NewsUpdate Including World class Intercept over 107.8 m
ORIGINAL: Maritime Samples 1.37 gpt Gold over 107.8 Metres at Pine Cove and Provides Update on Activities at Point Rousse
2024-04-11 07:01 ET - News Release
Toronto, Ontario--(Newsfile Corp. - April 11, 2024) - Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") is pleased to provide an update on gold clean up and sampling activities at its Point Rousse gold project in Newfoundland and Labrador. The Point Rousse Project includes the Pine Cove mill and is located 8 km northeast of the town of Baie Verte. Maritime acquired the Point Rousse Project on August 21, 2023.
Highlights:
- Infill sampling of existing drill core below and to the north of the former Pine Cove open pit mine returned 1.37 grams per tonne ("gpt") Gold ("Au") over 107.8 metres ("m"); including the previously announced intersection of 2.50 gpt Au over 40.8m in drill hole PC-11-181(1). The mineralized zone is open at depth with additional sampling of adjacent drill holes underway.
- Gold clean up at the Pine Cove mill is ongoing and over 1,000 kilograms of high-grade concentrate material has been shipped for refining.
- Sampling of existing stockpiles and tailings storage areas continues around the Point Rousse Project to define material for processing through the Pine Cove mill.
- Engineering has been initiated for the installation of a gravity recovery circuit to recover gold from the one million tonne per year aggregate wash plant operated by Shoreline Aggregates Inc. at the Pine Cove site.
Mr. Garett Macdonald, President and CEO of Maritime, commented: "Only a few months after acquiring the Point Rousse Project we are seeing real value developing from these assets. Our immediate focus has been recovering gold throughout the Pine Cove process plant with our second clean up program nearing completion. Outside of the mill, our crews are conducting an extensive sampling program of all existing mineralized and tailings material. With gold prices over US$2,300/oz, this material could be a potential one-off source of cash inflow during 2024. On the exploration front, examination of the mineral potential at the former Pine Cove open pit mine has identified a thick zone of mineralization extending over 200m below the pit bottom. Additional sampling of existing drill core is ongoing to determine continuity and plans for future exploration work."
Pine Cove Mine Infill Sampling
The Pine Cove open pit mine (the "Pine Cove Deposit") produced 154,000 oz of gold between 2010-2020 (2). The open pit mine bottomed out at a depth of 100m from surface. The mineralized zone continues below the pit and remains open at depth to the north. Infill sampling of historical drill hole PC-11-181 by Maritime in 2024 which included several unsampled intervals returned 1.37 gpt Au over 107.8m (from 175m to 282.8m). This intersection included a historical interval of 2.50 gpt Au over 40.8m, from a depth of 221.4m to 262.2m (1) (See Figure 1). To verify the broad low-grade envelope, a review of other drill holes in the downdip direction to the north is ongoing. The gold mineralization is invariably associated with widespread pyrite and wall-rock alteration consisting of quartz, iron-carbonates, calcite, albite and chlorite. Locally secondary higher-grade quartz+pyrite veins and breccia have cross-cut the deposit resulting in higher grade intervals such as 27.96 gpt Au over 1.4m (from 243.6m to 245m).
Pine Cove Mill Gold Clean Up Program
Following the successful gold recovery program at the end of 2023 that recovered 281 ounces of gold with proceeds of approximately $745,000, a second mill clean up and gold recovery program was contracted to Reclamin International. Over 1,000 kilograms of high-grade concentrate was shipped to Sabin Metals refinery in Scottsville, New York with final assays and settlement expected in the coming weeks. This phase of clean up and gold recovery work at Pine Cove is expected to be completed by the end of April.
Point Rousse Sampling Program
With warmer temperatures and spring break up underway, Maritime has expanded a sampling program around the entire Point Rousse Project to quantify gold mineralization that could be processed through the Pine Cove mill in the future. This includes the TSF2 tailings pond which was used last year to store fines from the adjacent wash plant operated by Shoreline Aggregates Inc. and the remaining stockpile yard surrounding the Pine Cove mill (See Figure 3). Additionally, the Deer Cove project located 8 km northeast of Pine Cove contains 4,275 tonnes grading 3.1 gpt Au (3) from a historical underground bulk sample program (See Figure 2). Maritime has sampled the various stockpiles around the Deer Cove adit which have been sent to Eastern Analytical Limited in Springdale, NL for analysis.
Figure 1. Pine Cove Mine Cross Section Looking West
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Figure 2. Deer Cove Project - Underground Adit and Stockpiles
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Figure 3. TSF2 Tailings Pond
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Table 1. Drill Hole Location
Hole
number | Azimuth | Dip | Length | Easting | Northing |
| PC-11-181 | 180 | -75 | 297.5 | 295547.1 | 5536320.0 |
| NAD 83 MTM Zone 2 |
Table 2. Drill Hole Assays
| Hole | From | To | Length (m) | Au Composite (gpt) | Notes |
| PC-11-181 | 175 | 282.8 | 107.8 | 1.37 | |
| PC-11-181 | 221.4 | 262.2 | 40.8 | 2.50 | Previously Reported (1) |
| PC-11-181 | 243.6 | 245 | 1.4 | 27.96 | |
Notes:
(1) This information is based on the press release of Signal Gold Inc. dated January 14, 2013.
(2) Per registration document lodged with the Government of Newfoundland and Labrador, with an effective date of August 25, 2022, entitled "Stog'er Tight Expansion Project - 278 Open Pit Mine Environmental Registration," prepared by Stantec Consulting Ltd. The information in this document has not been independently verified by the Company and should not be relied upon as a predictor of future results.
(3) Per registration document lodged with the Government of Newfoundland and Labrador, with an effective date of March 9, 2021, entitled "Registration pursuant to Part X of the Environmental Protection Act for the Deer Cove Gold Deposit," prepared by Tenacity Gold Mining Company Ltd. The information in this document has not been independently verified by the Company and should not be relied upon as a predictor of future results.
Analytical Procedures
All samples collected by Maritime 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,