Sep 13, 2018
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce the final set of drill results from the 2018 diamond drilling program at the Hammerdown gold deposit on the companies Green Bay Properties. The Company completed 1,733 meters drilling in 31 drill holes immediately south of the historical open pit mining area. The program was designed to follow up on the unmined J, K L and M3 gold rich quartz/sulphide vein system that was outlined from a surface trenching program late 2017 (see News Release MAE 17-12) and to test the mineralization in the top 30 meters below surface.
The goal of the program was to outline a new mineral resource that could potentially be evaluated as a start-up open pit mining operation. (see News Release MAE 18-13, MAE 18-16) If successful, this could potentially reduce the preproduction timeline as outlined in the prefeasibility study announced in March 2017. During start-up of the original Hammerdown Mine in year 2000, Richmont produced ~8,500 ounces from the small open pit adjacent to the underground over a period of just 4 months.
Drill hole MP-18 - 39 intersected a 1.2 metres interval in the K1 Vein grading 10.95 gm/t gold and hole MP-18- 42 cut a 1.44 metre vein grading 27.2 gm/t gold. A number of other vein intercepts with significant gold values were also recorded and are included in the Table of Assays, below. All 31 drill hole traces are shown on the Plan Map below.
Table of Significant Assays
Drill core assays from the Phase 1 diamond drill hole program reported 100 significant gold assay intercepts in the area immediately southwest and south of the historical open pit mining. A number of the previously designated gold vein zones were intersected in the current program including the J, K, L and M3 vein system. The drilling also identified lower grade zones (1 to 5 g/t gold assays) newly designated as the SFV (sheared felsic volcanic) and QFP (quartz feldspar porphyry) which were not adequately sampled and assayed during the historical exploration and mining period. This newly identified lower grade mineralization is close enough to surface to be captured into a new open pit shell or smaller satellite shell.
Phase 1 2018 Drilling Program Planview.
The Phase 1 drill hole collars have been surveyed and brought into the Company’s 3D software to evaluate the continuity of zones. These results will be compiled along with the all the available historical drilling data in the area to determine if these new shapes can be used to establish a resource/ reserve as an open pit shell design.
About Maritime Resources Corp:
The Company recently announced a PFS (March 2, 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 for improvement 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.
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 290,180 tonnes of ore were mined and milled, at an average grade of 15.74 g/t Au, recovering a total of 143,000 ounces of gold at an 8 g/t cut-off. 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 97.4%.
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.
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,
For further information, please call:
Doug Fulcher 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.
Caution Regarding Forward Looking Statements: