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Green Bay Property

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GREEN BAY GOLD PROPERTY, North central Newfoundland, Canada

PROPERTY DETAILS:
NI 43-101 Mineral Resource Estimate - contain in excess of 400,000 ounces of gold in the Measured and Indicated category, using a 3 g/t cut-off grade, and in excess of 600,000 ounces in the Inferred category, also at a 3 g/t cut-off grade. The effective date of the Mineral Resource Estimate is May 23, 2013.

OWNERSHIP:

100% - Maritime Resources Corp.

LOGISTICS:
  • 14 km northwest of Springdale - 7 km southwest of Kings Point
  • Direct access from Hammerdown and Orion gold deposits to Highway 391 via a 4 km logging road
  • Local district has mining supplies, labour, services and power
May 27, 2013 NEWS:

Maritime has received the initial independent NI 43-101 Mineral Resource Estimate for its 100% owned Green Bay Gold property near Springdale, Newfoundland. The mineral resource for the property is estimated to contain in excess of 400,000 ounces of gold in the Measured and Indicated category, using a 3 g/t cut-off grade, and in excess of 600,000 ounces in the Inferred category, also at a 3 g/t cut-off grade.

The estimate was compiled by Tetra Tech and includes all newly discovered gold mineralization resulting from the 2011 and 2012 exploration programs in addition to any un-mined deposits on the Green Bay property that remain from previous operation. The property consists of the former Hammerdown Mine (developed between 2001 and 2004), including the Rumbullion and Muddy Shag zones in the north, and the Orion deposit situated 1.5 km to the south. The effective date of the Mineral Resource Estimate is May 23, 2013.

FULL NEWS RELEASE LINK - July 11, 2013
Maritime Files Technical Report and Commences Work Program on Green Bay Gold Property

FULL NEWS RELEASE LINK - May 28, 2013
Maritime Releases First NI 43-101 Resource Estimate for Green Bay Gold Property, Newfoundland


MINERAL RESOURCE STATEMENTS FOR THE GREEN BAY, NEWFOUNDLAND PROJECT
USING 3 G/T GOLD CUT-OFF GRADE

HAMMERDOWN DEPOSIT
Category Deposit or Zone Tonnes Grade
(g/t Au)
Gold
(Ounces)
Measured Hammerdown 157,100 12.35 62,400
Rumbullion 45,800 11.31 16,600
  Measured Subtotal 202,900 12.12 79,000
Indicated Hammerdown 289,300 11.71 108,900
Rumbullion 235,300 11.00 83,200
  Indicated Subtotal 524,600 11.39 192,100
  M&I Total 727,500 11.59 271,100
Inferred Hammerdown 922,000   8.13 240,900
Rumbullion 773,000 6.46 160,600
Muddy Shag 72,000 14.91 34,500
  Inferred Total 1,767,000 7.68 436,000

ORION DEPOSIT
Category Deposit or Zone Tonnes Grade
(g/t Au)
Gold
(Ounces)
Measured Orion 0 0 0
  Measured Subtotal 0 0 0
Indicated Orion 1,096,500 4.47 157,500
  Indicated Subtotal 1,096,500 4.47 157,500
  M&I Total 1,096,500 4.47 157,500
Inferred Orion 1,288,000 5.44 225,100
  Inferred Total 1,288,000 5.44 225,100

SENSITIVITY OF RESOURCES TO GRADE CUT-OFF
Resource Category Cut-off Deposit Tonnes Grade
(g/t Au)
Gold
(Ounces)
Measured and Indicated 2 g/t Au HD, RM, MS 831,330 10.46 279,574
Orion 1,581,500 3.87 196,776
3 g/t Au HD, RM, MS 727,460 11.59 271,072
Orion 1,096,500 4.47 157,582
4 g/t Au HD, RM, MS 642,180 12.67 261,592
Orion 630,500 5.24 106,220
5 g/t Au HD, RM, MS 562,760 13.82 250,048
Orion 347,200 5.86 65,414
 
Inferred 2 g/t Au HD, RM, MS 2,204,000 6.64 470,513
Orion 1,891,000 4.52 274,803
3 g/t Au HD, RM, MS 1,767,000 7.68 436,304
Orion 1,288,000 5.44 225,272
4 g/t Au HD, RM, MS 1,336,000 9.02 387,440
Orion 917,000 6.18 182,201
5 g/t Au HD, RM, MS 1,027,000 10.39 343,066
Orion 692,000 6.75 150,176
HD = Hammerdown    RM = Rumbullion    MS = Muddy Shag

  1. CIM definition standards were followed for the resource estimate.
  2. The 2013 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
  3. A cut-off grade of 3.0 g/t Au over 1.2 metres was used for reporting resources with capping of gold grades at 125 g/t at Hammerdown and 50 g/t at Orion.
  4. A Specific Gravity of 2.84 was applied.
  5. Numbers may not add exactly due to rounding.
  6. Mineral Resources, which are not mineral reserves, have not demonstrated economic viability.
  7. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
  8. A portion of the estimated resource, specifically the Hammerdown mineralization, may be located in close proximity to previously mined areas and, as such, may not be recoverable due to structural or safety concerns.
The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech, Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101.The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 5m X 5m X 5 m split three times into sub-blocks. The geological model including mineralized intercepts were generated by Maritime personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures have been reviewed by Tetra Tech.

A technical report has been filed on SEDAR on July 3, 2013.



GREEN BAY PROPERTY SUMMARY


Maritime Resources holds 100% of the 51.7 square kilometre (12,775 acres) Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, and the Lochinvar precious metals deposit.

The Hammerdown gold deposit was successfully mined by Richmont Mines between the years 2000 and 2004 while gold prices averaged $325/oz. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold prices with mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, up and down plunge.

HISTORY


Commander Resources Ltd. actively explored the Green Bay Project area since first acquiring the Rendell-Jackman property in 1989. A successful exploration campaign culminated in the detailed delineation of the Hammerdown gold deposit which was subsequently sold to Richmont Mining. Richmont actively mined the deposit from 2000 to 2004. The ore was trucked for processing at the Nugget Pond Mill. Mine Records show 315,000 Tonnes were mined; 157,000 ounces gold was recovered with an average grade of 16.1 g/t. At the time of mining Hammerdown, the price of gold averaged $275 per ounce. In 2005 Commander once again assumed responsibility for all the Green Bay Project properties and continued exploration work during the remainder of 2005.

In 1995, Commander discovered and drill-tested the Orion gold occurrence 1,700 m southwest of the Hammerdown deposit. At the time of mining Hammerdown, the low price of gold precluded consideration of Orion for development. In November 1995 another cluster of five gold-in-soil anomalies (up to 85 ppb gold) was outlined 250 metres along strike to the southwest. This anomaly was drill tested in February 1996 (BB-96-32), resulting in the discovery of the western segment of the Deposit (Orion West). Drilling by Maritime Resources in 2012 between the two zones confirmed continuity of gold mineralization, making Orion at least 800 metres long in strike extent. The deposit is completely open down plunge to the northeast.


PROPERTY GEOLOGY AND GOLD VEIN SYSTEMS


The Green Bay property is host to 4 gold deposits. These four zones are contained within a 4 kilometre long deformation/strain zone locally called the Hammerdown Deformation Zone. The Hammerdown Deformation Zone is superimposed on or near the northern boundary of a small greenstone belt.

The Catchers Pond Greenstone belt consists of a series of lower Ordovician felsic to mafic volcanics interbedded with sequences of fine grained arenaceous and chemical sediments. It is located in north-central Newfoundland in a mineral-rich district. The greenstones are related to the Buchans Greenstones located 75 km to the south, which produced base and precious metals from rich volcanogenic deposits for over 60 years.

The Green Bay Gold Deposits lie within a northeast trending 100-250 metre wide high strain zone (structural "corridor") of strong ductile to brittle shearing that can be traced from Orion northeastward for approximately four kilometres. This structural corridor hosts the Hammerdown, Rumbullion, Muddy Shag and Orion Gold Deposits, plus several other gold mineralized zones as shown on Figs. 4 and 5.. The corridor straddles the contact between the Catchers Pond Group and the Hammerdown Basalt, though is mainly developed within the uppermost units of the Catchers Pond Group. Several detailed structural studies at the Hammerdown and Rumbullion Gold Deposits have been undertaken. (Dubé et al, 1992, Gaboury et al. 1996), the results of which are applicable to Orion and Muddy Shag as well.


Green Bay Property Geology with Gold and Base Metal Deposits



THE HAMMERDOWN GOLD DEPOSIT


Hammerdown-Rumbullion-Muddy Shag Vein System:
The Hammerdown Gold Deposit consists of a series of stacked gold vein zones situated within a 250 metre long section of an 1800 metre long shear zone in the northern portion of the Hammerdown deformation zone. Its eastern boundary is the Rumbullion Fault, a northeasterly trending fault, to the east of which is the Rumbullion gold zone which hosts several narrow, high grade gold vein zones. To the west, the Hammerdown vein system pinches out approximately 75 metres to the southwest of a strong flexure in the shear zone which rotates the shear from east-west at Hammerdown to southwesterly. This south-west trending shear extends for several hundred metres and hosts the Muddy Shag gold zone containing two or three gold veins.

At depth, the entire shear zone, including most gold zones, are cut off by the extensive Captain Nemo Fault, which is a north dipping, normal fault with some strike slip movement. Geological interpretation indicates downdrop of the Hammerdown area to be several hundred metres. As the Captain Nemo Fault cuts through the Hammerdown shear at an oblique angle, veins are cut off at depths varying from 150 to 250 metres.


The Hammerdown Gold Vein System


At Hammerdown a total of nine gold bearing veins have shown sufficient grade and continuity to be included in reserves. An additional six to eight small or weak vein systems have been identified in the Hammerdown zone several of these have developed into small ore shoots. At Rumbullion, seven veins have ore lenses along part of their strike extent.

The gold bearing veins consist essentially of vein quartz with 5-20 percent pyrite occurring as massive stringers and dense disseminations. Base metal sulphides total about one percent, with zinc content equalling combined copper and lead values. Minor bismuth occurs as native metal as well as the sulphosalt hammarite.

Gold is intimately associated with all sulphide phases, occurring as discrete grains within sulphides, at sulphide grain boundaries and, occasionally in quartz fractures near sulphide grains. There is a direct relationship between sulphide content and gold grade in veins. The gold is always fine grained, with 80 percent being of grain size less than 20 microns and the largest grain size is slightly over 100 microns. Considering the high grades, relatively little visual gold occurs in the deposit.

At Hammerdown, the Main vein systems, designated Ml and M2, are respectively located along the north and south contacts of a fairly continuous, dyke felsic porphyry body with the enclosing sheared mafic volcanics. The M2 vein is the stronger of the two. In places offshoot veins within the porphyry close to the M2 vein, are included in M3 reserves.

The Hammerdown hangingwall veins, designated (from south to north) N, 0, P, and Q, mostly occur in relatively "undeformed" mafic volcanics with a minor iron formation component and leucoxene-bearing mafic dykes. Other felsic porphyry sills/dykes are present, but do not influence the siting of the veins like the porphyry associated with Ml and M2. The veins have longer strike lengths compared to the Main veins.

The Footwall veins labelled (from north to south) L, K, and J are hosted by strongly sheared mafic and felsic volcanics invaded by felsic porphyry sills. At least four other vein sets (LI, Kl, K2, Jl) are present. As with the Main Zone, the porphyries play a significant role in localizing the veining, with the strongest veins occurring along the southern contact of the sills. Dips are near vertical and all Footwall veins are truncated by the Captain Nemo Fault.


Hammerdown Gold Veins Vertical Projection - Looking East


Hammerdown Gold Vein System Oblique Plan View Looking North



RUMBULLION GOLD VEINS

At Rumbullion, the vein with the highest grade and lateral continuity is designated RM (Rumbullion Main). The other designated veins follow the same naming format as at Hammerdown (ie. RN, RO... RR to the north of RM; RL, RK... RC to the south). The veins strike east-west in the western portion of the deposit then swing to the northeast in the eastern portion. Dips are steep to the north.

Just east of the Rumbullion Fault, the Rumbullion Vein system continues in an easterly direction for about 150 metres, where an abrupt flexure rotates the vein system sharply to the northeast at the regional 050 degree direction. The vein system continues to the NE for at least 800 metres, however the number ore lenses seems to reduce in this direction, mainly due to lack of drilling. The veins also separate further to the east, making them more difficult to explore and define. This 800 metre strike length, with several known veins over a 300-400 metre stratigraphic section, has significant exploration opportunity. This area is swamp covered, yet has a number of gold soil anomalies and has not been covered with detailed EM surveys.

The Captain Nemo Fault also splits into a North and South Fault along the northeasterly trend of Rumbullion. The Rumbullion vein zones can be divided into two groups; those above the upper branch of the Captain Nemo fault (RK-RR) and those between the upper and lower branches of the fault (RI-RC).

GOLDEN ANCHOR VEINS

Several gold bearing veins were encountered while the Lochinvar base metal deposit was being defined. A number of high grade gold intervals and a small, unqualified gold resource was established in two of the veins. These zones are still untested at depth. These veins are likely the far eastern continuation of the East Rumbullion gold veins, extending over 1,000 metres.

MUDDY SHAG GOLD VEINS

At Muddy Shag two, sub-vertical dipping quartz vein zones with a strike of 050oare hosted within moderately to strongly sheared mafic to felsic volcaniclastics and minor black cherty sediments. Both zones are gold-bearing although of lower grade than Hammerdown and Rumbullion. Two main vein zones (MM1, MM2) show significant vertical and lateral geological continuity within which several lenses reach ore grades. A third vein (the J vein) is present only in the eastern region of Muddy Shag near the Hammerdown flexure, and yields exceptionally high gold values. Muddy Shag contains an inferred resource of 72,000 Tonnes grading 14.9 g/t Au or 34,500 ounces gold.

THE ORION GOLD DEPOSIT


Click to Enlarge

Geology of the Orion Gold Deposit

ORION GOLD DEPOSIT GEOLOGY

Stratigraphy:
The Orion Gold Deposit is situated at the southern portion of the Hammerdown deformation zone and is hosted by strongly deformed, steeply dipping metavolcanic and metasedimentary units. A major reverse fault zone (Horsehead Fault) has thrust this assemblage over younger volcanics to the west. This northerly striking fault dips 500 to the east and terminates the Orion Gold zones to the west. As the fault trends oblique to the N50E strike of the Orion Vein system, the base of the gold zones plunge about 400 to the northeast. Recent drilling has encountered high grade gold in the veins close to the fault, indicating a possible structural relationship of high grade gold with the plunge of the Horsehead fault. The Orion gold veins are completely open in this plunge direction and to the east.

Intruding the stratigraphy are numerous sill-like lenses of quartz-feldspar porphyry up to 6 metres thick and a myriad of mafic dykes and sills up to 10 metres thick.

Structure and Alteration:
The rocks hosting the Deposit have undergone a protracted history of complex deformation, including both folding and brittle faulting. At least three deformational events influenced vein emplacement and overall geometry of the mineralized zones.

Cross section along L 600W of Orion Gold Deposit (looking grid west)


Discovery Vein Zone
The Discovery Zone, as the name suggests, was the first to be discovered at the Deposit. The zone is situated near the transition from the "mixed" mafic-felsic schist (See Cross-section Fig 11) This vein zone consists of single to multiple <1-30cm quartz-calcite veins (mainly 2-5cm) with 1-3% pyrite (locally to 10%) and minor amounts of light coloured sphalerite and chalcopyrite. One vein (BB-96-66) contained 50 grains of visible gold but otherwise visible gold is generally rare. The hosting schists often have a distinct yellow ochre sericite developed adjacent to the veining. Silicification is also common. Geochemically, the zone has twice the zinc and copper content compared to the Orion Main Zone but similar though very low amounts of silver and lead.

Orion Gold Vein System Oblique Plan View


Main Vein Zone:
The Main vein zone is situated within the "final" felsic schist generally 10-30 metres northwest of the Discovery Zone. Like the Discovery Zone, it can be traced along strike for 950 metres.

The zone consists of multiple 0.5-15cm quartz-calcite veins (mainly 1-3cm) and strong patchy silicification with 5-10% disseminated pyrite (up to 25%) and minor, though locally abundant chalcopyrite and sphalerite. Visible gold was observed in two drill holes. The host schists are strongly sericitic, silicified and locally display salmon-coloured bleaching.

EMS Zone:
The EMS Zone is the smallest of the three "significant" zones at the Deposit. Like the Discovery and Main Zones it is contained within a distinct stratigraphic interval; in this case the graphitic cherty sediments/volcanic turbidite unit. The zone has a much shorter strike of 350 metres while "better grade" mineralization is confined to only about a 50 metre strike between 50 and 100 metres below surface. The zone occurs approximately 100 metres southeast of the Discovery Zone. The grade x thickness longitudinal section shows a slightly steeper easterly plunge (45°) compared to the two zones described above.


GOLD EXPLORATION POTENTIAL Untested Gold Potential - Rumbullion to Lochinvar


A. Hammerdown-Rumbullion Eastern Extension

The Hammerdown-Rumbullion vein system has significant gold exploration potential eastward from its current resource delimitation. Early drill testing of eastward extending Rumbullion veins, when gold prices ranged from $250 - $300/ounce, found less and less ore grade zones. Exploration drilling therefore ended in this direction in the mid-late 1990's. When Richmont reached out to mine the higher grade lenses at East Rumbullion in the early 2000's, with gold prices still low, the cost of long haulage drifts soon overcame profitability of mining the extended lenses and their exploration in this direction ceased.

At the eastern end of the property, Major General Resources discovered several continuous gold veins north of the Lochinvar base metal deposit and encountered some relatively high grade gold intersections. A small gold resource (20,000 oz) was calculated for one of these veins but shelved due to low gold prices.

These Lochinvar Hanging Wall veins (see map above) are identical to Rumbullion veins and occur in the same structure and rock sequences. Scattered drill holes between Rumbullion and Lochinvar veins have encountered narrow gold veins so the system is known to be continuous.

It is therefore considered likely that additional gold resources can be developed in this 800 metre long extension east of Hammerdown-Rumbullion veins. Drilling here will be shallow, near surface holes.

B. Orion Deeps Extension

Maritime's first drill program at Green Bay in 2011 significantly increased gold resources at the Orion deposit. This drilling not only closed the gap between the (old) Orion east and west zones, it also encountered some of the highest grade gold intervals at Orion.

This new drilling, when combined with earlier drill results, clearly shows a higher grade gold zone plunging north-easterly at about -40 degrees. As this plunge direction is parallel to a strong regional fault for several hundred metres, it is considered that the two controls are related.

The Orion down-plunge gold opportunity is completely open at depth and has never been drill tested. A deep drill hole program is required to test the extent of the Orion deposit to the northeast.

C. Hammerdown Down Fault Block

The possible extension of the Hammerdown gold deposit has always been limited by the Captain Nemo Fault which removed the lower extension of the vein system in an unknown direction. The veins are terminated between 150 m and 250 m depth by this very sharp fault. Fragments of the ore grade veins were actually encountered in the fault during mining operations by Richmont Mines. However, they only drilled two deep holes in search for continuation of the veins.

The direction and distance of the fault offset has never been resolved, however geological and magnetic mapping of the property indicates it has not been moved more than several 100's of metres. In late 2010, Maritime completed a deep searching geophysical survey to the south of the Captain Nemo fault and located a target at depth. There has been preliminary testing of this target and it remains available for further work.