Sep 26, 2018
VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") is pleased to announce interpreted results of the Geophysical survey on the company's Whisker Valley gold project located approximately 10 kilometres from our signature Hammerdown gold deposit located on the nearby Green Bay Property in Newfoundland and Labrador, Canada.
The newly discovered gold vein system on the Whisker Valley gold property has been trenched and channel sampled with continuous high gold values for over 200 metres strike length. The 2017 trenching program ended as a result of deepening overburden at the east and west ends of the vein system. (see News Releases - NR17-4 November 29, 2017, NR 17-16 December 7, 2017, NR 18-01 January 22, 2018, NR 18-02 February 13, 2018)
The 2018 IP Survey was designed to test the depth potential of the known vein system as well as search for extensions to the east and west ends of the veins. The last vein exposures at the east and west ends were channel sampled returning high grade gold assay results exceeding 10g/t Au on the west end and 20 g/t Au on the east end. The gold veins carry with it disseminated pyrite and base metals sulphides which are detectable by the IP geophysical method. The detailed IP program was completed in February and March of this year and covered approximately 10-line kilometres on 50 metre spaced lines. (see map, below)
Interpretation of the IP Survey by consulting Geophysicist Cliff Candy, P.Geo., of Frontier Geosciences, has outlined 4 significant anomalous responses (A -- D) in the survey area (figure above). The most significant response is Anomaly A, which has outlined possible extensions to the previously sampled high grade gold veins as shown on the detailed map above. The IP survey retuned a strong positive response over a continuous 500 metre target area. In addition, the survey demonstrated anomalous values over the entire length of the vein system and further extends the target area 200 metres to the east and 100 metres to the west.
The geophysical anomalies generally show increasing in strength with depth, indicating increasing sulphides in deeper portions of the veins. The strongest I.P. response is over the 50 metres long Gary vein and extends for further 150 metres to the east, likely due to the presence of galena which is associated with gold at the Gary vein.
A second significant IP anomaly is Target area B, which is considered by Geophysicist Cliff Candy to have a character very similar to Main Anomaly A. This prime target will be prospected and sampled during the 2018 field season. Anomalies 'C' and 'D' have a broad signature and have not previously been examined. These are mainly in overburden covered areas but will be prospected and soil sampled this fall; possibly trenched and drill tested if supported by field work.
About Whisker Project
The Whisker Valley project occurs on the Baie Verte Peninsula, an area well known historically for gold and base metal mineralization. More than 150 gold showings and prospects have been documented throughout the peninsula, two of which have developed into productive mines. Maritime's Whisker Valley Property is host to 30 of those prospects and showings where high grade gold has been documented in outcrop. The most recent work by Maritime in the White Face area was successful in exposing the Ben/Jackson and Gary vein high grade gold system over a strike length of more than 200 metres (see Maritime News Releases; November 29, 2017, December 7, 2017, January 22, 2018 and February 13, 2018). With the recent success at the Ben/Jackson and Gary vein system, as well as other gold prospects, Maritime is very excited to continue exploring the area and re-defining the known gold showings.
A drilling program will be initiated later this fall and winter to follow up on the Geophysical survey to test the Ben, Jackson and Gary gold veins extension that were recently exposed by our trenching program that was conducted this past fall.
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 Rumbullion.
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,
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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.