Nov 04, 2011
Maritime Resources Corp. (MAE-TSX Venture) announces that CAE Mining Corp. (formerly Datamine) has delivered its report identifying a preliminary estimate of gold mineralization that remains at the Company's formerly producing Hammerdown mine located near Springdale, Newfoundland. As per Maritime's news release dated August 31, 2011, Maritime engaged CAE to prepare an estimate of resources remaining at the formerly producing Hammerdown mine utilizing historic drill and mining records. Maritime is encouraged by the estimate that has been received and has decided to proceed with producing a NI 43-101 compliant Technical Report.
As commissioned, CAE prepared a theoretical model of the formerly producing Hammerdown mine incorporating 626 surface and underground diamond drill holes totalling 60,560 metres of drilling and containing 1,271 composite assays. A wireframe model was constructed of the original veins using the drill data. Using historic mine records, the mineralization contained in the mined out stopes was removed from the conceptual mineralized deposit. A theoretical block model was constructed of the remaining mineralization and various grade-tonnage alternatives were derived.
The range of potential mineralization remaining at Hammerdown is estimated by CAE to range from 1,800,000 tonnes grading 8.3 g/t Au at a possible 1.0 g/t Au cut off, to 675,000 tonnes grading 16.6 g/t Au using a possible 7.0 g/t Au cut off. This would result in a possible mineralized deposit ranging from 360,000 to 480,000 ounces of gold remaining at Hammerdown. The potential quantity and grade is conceptual in nature and, in accordance with NI 43-101 guidelines, it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Eric Norton, President and CEO of Maritime, states: "This information has been invaluable for Maritime's planning purposes and is so encouraging that it is a logical decision to request a NI 43-101 Technical Report be prepared. With the underground workings still in place we will continue to investigate possible scenarios to recover the remaining gold."
The Green Bay gold property, including the Hammerdown and Orion deposits, is held jointly by Maritime (50%) and Commander (50%). Maritime is the Operator. Under the terms of the Option Agreement, Maritime has the right to earn an additional 50% by issuing 5 million shares of Maritime Resources to Commander. The Hammerdown mine operated from 2000 to 2004, while gold prices averaged $325/oz. During its operation a total of 315,000 tonnes of ore were extracted, at an average grade of 16.1 g/t Au, yielding a total of 157,000 ounces of gold.
Maritime Resources would like to acknowledge the support of the Government of Newfoundland and Labrador in the form of financial assistance of the 2011 drilling campaign by the Junior Exploration Assistance Program.
Bernard Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
On Behalf of the Board of Directors,
Eric W. Norton
President & CEO
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.