Dec 13, 2010
Maritime Resources Corp. (MAE-TSX Venture) has recently completed geophysical surveys over the Orion-Hammerdown gold deposits and was successful in identifying a number of favourable gold targets. In its first exploration program since acquiring the Springdale area Orion deposit and nearby claims, the Company completed 38.5 km Induced Polarization (I.P.) and 47.4 km of magnetic VLF-EM surveying.
Two completely new targets have been developed and two others confirmed. The survey covered a continuous 3 km strike length of the Hammerdown Deformation Zone which covers both the Orion deposit and recently mined Hammerdown deposit. Of particular interest, a deep I.P. anomaly has been located which appears to have the signature of the Lower Hammerdown deposit which was faulted off to an unknown location. This deep target is located about 500 metres to the southwest of Hammerdown in an area not previously drilled.
The second new target is a 250 metre long shallow I.P. anomaly situated 50 metres south of the western end of the Orion deposit. This may also represent a faulted block from Orion as it has a similar I.P. signature as this portion of Orion.
Confirmation of geophysical continuity was received in the gap between the Orion deposit and Orion West veins, marked by a 250 metre undrilled block between the two zones. The presence of the Muddy Shag vein system situated immediately west of the Hammerdown deposit was also confirmed. It was not mined in 2000 \0x2013 2004 as the grade was too low when gold prices were about $300/oz.
The main target at the Orion gold deposit is the gold bearing vein system which is down-plunge from the existing resources. This area was not tested by the geophysical survey as it is already a priority drilling target.
Proposals for a drill program have been received and are now being reviewed. A 4,000 metre drill program is planned to start in January 2011.
Funding for this geophysical program was assisted by a grant provided by the Government of Newfoundland and Labrador under its Junior Exploration Assistance Program administered by the Department of Natural Resources.
Bernard Kahlert, P.Eng. 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.