Jan 20, 2011
Maritime Resources Corp. (MAE-TSX Venture) reports that it has awarded a drilling contract for a minimum of 4,000 metres to test for extended potential at the Orion Gold Deposit, located near Kings Point, Newfoundland. The successful bidder is Springdale Forest Resources Inc. of Springdale, Newfoundland. Drilling is expected to start in early February.
The Orion Gold deposit is located 1.5 km southwest of the Hammerdown Gold Deposit which was mined from 2000 to 2004. It produced over 300,000 tonnes of ore at an average grade of 16.3 g/t Au at a time when gold was priced in the $300/ounce range.
The Orion Deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The deposit consists of two main vein systems, both of which are open along strike, up and down plunge. Part of the drilling will test for these extensions, but drilling will also test new targets developed by recent geophysical surveys between Orion and Hammerdown. A target of particular interest is a deep Induced Polarization anomaly which has a signature that could represent the deep portion of the Hammerdown deposit which was displaced by a major fault.
The company would like to acknowledge that financial support is provided by the Junior Exploration Assistance Fund granted by the Government of Newfoundland and Labrador's Department of Mines and Energy.
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.