Oct 26, 2010
Maritime Resources Corp. (MAE-TSX Venture) announces that field work has commenced on the Orion Gold deposit area near Springdale, Newfoundland. A three kilometre long grid has been laid out covering both the Orion deposit and the mined Hammerdown gold deposit. Detailed magnetic and VLF-EM surveying is almost 50% complete over the 35 line km grid. A detailed Induced Polarization Survey commenced October 15th. A drill program of approximately 4,000 metres is planned to start by the end of October.
Both Orion and Hammerdown gold deposits are hosted by the Catchers Pond Volcanic Sequence with associated Quartz Feldspar Porphyry (QFP) intrusives in a strong deformation zone. The deposits are separated by a 1.5 km distance.
The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins (16.5 g/t Au) being cut off by a sharp fault between 250 and 300 metres depth.
The objectives of the current program are as follows:
An initial Inferred Resource for the Orion Deposit has been calculated (as detailed in a 43-101 Technical Report authored by Larry R. Pilgrim P. Geol) on the basis of previous work completed on the property by Major General Resources and Commander Resources between 1995 and 2002. A total of 45 NQ sized diamond drill holes, spaced approximately 50 metres apart were used for the calculation. An internal comparative evaluation using various cut-off grades and modeling methods was done. The comparative resources were calculated using 3 different cut-off grades (5, 3, and 1 g/t Au) and 2 different modeling methods (the conventional polygon method and the inversed distance squared interpolated blocks method). Comparative values, using the polygonal method, are shown in the table below. In the comparative evaluation exercise a resource of 202,715 ounces, contained in 3,304,408 tonnes grading 1.968 g/t Au, could be achieved using the interpolated blocks modeling method and a cut-off grade of 1 g/t Au. The Inferred Resource was selected using a 3 g/t Au cut-off grade and the polygonal modeling method, and consists of 119,374 ounces gold contained within 710,285 tonnes grading 5.227 g/t Au.
Mr. L. R. Pilgrim is the Qualified Person as defined by National Instrument 43-101 and has reviewed the technical disclosure contained in this release.
On Behalf of the Board of Directors,
Eric W. Norton
For further information, please call:
Cathy DiVito, Investor Relations
Telephone: (604) 484-7111
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.