May 28, 2013
Maritime Resources Corp. (MAE-TSX Venture) ("Maritime" or the "Company") -- is pleased to announce that the Company has received the initial independent NI 43-101 Mineral Resource Estimate for its 100% owned Green Bay Gold property near Springdale, Newfoundland. The mineral resource for the property is estimated to contain in excess of 400,000 ounces of gold in the Measured and Indicated category, using a 3 g/t cut-off grade, and in excess of 600,000 ounces in the Inferred category, also at a 3 g/t cut-off grade.
The estimate was compiled by Tetra Tech and includes all newly discovered gold mineralization resulting from the 2011 and 2012 exploration programs in addition to any un-mined deposits on the Green Bay property that remain from previous operation. The property consists of the former Hammerdown Mine (developed between 2001 and 2004), including the Rumbullion and Muddy Shag zones in the north, and the Orion deposit situated 1.5 km to the south. The effective date of the Mineral Resource Estimate is May 23, 2013.
Eric Norton, President and CEO, comments:
"We are extremely pleased to have completed this maiden Mineral Resource Estimate. The resource model is robust and incorporates all historic as well as new drilling results. The uniquely appealing aspects of this project are the high grades of the veins, the accessibility of the deposit from surface, including access to the existing underground ramp system, and excellent local infrastructure including roads, power and fresh water to the site. It is particularly satisfying to see that the overall grade of the Hammerdown deposit is relatively insensitive to the selection of the cut-off grade. Our exploration activity completed in 2012 demonstrated that the deposit remains open along strike, and the Company is confident that there is potential for this estimate to increase with further work. The 3D modelling that has now been completed will help guide future drill programs by highlighting strategic drill targets that can hopefully add new ounces, or upgrade resource categories."
The Mineral Resource Estimate incorporates 724 historic drill holes from which over 16,000 gold assay samples were collected. Recent work includes over 3,700 metres of diamond drilling in 11 holes at Orion in 2011 and 2,500 metres in 16 holes drilled at Hammerdown in 2012. The 2012 exploration program also trenched and exposed 120 metres of the Rumbullion vein system at surface where 445 channel samples were taken from 37 channels cut at strict three metre intervals. Work was curtailed due to the onset of winter weather, but the veins remained robust at the eastern extremity and are available for further follow-up work and sampling.
MINERAL RESOURCE STATEMENTS FOR THE GREEN BAY, NEWFOUNDLAND PROJECT USING 3 G/T GOLD CUT-OFF GRADE
SENSITIVITY OF RESOURCES TO GRADE CUT-OFF
The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech, Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101.The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 5m X 5m X 5 m split three times into sub-blocks. The geological model including mineralized intercepts were generated by Maritime personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures have been reviewed by Tetra Tech.
A technical report is being prepared and will be filed on SEDAR in the next 45 days.
Maritime Resources holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, and the Lochinvar base metals/precious metals deposit.
The Hammerdown gold deposit was successfully mined by Richmont Mines between the years 2000 and 2004 while gold prices averaged $325/oz. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold prices with mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, up and down plunge.
Maritime would like to acknowledge the financial support provided by the Junior Exploration Assistance Fund granted by the Government of Newfoundland and Labrador's Department of Mines and Energy.
A map of the Green Bay property showing the location of the gold deposits and local infrastructure are available, along with additional information regarding the Resource Estimate, at the Company's website (www.maritimeresourcescorp.com).
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 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.