Nov 29, 2017
Maritime announces high grade gold channel samples on the Whisker Valley Project Returning 13.42 g/t gold Over a Sample Strike Length of 31 metres
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce the first set of channel samples results taken from the trenching program at the Whisker Valley Project, which is located approximately 10 kilometres ("km") from the Company's Hammerdown gold deposit. The vein system has now been exposed for over 250 metres and is open along strike and in both directions.
The new discovery, called the "Ben Veins", are on the most westerly exposed portion of the property and are represented by multiple stacked quartz sulphide veins separated by one to two metres of altered rhyolites and basaltic intrusions.
The Ben vein has now been exposed over a strike length of 90 metres and remains open in both directions. Results from the most westerly portion of the Ben 1 vein has returned a weighted average grade of 7.57 g/t gold with an average vein width of 1.31 metres over a sample strike length of 31 metres. The Ben 2 vein returned a weighted average grade of 13.42 g/t gold with an average vein width of 1.09 metres over a sample strike length of 31 metres. Both veins are parallel to each other and sit approximately 2 metres apart at the upper end of the system. Results are pending for the remaining samples which now extends another 60 metres to the east. The table below gives the details of the assays from recent channel samples.
The Ben vein was one of the original veins discovered and is part of the overall Whisker Valley gold vein system which includes the Ben and Jackson as well as the newly discovered Gary Vein (NR 17-10 released October 12, 2017,). The current trenching program has extended these veins for over 250 linear metres and is fully open in both directions with high values at both ends.
Detailed Channel Samples from Ben 1 & 2 Veins
Arial Photo of entire Vein System
Assay results for the remaining 200 metres of the exposed vein system, 200 plus channel samples, from the Ben extension, Jackson and Gary veins, are anticipated and will be released over the next few weeks. Any samples showing significant visible gold will be re-assayed using the Metallic Screen assay method for greater reliability.
With resent results returned from the Whisker Valley surface trenching program a drill program in February and March 2018 is being planned to target the newly discovered multiple vein system.
Claim Map showing Hammerdown and Whisker Valley Claims
The Company has recently staked an additional 60 contiguous claims totalling 30 square km to cover potential extensions to the new discoveries and mineralized area.
Eastern Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL bears no relationship to Maritime Resources.
Samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference.
A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analyses by atomic absorption for gold analyses. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.
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.
About Maritime Resources Corp:
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 that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north end of the Rambullion.
The company recently announced a PFS (March 2nd, 2017) that successfully demonstrated a viable mining operation with low upfront capital and short time line to the start of gold production. The engineering design optimizes a small foot print within the historical mine area as well as utilizing some of the existing underground infrastructure where possible. The operation is scheduled to run at a capacity of approximately 400 metric tons per day ('mtpd') over a five-year mine life.
The results show positive economics, strong internal rate of return, short payback period and significant cash flow under reasonable commodity price assumptions. The pre-tax operating cash cost to produce an ounce of gold is $558 CDN with an all-in pre-tax-cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold.
In addition, there remain numerous opportunities to expand the reserve, expand the mine life and to reduce the planned development and capital costs. Maritime will continue to evaluate these opportunities with a goal to fully optimize the returns from the mining operation.
Further information on the Green Bay Gold Property can be found on our website at www.maritimeresourcescorp.com along with the NI43-101 compliant Technical Report and Prefeasibility Report filed on SEDAR.
On behalf of the Board of Directors,
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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.