MAE have so many signifucant gold discoveries ......in this case just the Point Riusse discoveries very near the Pine Cove mill...that it will take them years to fully explore to development
All have substantial strike and historical drilling showing high grade gold potential needing very limited drilling to advance to FS stages.
Several of these will be drilled in 2024 including the Deer Cove high grade discovery which does have signifucant amount of Historical drilling.....
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ORIGINAL: Maritime Provides Exploration Update On The Point Rousse Project
2024-02-15 07:01 ET - News Release
Toronto, Ontario--(Newsfile Corp. - February 15, 2024) - Maritime Resources Corp. (TSXV: MAE) (OTC PINK: MRTMF) ("Maritime" or the "Company") is pleased to provide an update of the exploration potential and plans at its Point Rousse project in the Baie Verte mining district of Newfoundland and Labrador (the "Point Rousse Project"). The Point Rousse Project covers 57 km2 and has a long history of gold production and exploration with over 200,000 ounces of gold produced in the last 10 years. Maritime acquired the project from Signal Gold Inc. ("Signal Gold") in August 2023, including the Pine Cove mill and tailings storage facility.
Highlights:(1)
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Review of the exploration potential at the recently acquired Point Rousse Project has identified several advanced gold targets with near-term cash flow potential
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Diamond drilling planned throughout 2024 at the Stog'er Tight, Deer Cove and Pine Cove projects to further define mineral resources and test opportunities for expansion
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Exploration at the Point Rousse Project benefits from the extensive infrastructure present on the property, including the Pine Cove mill (the "PC Mill"), thereby reducing initial capital costs and permitting time to develop new projects
"We often hear about the exploration potential that exists "in the shadow of the headframe." In the case of Point Rousse, the exploration potential exists in the shadow of an existing, permitted gold processing plant and this provides a huge development advantage for the exploration targets that we have compared to other greenfield projects. Since acquiring the project last fall, we have identified several advanced, high-grade targets within hauling distance of the PC Mill. This strong pipeline of exploration projects will be the foundation of a hub and spoke business model that we plan to implement across the Baie Verte district," comments Garett Macdonald, President and CEO.(1)
Figure 1: Point Rousse Project Gold Trends
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Pine Cove Project
The Pine Cove open pit mine (the "Pine Cove Deposit") produced 154,000 oz of gold between 2010-2020.(3)Like the other deposits in the Scrape Gold Trend the Pine Cove Deposit is a greenstone-hosted orogenic gold deposit with gold mineralization occurring in quartz, carbonate, albite and pyrite altered mafic volcanics, gabbros and tuffaceous sediments that have undergone multiple phases of deformation that have folded the deposit.
The Pine Cove Deposit remains open down plunge beneath the open pit for at least 300 m where exploratory drilling has intersected wide intervals of mineralization and zones of high-grade gold (Figure 2). Drill hole PC-13-195 intersected 3.3 gpt gold ("Au") over 12.06 m including 4.7 gpt Au over 7.92m and 12.3 gpt Au over 0.96m over 100 m down plunge. (5) Drill hole PC-11-181 intersected 2.5 gpt Au over 40.8 mapproximately 200m down plunge from the current pit limits including higher grade lenses grading 7.2 gpt Au over 3.2m and 11.4 gpt Au over 4.3m.(6)
Figure 2. Pine Cove Project - Down Plunge Potential
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Deer Cove Project(2)
Deer Cove project (the "Deer Cove Deposit") is road accessible and located on the northern tip of the Point Rousse peninsula roughly 8km from the PC Mill. The Deer Cove Deposit was discovered in 1986 by Noranda Exploration and consists of the North-South Tending Deer Cove "Main Zone" and the East-West trending "Sole Thrust Zone" that occurs parallel to the East-West trending south-verging Deer Cove Sole Thrust Fault which spans the tip of the Point Rousse Peninsula. Early work by Noranda included 138 diamond drill holes and 507 m of underground development.
The Deer Cove Deposit's main zone (the "DC Main Zone") trends north-south, has been drilled over a 500 m strike length and is open to the north and at depth. Mineralization is associated with auriferous quartz veins and breccia zones typically 1 to 3 m in width (Figure 3). Early drilling of the DC Main Zone intersected 22.7 gpt Au over 5.0 m.(4)
The Deer Cove Deposit's "Sole Thrust Zone" is an east-west trending structural corridor 4 km in length parallel to the Deer Cove Sole Thrust. Early drilling of the mineralization along this zone intersected 2.9 gpt Au over 7.8 m in drillhole DC-87-066. The Deer Cove "Deformation Zone" is a reported damage zone that occurs along the southernmost end of the DC Main Zone. The southernmost 32 m of the zone is crumpled into a series of sharp folds which plunge to the northwest and this deformed portion of the Deer Cove Deposit contained abundant visible gold and averaged 14.25 gpt Au over a width of 2.9 m.(4) Early drilling along of the deformation zone returned upwards of 6.9 gpt Au over 25.1 m, including two high grade intervals of 11.97 gpt Au over 4.1 m and 26.1 gpt Au over 3.6 m in drillhole DC-87-073.(4)
Maritime's 2024 exploration work at the Deer Cove Deposit is expected to consist of 1,500 m of diamond drilling along the southern end of the Deer Cove Gold Trend to further test and expand the structurally thickened high-grade ore shoot.
Figure 3: Coarse gold marginal to quartz veining, Deer Cove project
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Stog'er Tight Project
The Stog'er Tight deposit ("Stog'er") is a typical greenstone-hosted orogenic gold deposit with gold mineralization occurring in quartz, carbonate, albite and pyrite altered gabbro's and mafic volcanics. Mineralization at Stog'er is strongly deformed with multiple generations of folding appearing to play an important role in the distribution of gold as well as local thickening of the mineralized zones. The mineralized zone is curvilinear and over 1 km in strike length and is open along strike and at depth. A portion of the project is fully permitted for development and the remaining permitting is expected to be completed by 2025.(1) Previous production from Stog'er occurred from 2016-2020 producing 18,318 oz gold with a mill recovery of 88%.(3)
The Stog'er Tight open pit gold deposit (the "Stog'er Deposit") is located only 4 km from the PC Mill (Figure 1) and contains a historical mineral resource estimate of 63,000 oz Au @ 3.02 gpt (Indicated) and 9,600 oz Au @ 5.63 gpt (Inferred), (collectively, the "Resource Estimate").(2) This Resource estimate is considered historical in nature as it was completed by Signal Gold in 2022. A qualified person has not done sufficient work to classify the Resource Estimate as a current mineral resource. Therefore, the Company is not treating the Resource Estimate as a current mineral resource. Additional exploration work is required to verify the historical Resource Estimate including surveying, diamond drilling, assaying, core logging, modeling of the mineralized zones and open pit optimization analyses.
Notes Regarding the Resource Estimate:
1. The Resource Estimate was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, 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 Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
2. The Resource Estimate 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%.
3. Assays were capped on the basis of the three domain types flat, steep, and background.
4. Specific gravity was applied on a lithological basis after calculating weighted averages based on lithological groups.
5. The Resource Estimate has an effective date of September 30, 2022. The Company has not obtained any more recent mineral resource estimates relating to the Stog'er Deposit as of the date hereof.
6. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
7. Reported from within a mineralization envelope accounting for mineral continuity.
Regional Exploration Across Point Rousse
The regional exploration potential across the Point Rousse Project is defined in three distinct trends - the Scrape, Goldenville and Deer Cove trends (Figure 1). The three trends span the Point Rousse Peninsula with the Scrape and Goldenville Trend each having a strike length of more than 8 km and the Deer Cove Trend having a strike length of 3 km (discussed above). The gold deposits and prospects hosted on these trends are all open in multiple directions.
The Scrape Trend
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Anoroc Prospect is located 800 m SW of the former Pine Cove Deposit. Mineralization at Anoroc is associated with altered mafic volcanics and metasediments with historic drilling yielded 9.9 gpt Au over 2.0 m in drillhole AR-90-01. A subsequent drilling program by Signal Gold in 2018 intersected up to 2.4 gpt Au over 10.0 m in hole AN-18-06.(7)
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Animal Pond Showing is located 1.5 km NE of the Pine Cove Deposit. Trenching in 2004 encountered a 42.0 m wide zone of pyritized auriferous quartz-stockwork and altered gabbro. Local grab samples from the prospect achieved up to 61.5 gpt Au. A chip sample from the main showing obtained 4.0 gpt Au across 5.2 m.(8) Signal Gold continued to explore the Animal Pond prospect with drilling and IP Geophysics in 2022.
The Goldenville Trend
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Goldenville Horizon is part of a regionally extensive banded iron formation similar in nature to the Nugget Pond deposit which produced 487,757 tonnes of ore grading 9.61 gpt Au, (9) Exploratory drilling of the prospect in 1987 intersected a high grade zone returning 12.89 gpt Au over 1.89 m in drill hole MH-11.(9)
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Romeo and Juliet prospect (the "RJ Prospect") is located 1.5 km north of the Pine Cove Deposit. The RJ Prospect is typically hosted in a series of narrow stacked gold bearing quartz veins that have been delineated over a strike length of 300 m and have achieved up to 8.4 gpt Au over 12.0 m in drillhole RJ-13-26. (10) The Romeo and Juliet vein system remains open along strike and at depth.
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Pumbly Point prospect is hosted in silicified mafic volcanics with the best mineralization occurring in association with an ENE trending altered shear zone. The mineralized zone has been partially delineated through prospecting, mapping and drilling over 600 m of strike length. Signal Gold completed exploratory drilling of Pumbly Point in 2021 and intersected grades of 1.42 gpt Au over 4.0 m and 1.89 gpt Au over 7.8 m in drillholes PP-21-08 and PP-21-09 respectively.(2)
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Corkscrew and Big Bear prospects comprise a 1 km long discontinuous gold zone in the Western Goldenville Trend. Mineralization occurs in sericite, iron carbonate and albite altered fine grained granodiorite. In 2021, drilling of the Corkscrew prospect intersected 2.09 gpt Au over 5.7 m and 0.91 gpt Au over 17 m in drill holes CS-21-004 and CS-21-005 respectively. Also in 2021, drilling of the Big Bear prospect intersected 1.03 gpt Au over 5.4 m and 1.49 gpt Au over 3.8 m in drillholes BB-21-001 and BB-21-003 respectively.(2)
These prospects are all located within 4 km of the PC Mill and emphasise the resource growth opportunities in the immediate vicinity. Maritime's 2024 exploration program will consist of a detailed compilation of all existing work on the Point Rousse Project and will include approximately 2,000 m of diamond drilling at select high priority targets.
Notes:
(1) This is forward-looking information and is based on a number of assumptions. See "Caution Regarding Forward Looking Statements."
(2) This information is based on available public sources and in a report provided by Signal Gold to the Company with an effective date of September 30, 2022, entitled "2022 NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse Project," prepared by Joanne Robinson, P.Eng., Glen Kuntz, P.Geo., Paul McNeill, P.Geo., Kevin Bullock, P.Eng., and Chris Budgell, P.Eng. (the "2022 Technical Report"). The information in the 2022 Technical Report has not been independently verified by the Company and should not be relied upon as a predictor of future results.
(3) This information is based on a report provided by Signal Gold to the Company 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.