2022 Extensional Drilling Finds major New Open Pit Gold
Maritime Resources Provides Exploration Update..Very limited drilling but very substantial results defines two new shallow gold zones expanding the Orion Open pit zone and a new high grade discovery in Area 22...figures provide good insight into what appears to be major addition of new and still open at strike shallow high grade gold resources
Very
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
| 2022 Orion Definition Drilling |
| Hole | From (m) | To (m) | Length (m) | Au Composite (gpt) |
| BB-22-207 | 30.80 | 31.00 | 0.20 | 1.46 |
| BB-22-207 | 54.23 | 56.00 | 1.77 | 0.48 |
| BB-22-207 | 95.00 | 105.00 | 10.00 | 1.86 |
| Including | 98.27 | 98.61 | 0.34 | 19.22 |
| BB-22-207 | 131.00 | 132.00 | 1.00 | 2.04 |
| BB-22-207 | 140.63 | 141.43 | 0.80 | 5.17 |
| BB-22-207 | 148.35 | 148.55 | 0.20 | 41.26 |
| BB-22-208 | 33.00 | 34.00 | 1.00 | 0.70 |
| BB-22-208 | 44.69 | 45.00 | 0.31 | 0.83 |
| BB-22-208 | 51.65 | 53.00 | 1.35 | 2.62 |
| Including | 51.65 | 51.85 | 0.20 | 8.66 |
| BB-22-208 | 116.00 | 120.26 | 4.26 | 3.04 |
| Including | 118.35 | 120.26 | 1.91 | 6.19 |
| and | 118.60 | 118.80 | 0.20 | 54.97 |
| BB-22-209 | 7.50 | 18.04 | 10.54 | 0.36 |
| Including | 7.50 | 9.50 | 2.00 | 0.75 |
| BB-22-210 | 9.92 | 11.65 | 1.73 | 0.71 |
| BB-22-210 | 41.55 | 43.69 | 2.14 | 8.41 |
| Including | 42.75 | 43.69 | 0.94 | 17.91 |
| and | 43.49 | 43.69 | 0.20 | 65.51 |
| BB-22-210 | 55.00 | 57.00 | 2.00 | 0.97 |
| BB-22-210 | 61.00 | 62.00 | 1.00 | 1.31 |
| BB-22-210 | 64.00 | 65.00 | 1.00 | 0.57 |
| BB-22-211 | 16.00 | 17.57 | 1.57 | 0.96 |
| BB-22-211 | 30.00 | 38.91 | 8.91 | 1.61 |
| Including | 30.00 | 33.50 | 3.50 | 2.98 |
| and | 38.71 | 38.91 | 0.20 | 17.44 |
| BB-22-211 | 55.08 | 60.01 | 4.93 | 1.17 |
| Including | 55.08 | 55.53 | 0.45 | 0.89 |
| and | 58.00 | 60.01 | 2.01 | 2.35 |
| BB-22-211 | 71.50 | 72.00 | 0.50 | 0.54 |
| BB-22-211 | 75.50 | 87.00 | 11.50 | 0.42 |
| Including | 75.50 | 76.50 | 1.00 | 1.19 |
| and | 79.00 | 79.50 | 0.50 | 0.56 |
| and | 81.08 |