements, replicates and blanks within each sample stream.
About Maritime Resources Corp.
Maritime holds a 100%interest- straight and based on choice contracts entitling it to make 100%ownership- in the Green Bay Property. This consists of the previous Hammerdown cash cow and the Orion gold task plus the Whisker Valley expedition task, all situated in the Baie Verte Mining District near the town of King’s Point, Newfoundland and Labrador. The Hammerdown Gold Project is defined by near-vertical, narrow mesothermal quartz veins including gold related to pyrite. Hammerdown was last run by Richmont Mines in between 2000 and2004 The Company likewise owns the gold circuit at the Nugget Pond metallurgical center in Newfoundland and Labrador, the Lac Pelletier gold task in Rouyn Noranda, Québec and numerous other expedition homes and royalty interests in essential mining camps throughout Canada.
On Behalf of the Board:
Garett Macdonald, MBA, P.Eng.
President and CEO
For more info, please contact:
Tania Barreto, CPIR
Head of Investor Relations
1900-110 Yonge Street, Toronto, ON M5C 1T4
Exploration activities at the Hammerdown Gold Project and Whisker Valley are administered on website 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. Expedition Manager, is the Qualified Person for the Company and has actually evaluated and authorized the technical and clinical material of this press release.
Caution Regarding Forward Looking Statements:
Certain of the declarations made and info consisted of herein is “positive info” within the significance of National Instrument 51-102– Continuous Disclosure Obligations Positive declarations are typically recognized by terms such as “will”, “might”, “need to”, “prepare for”, “anticipates”, “means”, “shows” “strategies” and comparable expressions. Positive declarations consist of declarations worrying the prospective to increase mineral resource and mineral reserve price quotes, the Company’s choice to reboot the Project, the Company’s strategies relating to depth extension of the deposit at Hammerdown, the Company’s strategies concerning finishing extra infill and grade control screening within the PEA mine strategy, the Company’s strategies concerning drilling targets formerly recognized, the awaited timing of getting licenses for building and construction and advancement of Hammerdown and, and the Company’s choice to get brand-new mineral residential or commercial property interests and properties, among other things, which include understood and unidentified threats, unpredictabilities and other elements which might trigger the real outcomes, efficiency or accomplishments of the Company, or market outcomes, to be materially various from any future outcomes, efficiency or accomplishments revealed or indicated by such positive info. All positive declarations and positive details are based upon sensible presumptions that have actually been made by the Company in great faith as at the date of such details. Such presumptions consist of, without restriction, the rate of and prepared for expenses of healing of, base metal focuses, gold and silver, the existence of and connection of such minerals at designed grades and worths, the capabilities of different equipment and devices, using ore arranging innovation will produce favorable outcomes, the schedule of workers, equipment and devices at projected costs, mineral healing rates, and others. Positive details undergoes a range of threats and unpredictabilities which might trigger real occasions or results to vary from those shown in the positive info, consisting of, without restriction, the capability of the Company to continue to have the ability to access the capital markets for the financing required to get, keep and advance expedition homes or organization chances; worldwide monetary conditions, consisting of market response to the coronavirus break out; competitors within the market to obtain homes of benefit or brand-new organization chances, and competitors from other business having higher technical and funds; problems ahead of time towards an advancement choice at Hammerdown and performing expedition programs at its Newfoundland and Labrador homes on the Company’s proposed schedules and within its expense quotes, whether due to climate condition, accessibility or disturbance of power supply, mechanical devices efficiency issues, natural catastrophes or pandemics in the locations where it runs; significantly strict ecological policies and other allowing constraints or preserving title or other aspects associated with checking out of its homes, such as the schedule of important products and services; aspects beyond the capability of the Company to expect and manage, such as the marketability of mineral items produced from the Company’s residential or commercial properties; unpredictability regarding whether the acquisition of possessions and brand-new mineral home interests consisting of the Nugget Pond gold circuit will be finished in the way presently considered by the celebrations; unpredictability regarding whether mineral resources will ever be transformed into mineral reserves as soon as financial factors to consider are used; unpredictability regarding whether presumed mineral resources will be transformed to the determined and suggested classifications through more drilling, or into mineral reserves, as soon as financial factors to consider are used; federal government policies associating with health, security and the environment, and the scale and scope of royalties and taxes on production; and the schedule of knowledgeable specialists and expert personnel to carry out operate in a competitive environment and the resulting unfavorable effect on expenses and efficiency and other threats and unpredictabilities, consisting of those explained in each MD&A of monetary condition and outcomes of operations. In addition, positive info is based upon numerous presumptions consisting of, without constraint, presumptions connected with expedition outcomes and expenses and the schedule of products and competent labour. Need to several of these threats and unpredictabilities emerge, or must underlying presumptions show inaccurate, real outcomes might differ materially from those explained in positive declarations. Appropriately, readers are recommended not to position unnecessary dependence on positive info. Other than as needed under appropriate securities legislation, Maritime carries out no responsibility to openly upgrade or modify positive info, whether as an outcome of brand-new info, future occasions or otherwise.
Neither TSX Venture Exchange (” TSX-V”) nor its Regulation Services Provider (as that term is specified in the policies of the TSX-V) accepts obligation for the adequacy or precision of this release.