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Maritime Resources Corp.
Maritime Resources Corp.
Registriert in: Kanada WKN: A2AP70 Rohstoffe:
Art: Originalaktie ISIN: CA57035U1021 Gold
Heimatbörse: TSX Venture Alternativ: MRTMF
Währung: CAD    
Symbol: MAE.V Forum:

Maritime Resources Drills 1.4 gpt Au over 92.1 Metres at Hammerdown

01.02.2021 | 12:30 Uhr | Newsfile

Toronto, February 1, 2021 - Maritime Resources Corp. (TSXV: 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)

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4548/73270_maritime1enhanced.jpg



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

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4548/73270_maritime2.jpg

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

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4548/73270_maritime3enhanced.jpg

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

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4548/73270_maritime4enhanced.jpg

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

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/4548/73270_maritime5enhanced.jpg

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
(m)
Collar
Azimuth
Dip
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

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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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73270

 
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