TORONTO, ON (December 7th, 2022) – 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
- 4.72 grams per tonne (“gpt”) Au over 8.15 m, including 10.4 gpt Au over 3.67 m in drill hole BB-22-203 (Orion)
- 1.38 gpt Au over 27.79 m, including 5.29 gpt Au over 4.36 m in drill hole BB-22-204 (Orion)
- 1.14 gpt Au over 45.71 m, including 4.66 gpt Au over 6.0 m in hole BB-22-205 (Orion)
- 2.98 gpt Au over 8.4 m, including 93.85 gpt Au over 0.20 m (Orion), re-sampled core intersection from 22.5-30.9 m in drill hole BB-20-114 (Orion Infill)
- 0.54 gpt Au over 38.0 m, including 0.71 gpt Au over 23.0 m in drill hole MP-22-219 (Area 22)
- 0.60 gpt Au over 10.5 m, including 19.1 gpt Au over 0.2 m in drill hole MP-22-220 (Area 22)
- 23.50 gpt Au over 0.20 m in drill hole MP-22-222 (Area 22)
Garett Macdonald, President and CEO comments, “Maritime’s 5,000 metre fall 2022 exploration program is approximately 50% complete, with 13 drill holes drilled at the Area 22 target and 6 drill holes at the Orion deposit.
Initial results form both areas are very encouraging with new mineralization encountered at Area 22 stretching over 500 m in strike length, 100 m vertically and remaining open in all directions.
At the Orion project, the results have improved the continuity of a high-grade mineralized shoot within the larger deposit. Since the completion of the positive feasibility study for the Hammerdown Gold Project, the Company’s exploration team has focussed on identifying near mine exploration targets that could extend the project’s mine life. These results are very positive for our plans and we look forward to additional results in the new year”.
Orion Project
Exploration at Orion is currently focused on additional definition drilling in the deposit’s central corridor to test for possible plunging high-grade mineralized shoots.
To date, six drill holes have been completed and assay results have been received for three (Figure 1).
Drill hole BB-22-203 returned an interval of 4.72 gpt Au over 8.15 m, including 10.4 gpt Au over 3.67 m at 80m vertical depth (see Figures 2 and 3), approximately 20m beneath hole BB-20-133 which intersected the zone with 4.8 gpt Au over 13.6 m; including 7.0 gpt Au over 8.1 m (see press release dated January 19, 2021).
Drill hole BB-22-204 was drilled 50 m south of BB-22-203 and intersected a wide interval of mineralization grading 1.38 gpt Au over 27.79 m, including 5.29 gpt Au over 4.36 m at 70m vertical depth.
Drill hole BB-22-205 was drilled 60 m south of BB-22-204 and intersected 1.14 gpt Au over 45.71 m, including 4.66 gpt Au over 6.0 m at a vertical depth of 50m.
Sampling of existing and historic drill holes is ongoing and has identified additional mineralized lenses within the deposit. These additional lenses have proven to be inconsistently sampled in prior drilling and additional infill sampling has been conducted on available drill cores in drill holes BB-20-104, BB-20-106, BB-20-107 and BB-20-114.
This resampling identified appreciable gold grades in all 4 holes. Sampling of drill hole BB-20-114 returned an updated composite grade of 2.98 gpt Au over 8.4 m from 22.5-30.9 m, including a newly sampled discrete quartz vein returning 93.85 gpt Au over 0.2 m.