VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime" or "the Company") is very pleased to announce that it has entered into an option agreement to earn a 100% interest in the El Strato property which connects to the west side of the recently acquired Whisker Hill Project. The El Strato Property is located only 10 km from Maritime's Hammerdown project, near King's Point, Newfoundland. Maritime now holds close to 60 square kilometers of highly prospective ground which is being referred to as the Whisker Valley Project.
The 5-square kilometre El Strato property ("El Strato") consists of 19 claim units owned by United Gold. Maritime continues to look at these high grade, early discovery stage gold prospects that are strategically located close to the Hammerdown project. The property is located immediately to the west of the Whisker Hill project only 10 km from the re-developing Hammerdown Greenbay Gold Project. These two new acquisitions (Whisker Hill and El Strato), contain high grade gold veins which could significantly add high grade material to expand the Hammerdown resource with a common operating base. At present, Hammerdown development plans include trucking high-grade gold ore approximately 140 km to the Nugget Pond gold mill.
The El Strato Option agreement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period.
Gold Zone High Lights
To date, there have been a number of gold occurrences outlined within the El Strato property, including the El Strato and Voodoo showings, which were discovered by Noranda Exploration in the late 1980's during a regional exploration program. Numerous additional gold showings were identified to the NE of these occurrences over an approximate 3 km strike length, related to the Northeast Extension, Crooked Creek and Arrowhead fault zones.
El Strato grab samples assayed up to 155.7 g/t Au and chip samples up to 239.6 g/t Au over 0.5 metres. Significant base metal-silver values of 1.0% Cu, 7.7% Pb, 5.5% Zn and 1.0 oz/t Ag were also reported. Diamond drill hole ML 99-07 drilled on the El Strato intersected a new vein that assayed 9.96 g/t Au, 15.6% Pb, 1.88% Zn and 41.48 g/t Ag, over 30 cm. Assays from 26 grab samples from quartz-carbonate veins sampled by Cornerstone Resources in 2004, averaged 10.3 g/t Au with values up to 54.3 g/t Au.
The Mic Mac Lake showing returned assay values including 5.2 g/t, 6.6 g/t, 9.8 g/t, 12.9 g/t and 15.0 g/t Au.
The Crooked Creek showing consist of multiple veins with grab sample assays including 18.0 g/t, 35.5 g/t 44.8 /t and 62.0 g/t Au. The southwest extension of this mineralized zone was identified by an IP survey completed by Rex Resources; a significant chargeability anomaly was drilled and intersected 2.9 g/t Au over 0.9 m. The total known strike length of the Crooked Creek showings is 400 m. The Northeast Extension and Crooked Creek showings occur in multiple fault-hosted veins over a 200 metres wide x 600 metres long area.
The Arrowhead showings had grab samples with assays of 13.8 g/t Au, 12.7 g/t Au and 54.3 g/t Au. Drilling along the Arrowhead linear in 2011 intersected up to 7.39 g/t over 0.8 metres.
The Rocky Bottom trend, has a 1.75 km long chargeability high that returned grabs samples assaying 20.3 g/t Au and 61.7 g/t Au. Drilling by Cornerstone along this trend during 2011 intersected gold grades up to 14.23 g/t Au over 1.2 metres, 3.15 g/t Au over 3.2 metres, 3.01 g/t Au over 0.8 metres and 2.16 g/t Au over 1.6 metres.
The western portion of the properly is located 1 km east of the deep seated Baie Verte Fault zone. Much of the property is underlain by the Micmac Lake Volcanics comprising ash-flow tuffs, flow-banded rhyolite, massive mafic flows, conglomerate and sandstone, cut by felsic sills and late gabbroic dykes. The Flatwater Pond and Micmac Lake groups arc in fault contact along the Micmac-Flatwater Fault, which trends sub-parallel to the Baie Verte Linc. Additional sub-parallel fault zones within the property have been identified. Along the eastern margin of the property, the Micmac Lake Group rocks arc intruded by the Siluro-Devonian Burlington Granodiorite. Small gabbroic bodies occur at the mafic volcanic - granodiorite contact. Four late fault zones are identified proximal lo the western margin of the granodiorite body, transecting the granodiorite, gabbro and mafic volcanic units. This complex geological and structural fabric at El Strato is an excellent host setting for emplacement of substantial gold deposits.
Terms of the Agreement
Under the terms of the agreement Maritime will earn 100% interest in the El Strato property over a 2-year period by make cash payments totaling $40,000 and issue 750,000 shares of Maritime in accordance with the following schedule:
- Upon signing pay $5,000 and 250,000 shares;
- Year one anniversary -- $10,000 and 250,000 shares;
- Year two anniversary -- $25,000 and 250,000 shares;
- 0 % NSR of which 1% can be purchased up until the end of the second anniversary of commercial production for $1,000,000
Further information on the Green Bay Gold Property can be found on our website at www.maritimeresourcescorp.com. along with the NI43-101 compliant Technical Report and Prefeasibility Report filed on SEDAR.
Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On behalf of the Board of Directors
For further information, please call:
Doug Fulcher, President Telephone: (604) 336-7322
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.