2021 News

TORONTO, ON (February 1, 2021) - Maritime Resources Corp. (TSX.V: MAE) (“Maritime” or the “Company”) is pleased to provide assay results from the Hammerdown Gold Project (“Hammerdown” or the “Project”), in the Baie Verte Mining District of Newfoundland and Labrador, Canada. These latest drill results were received from the 2020 drill program at the Hammerdown deposit and the nearby Lochinvar VMS target (see Figure 1). Results from an additional 12 drill holes at Hammerdown are still pending.

Highlights:

  • New Discovery: 6.9 gpt Au and 12.9 gpt Ag over 6.0 metres (“m”), including 19.9 gpt Au and 24.1 gpt Ag over 2.0 m in drill hole GA-20-35, located 150 m east of the Hammerdown deposit at 145 m below surface
  • Hammerdown: 18.8 gpt Au over 2.1 m, including 24.4 gpt Au over 1.6 m in drill hole MP-20-156
  • Wisteria Zone: 1.4 gpt Au over 92.1 m in drill hole MP-20-165
  • Wisteria Zone: 1.1 gpt Au over 28.0 m in drill hole MP-20-163
  • Lochinvar VMS target: 0.4 gpt Au, 29.7 gpt Ag, 0.2% Cu, 2.0% Zn and 1.0% Pb over 21.3 m, including 2.8 m grading 2.7 gpt Au, 178.3 gpt Ag, 0.7% Cu, 12.7% Zn and 6.8% Pb in drill hole GA-20-33

“These latest results from Hammerdown demonstrate the potential to extend the deposit towards the east where our step out drilling intersected a new high-grade vein with visible gold and substantial silver,” commented Garett Macdonald, President and CEO. “Results from the Wisteria Zone continue to show broad intervals of mineralization outside of the current mineral resource which could have a positive impact on the project economics by reducing the open pit strip ratio in this area.  Our 2021 exploration program will commence this week at the Hammerdown Gold Project with two drill rigs and 12,000 m of drilling planned between the Hammerdown and Orion deposits where we see promising opportunities for further discoveries,” continued Mr. Macdonald.

New High Grade Mineralization Discovered Along Strike from the Hammerdown Deposit

A new mineralized quartz vein containing pyrite and abundant visible gold (Figure 2) was intersected in drill hole GA-20-35, returning 6.9 gpt Au and 12.9 gpt Ag over 6.0 m, including 19.9 gpt Au and 24.1 gpt Ag over 2.0 m. The mineralization encountered is similar to the veins commonly seen at Hammerdown and opens an unexplored area for potential resource expansion along strike and at depth. Hole GA-20-35 was drilled in an untested area between Hammerdown and the Lochinvar VMS target, approximately 150 m east of the current Hammerdown deposit at a depth of 100 m below surface.  This area is open in all directions and follow-up drilling is planned for Q1 2021 (Figure 3).

The latest drill results from Hammerdown also returned more significant assays from the 2020 infill program, including drill hole MP-20-156 which intersected 18.8 gpt Au over 2.1 m, including 24.4 gpt Au over 1.6 m, within the core of the PEA open pit shell (Figure 5) with grades and widths comparable to those mined by Richmont Mines between 2000-2004. 

Wisteria Zone

Additional infill drilling at the Wisteria Zone returned broad intersections of gold mineralization along strike and at depth (Figure 4). The Wisteria Zone is located along the southern edge of the Hammerdown deposit and occurs as a broad zone associated with sheared mafic and felsic volcanic rocks with strong sericite and pyrite alteration. Assay results include drill hole MP-20-165 with 1.4 gpt Au over 92.1 m and drill hole MP-20-164 with 1.4 gpt Au over 15.5 m. These two holes were drilled in a southwest direction, opposite from previous north-south oriented drilling, and may have intersected a previously unrecognized cross cutting mineralizing event as evidenced by the increased number of high grade veins in the area. More drill holes are planned to test this interpretation.  

A new zone of mineralization resembling Wisteria has also been identified 70 m east from the Wisteria Zone, just inside the southern limit of the PEA open pit shell. Drill hole MP-20-160 intersected 0.5 gpt Au over 23.4 m from the start of the hole and 40 m below this interval, hole MP-20-144 intersected 1.0 gpt Au over 4.2 m. These intersections lie outside of the existing mineral resource and represent another new zone of gold mineralization (Figure 4).

Lochinvar VMS Target

Drilling at the Lochinvar VMS target continues to return broad intervals of gold, silver and base metal mineralization.  Recent results include 0.4 gpt Au, 29.7 gpt Ag, 0.2% Cu, 2.0% Zn and 1.0% Pb over 21.3 m, including 2.8 m grading 2.7 gpt Au, 178.3 gpt Ag, 0.7% Cu, 12.7% Zn and 6.8% Pb from drill hole GA-20-33. The Lochinvar VMS target is located approximately 800 m northeast from the Hammerdown gold deposit. Two steeply plunging, massive sulphide lenses have been traced from surface to approximately 200 m below surface where they remain open. The mineralization consists of heavily disseminated to massive sphalerite, galena, chalcopyrite and pyrite with lesser barite and significant tennantite and electrum.

Figure 1: Plan View of Drill Holes (click image to enlarge)

Figure 2: Core photo of GA-20-35 displaying visible gold (click image to enlarge) 

Figure 3: Cross Section 555540 E (click image to enlarge)

Figure 4: Cross Section 554830 E (click image to enlarge)

Figure 5: Cross Section 554935 E (click image to enlarge)

Table 1: Summary of Assay Results
(True thickness are interpreted to be 60% to 100% of sample interval length and grades are uncapped)

Hole ID

From (m)

To
(m)

Length
 (m)

Au gpt

Ag gpt

Cu%

Zn%

Pb%

HD-20-03

No Significant Assays

HD-20-04

No Significant Assays

MP-20-139

20.0

21.0

1.0

2.6

9.3

 

 

 

MP-20-139

27.7

28.0

0.3

1.1

1.4

 

 

 

MP-20-139

31.6

32.1

0.5

3.7

5.1

 

 

 

MP-20-139

56.5

56.8

0.2

1.8

1.1

 

 

 

MP-20-139

62.8

63.0

0.2

3.1

1.7

 

 

 

MP-20-139

84.6

85.3

0.7

1.3

0.8

 

 

 

MP-20-141

13.5

15.2

1.7

1.9

0.3

 

 

 

MP-20-141

29.6

31.8

2.2

1.1

0.3

 

 

 

MP-20-141

34.1

34.3

0.2

1.1

0.3

 

 

 

MP-20-141

68.5

69.0

0.5

1.6

0.2

 

 

 

MP-20-142

41.3

42.3

1.0

1.2

0.3

 

 

 

MP-20-142

51.6

51.8

0.2

3.3

0.5

 

 

 

MP-20-143

6.8

7.0

0.2

1.1

0.3

 

 

 

MP-20-143

24.9

25.4

0.5

1.2

1.7

 

 

 

MP-20-144

5.8

6.9

1.1

1.6

0.1

 

 

 

MP-20-144

43.5

47.7

4.2

1.0

0.2

 

 

 

MP-20-145

4.9

5.1

0.2

1.1

3.2

 

 

 

MP-20-145

31.8

32.1

0.3

1.7

1.2

 

 

 

MP-20-146 Geotech

4.0

6.0

2.0

2.6

1.9

 

 

 

MP-20-147 Geotech

No Significant Assays

MP-20-148

7.1

7.3

0.2

10.3

4.1

 

 

 

MP-20-149

No Significant Assays

MP-20-150

No Significant Assays

MP-20-151

56.4

56.6

0.2

10.1

3.0

 

 

 

MP-20-151

61.4

63.3

1.9

5.1

1.7

 

 

 

Including

61.4

62.4

1.0

8.9

2.7

 

 

 

MP-20-152

10.2

10.9

0.7

9.3

4.6

 

 

 

MP-20-153

2.0

2.2

0.2

11.9

8.3

 

 

 

MP-20-154-Geotech

No Significant Assays

MP-20-155

13.6

13.9

0.3

4.0

2.8

 

 

 

MP-20-155

34.3

34.5

0.2

5.7

0.9

 

 

 

MP-20-155

121.1

121.4

0.3

3.9

1.9

 

 

 

MP-20-156

21.7

23.9

2.1

18.8

5.6

 

 

 

Including

21.7

23.4

1.6

24.4

7.2

 

 

 

MP-20-157

44.0

45.0

1.0

1.1

0.1

 

 

 

MP-20-157

51.7

59.5

7.8

2.1

1.3

 

 

 

Including

57.0

59.5

2.5

5.2

3.5

 

 

 

MP-20-157

63.4

63.6

0.2

8.2

6.3

 

 

 

MP-20-158

4.8

15.0

10.2

1.9

0.5

 

 

 

Including

4.8

6.0

1.2

7.1

1.8

 

 

 

MP-20-159

13.1

13.8

0.7

6.5

1.2

 

 

 

Including

13.6

13.8

0.2

15.3

2.6

 

 

 

MP-20-160

2.7

26.0

23.4

0.5

0.6

 

 

 

MP-20-161

25.2

25.4

0.2

6.7

0.8

 

 

 

MP-20-161

48.6

49.3

0.7

1.4

0.1

 

 

 

MP-20-161

70.5

70.8

0.3

2.9

2.5

 

 

 

MP-20-162

16.6

17.0

0.4

1.6

6.0

 

 

 

MP-20-162

80.5

80.7

0.2

1.7

0.3

 

 

 

MP-20-162

97.7

97.9

0.2

8.3

1.6

 

 

 

MP-20-162

108.0

109.7

1.7

2.5

1.7

 

 

 

Including

109.5

109.7

0.2

14.2

6.0

 

 

 

 

 

 

 

 

 

 

 

 

MP-20-163

8.8

10.4

1.6

3.1

0.1

 

 

 

MP-20-163

85.0

113.0

28.0

1.1

0.6

 

 

 

MP-20-164

13.5

29.0

15.5

1.4

0.6

 

 

 

MP-20-164

73.6

75.7

2.1

2.4

0.4

 

 

 

Including

74.3

74.8

0.5

17.9

1.0

 

 

 

Including

75.3

75.7

0.4

12.3

2.0

 

 

 

MP-20-165

8.0

11.0

3.0

5.5

2.0

 

 

 

MP-20-165

10.2

11.0

0.7

20.3

6.0

 

 

 

MP-20-165

18.6

18.8

0.2

5.8

6.0

 

 

 

MP-20-165

37.9

130.0

92.1

1.4

0.5

 

 

 

Including

37.9

38.2

0.2

5.6

3.6

 

 

 

Including

39.7

40.2

0.5

5.9

1.0

 

 

 

Including

62.0

63.0

1.0

6.2

1.5

 

 

 

Including

63.0

64.0

1.0

8.2

1.3

 

 

 

Including

64.0

65.0

1.0

5.0

0.8

 

 

 

Including

85.9

86.3

0.4

60.3

6.0

 

 

 

Including

115.0

115.7

0.7

6.3

2.1

 

 

 

Including

115.7

116.1

0.4

12.1

4.6

 

 

 

Including

126.0

126.7

0.7

8.7

1.3

 

 

 

Including

126.7

127.0

0.3

15.4

1.7

 

 

 

GA-20-26

28.4

28.6

0.2

3.0

0.5

0.00

0.01

0.00

GA-20-26

138.0

148.0

10.0

0.1

4.9

0.03

0.28

0.18

GA-20-26

167.0

169.3

2.3

0.2

16.6

0.25

2.03

1.23

GA-20-28

53.0

76.0

23.0

0.1

8.5

0.03

0.32

0.16

Including

53.0

59.2

6.2

0.1

10.1

0.06

0.51

0.31

GA-20-28

93.4

145.0

51.6

0.2

14.4

0.10

0.59

0.34

Including

95.0

96.0

1.0

0.2

44.8

0.30

0.91

1.14

Including

98.4

101.0

2.6

0.6

82.6

0.41

5.62

2.80

Including

105.5

110.0

4.5

0.7

48.1

0.62

2.39

1.40

Including

125.0

126.0

1.0

0.2

45.6

0.12

0.13

0.06

GA-20-29A

193.4

223.5

30.1

0.2

14.3

0.04

0.51

0.24

Including

210.0

221.5

11.5

0.2

31.7

0.10

1.17

0.55

Including

210.0

215.0

5.0

0.3

56.0

0.11

1.08

0.58

GA-20-30

151.8

157.2

5.4

0.1

28.2

0.15

2.72

1.53

Including

153.0

156.5

3.5

0.2

42.4

0.23

4.19

2.35

GA-20-30

159.7

190.4

30.7

0.1

4.3

0.10

1.55

0.02

Including

159.7

160.3

0.6

0.3

16.2

0.11

0.12

0.14

Including

164.0

168.0

4.0

0.1

8.8

0.05

0.50

0.26

Including

172.0

176.0

4.0

0.0

4.8

0.25

3.03

0.24

Including

179.0

182.0

3.0

0.0

5.4

0.17

2.13

0.05

Including

186.0

190.4

4.4

0.1

6.0

0.22

5.72

0.12

GA-20-31

No Significant Assays

GA-20-32

No Significant Assays

GA-20-33

18.4

28.0

9.6

0.1

3.3

0.00

0.03

0.17

Including

20.9

22.0

1.1

0.3

12.4

0.00

0.14

0.86

GA-20-33

53.2

74.5

21.3

0.4

29.7

0.15

1.96

1.04

Including

53.2

56.0

2.8

2.7

178.3

0.74

12.66

6.78

GA-20-33

86.0

101.4

15.4

0.1

7.6

0.04

0.22

0.06

Including

93.0

97.0

4.0

0.2

18.5

0.12

0.38

0.06

GA-20-34

91.3

91.8

0.6

0.2

15.9

0.01

0.32

0.26

GA-20-35

143.0

149.0

6.0

6.9

12.9

0.00

0.15

0.05

Including

145.0

147.0

2.0

19.9

24.1

0.00

0.87

0.3

Table 2: Drill Hole Location and Direction Details

Hole No

Easting

Northing

Elevation

Depth

Collar

Dip

(m)

Azimuth

HD-20-03

554,679

5,488,535

210.9

451

137ᵒ

-70ᵒ

HD-20-04

554,206

5,488,582

194.5

301

321ᵒ

-52ᵒ

MP-20-139

555,287

5,489,145

195.3

121

160ᵒ

-45ᵒ

MP-20-141

554,985

5,489,050

198.2

133

180ᵒ

-44ᵒ

MP-20-142

554,957

5,489,054

197.7

76

182ᵒ

-44ᵒ

MP-20-143

554,957

5,489,038

197.9

124

182ᵒ

-44ᵒ

MP-20-144

554,943

5,489,040

198.3

61

178ᵒ

-43ᵒ

MP-20-145

554,935

5,489,064

197.5

292

178ᵒ

-44ᵒ

MP-20-146 Geotech

554,845

5,489,061

193.6

152

178ᵒ

-48ᵒ

MP-20-147 Geotech

554,744

5,489,090

191.7

157

268ᵒ

51ᵒ

MP-20-148

554,875

5,489,055

195.2

127

179ᵒ

-50ᵒ

MP-20-149

554,895

5,489,030

197.3

76

181ᵒ

-47ᵒ

MP-20-150

554,875

5,489,020

197.1

80

182ᵒ

-50ᵒ

MP-20-151

554,895

5,489,058

193.5

122

182ᵒ

-47ᵒ

MP-20-152

554,895

5,489,084

192.1

152

180ᵒ

-50ᵒ

MP-20-153

554,895

5,489,080

192.1

152

183ᵒ

-51ᵒ

MP-20-154 Geotech

554,803

5,489,186

183.8

140

338ᵒ

60ᵒ

MP-20-155

555,025

5,489,131

193.8

152

182ᵒ

-55ᵒ

MP-20-156

554,935

5,489,082

194.1

140

181ᵒ

-51ᵒ

MP-20-157

554,810

5,489,049

194.0

101

181ᵒ

-45ᵒ

MP-20-158

554,830

5,489,025

196.0

125

181ᵒ

-44ᵒ

MP-20-159

555,063

5,489,043

202.3

52

181ᵒ

-46ᵒ

MP-20-160

554,949

5,489,003

200.7

52

178ᵒ

-47ᵒ

MP-20-161

554,950

5,489,127

193.0

109

182ᵒ

-55ᵒ

MP-20-162

554,950

5,489,137

192.9

130

180ᵒ

-54ᵒ

MP-20-163

554,800

5,489,086

191.4

130

182ᵒ

-59ᵒ

MP-20-164

554,859

5,489,060

193.2

115

269ᵒ

-45ᵒ

MP-20-165

554859.15

5,489,060

193.2

139

245ᵒ

-50ᵒ

GA-20-26

555,787

5,489,493

175.5

229

132ᵒ

-50ᵒ

GA-20-28

555,864

5,489,425

177.5

151

136ᵒ

-50ᵒ

GA-20-29A

555,753

5,489,534

174.5

265

139ᵒ

-55ᵒ

GA-20-30

555,754

5,489,484

176.6

250

150ᵒ

-48ᵒ

GA-20-31

555,816

5,489,535

173.1

58

137ᵒ

-45ᵒ

GA-20-32

555,860

5,489,605

168.0

76

134ᵒ

-44ᵒ

GA-20-33

555,881

5,489,378

172.0

112

138ᵒ

-45ᵒ

GA-20-34

555,680

5,489,380

186.3

250

148ᵒ

-42ᵒ

GA-20-35

555,541

5,489,307

187.1

211

146ᵒ

-51ᵒ

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.

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, including the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District and 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 2000-2004.

On Behalf of the Board:

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

For further information, please contact:

Tania Barreto, CPIR
Head of Investor Relations
1900-110 Yonge Street, Toronto, ON M5C 1T4
info@maritimegold.com
www.maritimeresourcescorp.com

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 reviewed and approved the technical and scientific content of this news release.

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 provincial environmental assessment approval for Hammerdown, and the Company’s decision to acquire new mineral property interests and assets including the Nugget Pond gold circuit and other 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 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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