Jun 21, 2012
Maritime Resources Corp. (MAE-TSX Venture) has commenced a 3,000 metre drill program on the Green Bay property located near Kings Point, Newfoundland. The current drill program is designed to test the Muddy Shag zone at the western extension of the Hammerdown gold deposit. Previous drilling in this 400 metre long prospective area has encountered a number of gold bearing quartz veins assaying up to 8.27 g/t Au over 1.5 metres. At least two gold bearing quartz vein systems have been encountered here by previous, wide spaced drilling over the 400 metre long zone. The Muddy Shag zone extends from surface up to 250 metres depth.
Mining at the adjacent Hammerdown deposit by Richmont Mines between 2000 and 2004 recovered over 155,000 ounces gold at a grade of 16 grams gold per tonne. Access to the mine was by a decline ramp to a depth of 250 metres. This decline ramp extends westward and has several levels open in the immediate footwall of the Muddy Shag area. If a gold resource is located at Muddy Shag, it would be quickly accessible to mine from the existing underground workings with less than 50 metres cross-cutting required.
The eastern extension of the Hammerdown deposit, called Rumbullion zone, will be examined by backhoe trenching. Parts of the Rumbullion zone were mined by Richmont as they were proximal to the Hammerdown workings and were very high grade. However underground access to Rumbullion was not economic at the time of mining with gold at $300/ounce. Once the trenching locates the surface trace of Rumbullion veins, further drilling may be undertaken to define potential gold resources there.
The Muddy Shag zone and the Rumbullion zone are shown on maps on the Company's website at www.MaritimeResourcesCorp.com.
The Company would like to acknowledge that financial support has been provided by the Junior Exploration Assistance Fund granted by the Government of Newfoundland and Labrador's Department of Mines and Energy.
About the Green Bay Property:
Maritime's Green Bay gold property consists of the Hammerdown and the Orion gold deposits, separated by 1.5 km. Maritime is currently updating remaining resources at Hammerdown, including the Muddy Shag and Rumbullion extensions, to expand the potential. Additionally the Orion gold deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au using a cut off grade of 3 g/t Au over 1.2 metres, as stated in the Technical Report dated July 19, 2010. Orion remains open down plunge to the northeast.
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,
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.