Maritime Resources Provides Exploration Update

TORONTO, ON (February 6, 2023) – Maritime Resources Corp. (TSX.V: 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.

Highlights

• 8.4 grams per tonne (“gpt”) Au over 2.14 m, including 65.5 gpt Au over 0.20 m in drill hole BB-22-210 (Orion)
• 1.9 gpt Au over 10.00 m, including 19.2 gpt Au over 0.34 m in drill hole BB-22-207 (Orion)
• 1.6 gpt Au over 8.91 m, including 17.4 gpt Au over 0.20 m in drill hole BB-22-211 (Orion)
• 3.0 gpt Au over 4.26 m, including 55.0 gpt Au over 0.20 m in drill hole BB-22-208 (Orion)
• 4.5 gpt Au over 2.85 m, including 37.2 gpt Au over 0.30 m in drill hole MP-22-227 (Area 22)

Garett Macdonald, President, and CEO comments, “In late 2022 Maritime completed over 4,000 meters of drilling in 25 drill holes at both the Orion gold deposit and the newly discovered Area 22 zone. These targets lie outside of the proposed footprint for the Hammerdown gold project and represent two important areas for potential mineral resource expansion.  The results at Orion have been particularly encouraging with the presence of visible gold in multiple drill holes which is something not often encountered on the Orion property. Permitting for Hammerdown Gold Project continues to advance with the submission of both the Development Plan and the Rehabilitation and Closure Plan, marking the final phase of major provincial permitting approvals for the Project”.

Orion Project

The current drill program at Orion is focused on completing additional definition drilling in the shallow extents of the deposit.  The additional 2022 infill drilling at Orion (Figure 1.) has verified the continuity and grade of the mineralized zones within the interpreted mineralized shapes as defined by previous drilling. Visible gold has been logged in multiple drill holes. 

Orion drill hole BB-22-207 intersected 1.86 gpt Au over 10.00 m, including 19.22 gpt Au over 0.34 m within 75 m of surface and approximately 25 m down-dip of hole BB-20-138 which intersected the zone with 1.4 gpt Au over 7.0 m (see press release dated March 31, 2021).  Drill hole BB-22-208 returned an intersection grading 3.04 gpt Au over 4.26 m, including 6.19 gpt Au over 1.91 m within 85 m of surface and approximately 25 m down-dip of historic hole BB-95-06 which intersected the zone with 7.62 gpt Au over 0.9 m.  Drill hole BB-22-210 (Figure 3.) intersected 8.41 gpt Au over 2.14 m, including 65.5 gpt Au over 0.20 m and drill hole BB-22-211 intersected 1.61 gpt Au over 8.91 m, both within 30 m of surface.  Both drill holes BB-22-210 and BB-22-211 occur up dip of drill hole BB-20-117 which intersected 3.36 g/t Au over 7.8 m (see press release January 7, 2021). The additional 2022 infill drilling at Orion has verified the continuity, grade and robust nature of the mineralized zones within the interpreted wireframe ore shapes as defined by previous drilling.

Orion is a structurally controlled gold deposit with the best grade and thickest zones of mineralization appearing at the convergence of multiple fault structures. The Company’s exploration team is utilizing televiewer surveys and new information from the drill program to generate a comprehensive geological model to better understand grade distribution and structural controls on the mineralization. Maritime has engaged InnovExplo of Val d’Or, Quebec to complete a mineral resource estimate on Orion to be prepared in accordance with National Instrument 43-101 standards of disclosure expected by mid 2023.

Area 22 Exploration Update
The additional drilling at the Area 22 gold target (Figure 2.) has confirmed continuous mineralization over a strike length of 400 m consisting of both high-grade bearing vein shoots with locally visible gold and broader disseminated styles of mineralization.  Highlights from the most recent drilling include drill hole MP-22-227 which intersected 4.54 gpt Au over 2.85 m including 37.23 gpt Au over 0.30 m at a depth of only 57 m below surface and drill hole MP-22-225 which intersected 28.55 gpt Au over 0.20 m at a depth of 192 m.

To date 2,600 m have been drilled in 14 drill holes at Area 22 following up on the initial discovery of 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.  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.  The mineralization remains open at depth and along strike toward the Orion North zone and Orion deposit 800 m to the southwest. This area has seen limited historical drilling.

Figure 1. Plan Map Orion

Figure 2. Orion Cross Section A-A’

Figure 3. Orion BB-22-210 picture 8.4 grams per tonne (“gpt”) Au over 2.14 m, including 65.5 gpt Au over 0.20 m

Figure 4. Plan Map Area 22

Table 1. Orion Drilling Composite Table

Table 2. Area 22 Drilling Composite Table

Table 2. Drill Hole Locations and Orientations

Qualified Person
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.

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 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, Québec 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
info@maritimegold.com
www.maritimeresourcescorp.com

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.