May 16, 2016
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce that a Prefeasibility Study ("PFS") has been initiated on the Company's Hammerdown, Rumbullion and Orion gold deposits that forms the basis of the Green Bay Property resource portfolio located in Newfoundland and Labrador, Canada. The PFS will be conducted on the NI 43-101 mineral resource estimate completed in May 2013 (see release of May 28th 2013) that contained a mineral resource estimate in excess of 425,000 ounces of gold in the Measured and Indicated categories and in excess of 660,000 ounces in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario. The resource is shown in various cut-off grades in the table below.
Maritime has engaged independent third party engineering firm WSP Canada Inc. ("WSP") to complete the PFS and evaluate the mining potential of the past producing Hammerdown deposit. The economic assessment and prefeasibility engineering is estimated to be completed by calendar Q4 2016.
SENSITIVITY OF RESOURCES TO GRADE CUT-OFF
About WSP Canada Inc.:
WSP has a comprehensive and skilled team that can determine the sustainability of investment opportunities and related assets for the Mining and Resource industry. The firm employs a well-rounded and experienced multidisciplinary team of professionals who can determine the engineering, geology, mining, infrastructure, transportation, financial, and operational sustainability of the targeted asset.
WSP has been providing engineering services to the mining industry for over 20 years, in challenging environmental, temporal, and political conditions. Globally, the firm brings together 34,500 staff, based in more than 500 offices, across 40 countries to provide engineering and multidisciplinary services in a vast array of industry sectors, including 700 employees in the Mining sector.
About Maritime Resources Corp:
Maritime has entered into a Engineering, Evaluation and Services Agreement ("Agreement") with Rambler Metals and Mining PLC (AIM:RMM, RAB-TSX Venture) ("Rambler") to evaluate the economic potential of re-opening the past producing Hammerdown gold mine located within Maritime's Green Bay Property, Newfoundland and Labrador, Canada.
Maritime Resources holds 100% of the Green Bay property, located near Springdale, Newfoundland and Labrador. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit, separated by a 1.5 km distance. An initial Independent Mineral Resource Estimate for the Green Bay Gold property was prepared in accordance to the requirements of NI 43 -- 101 and released in early June 2013. The study estimates the property to contain in excess of 425,000 ounces of gold (727,500 tonnes @ 11.59 g/t Au at Hammerdown and 1,096,500 tonnes @ 4.47 g/t Au at Orion) in the Measured and Indicated categories and in excess of 660,000 ounces (1,767,000 tonnes @ 7.58 g/t Au at Hammerdown and 1,288,000 tonnes @ 5.44 g/t Au at Orion) in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario.
The Hammerdown gold deposit was successfully mined by Richmont Mines between 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 gold with a cut --off grade of 8 grams / 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 and Mining Canada Limited, with an average gold recovery of 97.1%. Mining terminated in 2004 due to low gold prices with extensive gold mineralization remaining, although uneconomic at that time. The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.
Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.
Bernard H. 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,
President & CEO
FOR FURTHER INFORMATION:
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.