Maritime Resources Corp V.MAE

RE:Most likely over 45,000 ounces of Stoger + Production

[nozzpack]

It is very likely that Maritime's 3000 m definition drilling of the Stoger Tight deposit will significantly 
increase Reserve levels from the 46,000 ounces in the Dec 2021  estimate by Signal whose sloppiness
in definition drilling is well exemplified by the Argyle fluck up.

Stoger has 71,000 ounces in its Measured, Inducated and Inferred gold Resources....see Table below...and the grades are much higher than the 1.97 grams per ton for the 46,000 ounces of Reserves estimated by Signal.

Its rather unusual that conversion from also all Measured and Inducated ( most of the Reserves come friom this category ) to reserves is less than 80 % 

This would imply about 55,000 ounces versus 46,000 ounces from the Signal FS.

Further, I have never seen such a reduction in average grades converting M &I categories to Reserves .

Sometimes Reserves are a bit higher others a bit lower in grade.....Stoger goes from about 3.05 grams to 1.97 grams .

There is also the much higher recovery rate of the current Pine cove mill....97% versus 87 % in 2021.

so, for illustration , the 46,000 ounces of reserves resulted in 40100 ounces recovered in 2021 study ( 46,000 x 0.87 )

The current mill would raise those 46,000 Reserve ounces  gold  to 44,600 ounces  recovered which is 4500 ounces better than the mill in late 2021.

This is not trivial....$13 million extra in gold recoveries from the same resource level .

So, 4500 ounces gain due to higher recoveries of the current. Mill

Another 5000 to 10,000 Reserve ounces in gains due to 3000 m of definition drilling converting more of the 71,000 ounces of gold ounces to Reserves 

And probably signifucantly higher grades of those Reserves.

Summary

Stoger, subsequent to definition drilling by MAE, including higher recovery of gold Reserves due to the Pine Cove mill upgrade, should be able to deliver at least 50,000 ounces of gold to Maritime once producing resumes .

Thats about $150 million CAD in gross revenues net to Maritime ....enabling full development costs of HD...no more dilution..and lots to our balance sheet to explore and develop our many advanced gold + 
deposits into production.

This, we received for less than $8 million to Signal ,.....true demonstrated signs of Maritime's acute business sense in accruing great assets at the cheapest prices ..



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Table 2: 2021 Stog'er Tight Mineral Resource-- Effective Date: September 1, 2021^

Deposit	Gold Cut-off (g/t)	Category	Tonnes	Gold Grade (g/t)	Gold Troy Ounces
Stog'er Tight	0.59	Indicated	642,000	3.02	62,300
		Inferred	53,000	5.63	9,600

Mineral Resource Estimate Notes

1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. Open pit Mineral Resources at Stog'er Tight are reported at a cut-off grade of 0.59 g/t gold that is based on a gold price of CAD$2,000/oz (approximately US$1,550/oz) and a gold processing recovery factor of 87%.I