Jan 22, 2018
High Grade Gold Assays from Jackson Vein at Whisker Valley 13.66 g/t gold Over a Sample Strike Length of 34 metres
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce further results from the trenching and high grade channel sampling program at the Whisker Valley Project, located approximately 10 kilometres ("km") north of the Company's Hammerdown gold mine.
The Jackson Vein is located between the Ben and Gary Veins (see NR 17-14 released November 29, 2017 and NR 17-16 released December 7, 2017) within the trenched area that has now exposed the vein system for over 250 metres. High grade gold assays were returned from both the Gary and Ben veins that sit on either end of the Jackson Vein. The newly discovered vein system remains open in both directions along strike and at depth.
The Jackson Vein, (see figures below) has been exposed during the trenching program that was carried out this past fall and is represented by a robust series of gold and base metal bearing quartz veins, containing localized occurrences of galena, pyrite and chalcopyrite and visible gold hosted in altered granitic rocks.
The Jackson Vein has now been mapped over a total strike length of 82 metres with composited results from the most easterly 34 metre section of the Vein (Listed in the table below - channels 20 to 27) returning a weighted average grade of 13.66 g/tgold with an average vein width of 1.23 metres. Further trenching will be conducted in the spring of 2018 after the completion of the planned drill program to start in February of this year.
Detailed Channel Samples from Jackson Vein
Sampled over an exposed trenching length of 34 meters
The Jackson Vein is the center portion of the vein system and is part of the overall Whisker Valley gold vein system which includes the Ben, Gary and Jackson. The current trenching program has exposed these veins for over 250 linear metres with all mineralization fully open in both directions and at depth.
Arial Photo of entire Whisker Valley Vein System -- showing the location of the 34 metres of 13.66 g/t gold composited interval of the Jackson Vein assay in this release.
Channel assay results for the remaining Jackson Vein and easterly portion of the Ben Vein, are anticipated and will be released over the next several weeks. There is significant visible gold with in the vein system, so a select number of samples are being re-assayed using the Metallic Screen assay method for greater reliability.
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.