Feb 13, 2018
Whisker Valley Project Continues to return High Grade Gold Assays 10.22 g/t Au Over a Sample Strike Length of 23.75 metres
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce the last of the high grade gold results from the channel sampling program from the 2017 trenching at the Whisker Valley Project, located approximately 10 kilometres ("km") north of the Company's Hammerdown Gold Mine.
The remaining results from Jackson and Ben Veins are from the central part of the gold vein system that extends for over 250 metres east-west, consisting of the Ben, Jackson and Gary Veins. Deep overburden has limited the exposure of the veins in this central portion of the vein system resulting in intervals that could not be sampled However, where sample were taken there continues to be some very high-grade gold assays, similar to the results reported in earlier releases (see news released November 29, 2017, news released December 7, 2017 and news released January 22, 2018). The newly discovered vein system remains open in both directions along strike and at depth. (see figures below).
The most recent assays of the westerly extension of the Jackson Vein has returned composited grades of 10.22 g/t Au over a strike length of 23.75 metres, as well as 3.59 g/t Au over a strike length of 26.25 metres as outlined in the table below. Significant to note is the occurrence of numerous mineralized tension gash veins in the immediate hangingwall and footwall of the Jackson Vein. Assays from several of the tension gash veins returned assays of 15.73 g/t Au over 0.30 metres, 3.78 g/t Au over 0.36 metres as well as 20.38 g/t Au over 0.15 metres.
The most recent assays of the easterly extension of the Ben 2 Vein returned composited grades of 4.25 g/t Au over a strike length of 13.00 metres, 2.02 g/t Au over a strike length of 22.50 metres, 4.69 g/t Au over a strike length of 5 metres, as well as, 1.34 g/t Au over a strike length of 17.50 metres as outlined in the table below. The Ben 1 easterly extension is covered by deeper overburden.
Detailed Channel Samples assays and composited grades from the Ben2 Vein East
Detailed Channel Samples assays and composited grades from the Jackson Vein West
Doug Fulcher, President, CEO comments:
"We acquired the Whisker Valley Project less than one year ago and our first program on the project has demonstrated continuous high-grade gold assays similar to what we have seen at our signature Hammerdown project. We look forward to continuing an aggressive exploration program on Whisker in 2018, which will include geophysical surveys, further trenching and prospecting, as well as a drill program is expected to start in March 2018. This will be done in conjunction with continuing work program at our Hammerdown project to aggressively advance our development plan as well as expanding our blue sky exploration agenda on Hammerdown, Orion and Rumbullion."
Aerial Photo of entire Whisker Valley Vein System -- showing the location of the composited intervals of the West Jackson Vein and the east end of the Ben 2 Vein assays.
Previous results of the Ben, Jackson and Gary Vein results were released in the November 29th, December 7th and January22nd,2018
Whisker Valley Summary
The work that was carried out on the Whisker project during the fall of 2017 has identified three sub-parallel vein systems that now extend for over 250 metres. The high-grade nature of the veins have been seen over the entire 250 metres of exposed trenches and is open at both end. Below are the summary maps of each of the Ben and Jackson veins showing summary assay intervals as shown in the table above.
As previously released (news released November 29, 2017) the Ben vein has 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 as returned a weighted average grade of 31 metres of 7.57 g/t Au over an average width of 1.31 metres. The Ben 2 vein as previously released returned a weighted average grade of over the 31 metres grading 13.42 g/t Au over an average width of 1.09 metres. These are parallel veins that sit approximately 2 metres apart at the western end of the exposed system. The most recent assays of the easterly extension of the Ben 2 vein has returned composited grades of 4.25 g/t Au over a strike length of 13.00 metres, 2.02 g/t Au over a strike length of 22.50 metres, 4.7g/t Au over a strike length of 5 metres, as well as, 1.34 g/t Au over a strike length of 17.50 metres as outlined in the table above.
As previously released (news released January 22, 2018) the Jackson Vein has been mapped over a total strike length of 84 metres with composited results from the most easterly 34 metre section of the vein returning a weighted average grade of 13.66 g/t Au with an average vein width of 1.23 metres. The most recent assays of the westerly extension of the Jackson Vein 2 Vein has returned composited grades of 10.22 g/t Au over a strike length of 23.75 metres, as well as 3.59 g/t Au over a strike length of 26.25 metres as outlined in the table above. Significant to note as well are the occurrence of mineralized tension gash veins/alteration in the immediate hangingwall and footwall to the Jackson Vein. Assays from several tension gash/alteration returned 15.73 g/t Au over 0.30 metres, 3.78 g/t Au over 0.36 metres as well as 20.38 g/t Au over 0.15 metres.
Ben Vein New Results-East Section
Jackson Vein New Results-West Section
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,
For further information, please call:
DOUG FULCHER -- PRESIDENT, CEO Telephone: (604) 336-7322
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.