Toronto, Ontario--(Newsfile Corp. - March 4, 2025) - Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") is pleased to announce additional drill results from a grade control drill program at the Hammerdown Gold Project. Hammerdown is located in the Baie Verte mining district of Newfoundland and Labrador, near the towns of King's Point and Springdale.
Highlights:
12.0 grams per tonne ("gpt") gold ("Au") over 28.0 metres ("m"), including 73.7 gpt Au over 4.0m starting at surface in drill hole HDGC-25-122
46.6 gpt gold Au over 3.0m, including 69.4 gpt Au over 2.0m within 40m of surface in drill hole HDGC-25-112
78.6 gpt Au over 0.5m in drill hole HDGC-25-110
35.4 gpt Au over 1.0m drill hole HDGC-25-113
11.4 gpt Au over 4.0m in drill hole HDGC-25-108
5.4 gpt Au over 7.2m in drill hole HDGC-25 -116
2.1 gpt Au over 7.0m in drill hole HDGC-25-106
10.8 gpt Au over 1.0m in drill hole HDGC-25-102
7.1 gpt Au over 1.8m in drill hole HDGC-25-110 in an unmined pillar
Discussion of Results The latest drill results come from the western and central portions of the proposed Phase 1 pit area. The grade control program is designed to refine geological models and provide high-resolution data for the first year of proposed open-pit mining at Hammerdown. Notable assay results include drill hole HDGC-25-122 which intersected 12.0 gpt Au over 28.0m, including 73.7gpt Au over 4.0m. Hole 122 is located 15m North of previously announced hole HDGC-25-038 which returned 43.6 gpt Au over6.3m, including 127.5 gpt Au over 2.0m (Maritime Press Release Dated January 27, 2025). Additionally, HDGC-25-112 intersected 46.6 gpt Au over 3.0m, including 69.4 gpt Au over 2.0m, hosted within a large quartz vein containing semi-massive pyrite. Hole HDGC-25-104 located 10m east returned a swarm of mineralized veins and Quartz Feldspar Porphyry Dykes ("QFP") and altered Mafic Volcanics returning 5.89 gpt Au over 20m (Maritime Press Release Dated January 27, 2025). The broad intersection in hole HDGC-25-104 is a 10m step out of hole HDGC-24-006 which returned 11.1 gpt Au over 13.1m(Maritime Press Release Dated January 27, 2025).
This cluster of thick, high-grade drill intercepts confirms the exceptional gold mineralization contained within a dense swarm of mineralized quartz veins and QFP dykes within a broader shear zone in the core of the Hammerdown Deposit. These results emphasize the high-grade nature and continuity of grade remaining in the Hammerdown deposit illustrating the signification value that remains.
Grade Control Drilling The grade control drill program is now completed with 8,460m of diamond drilling in 273 drill holes. The program was designed to intersect the sub vertical mineralization on a 10m x 10m staggered pattern to maximize future ore extraction while minimizing ore losses and dilution. Drilling began in the southwest corner of the proposed starter pit which includes more waste rock than the core of the deposit. Assay results are pending for over 139 drill holes and will be released as they are received.
Lengths reported relative to core access are estimated to be approximately 70% true thickness.
Table 2. Drill hole Data
Hole number
Azimuth
Dip
Depth
Easting
Northing
Elevation
HDGC-25-087
180
-60
46
554749.9
5489131.0
188.0
HDGC-25-089
180
-60
46
554749.4
5489140.3
186.3
HDGC-25-090
180
-60
16
554890.3
5489102.4
191.7
HDGC-25-091
180
-60
40
554749.3
5489149.2
185.1
HDGC-25-092
180
-60
22
554890.4
5489113.2
193.1
HDGC-25-096
180
-60
22
554890.5
5489135.3
196.5
HDGC-25-097
180
-60
25
554739.0
5489144.3
185.5
HDGC-25-098
180
-45
46
554880.0
5489130.7
196.6
HDGC-25-100
180
-60
55
554869.6
5489135.6
196.6
HDGC-25-102
180
-50
55
554869.7
5489135.2
196.5
HDGC-25-106
180
-65
55
554859.9
5489132.2
196.9
HDGC-25-108
180
-60
58
554860.1
5489140.2
196.8
HDGC-25-110
180
-60
60
554850.3
5489135.5
196.7
HDGC-25-112
180
-60
64
554850.3
5489130.3
197.4
HDGC-25-113
180
-60
19
554730.5
5489111.4
190.6
HDGC-25-116
180
-48
52
554829.5
5489135.9
195.4
HDGC-25-119
180
-60
31
554740.4
5489116.8
191.0
HDGC-25-120
180
-60
37
554830.0
5489077.6
192.9
HDGC-25-122
180
-60
34
554840.9
5489083.0
190.8
HDGC-25-123
180
-60
25
554740.1
5489097.2
191.3
HDGC-25-135
180
-60
64
554769.8
5489151.0
185.6
HDGC-25-137
180
-60
58
554769.9
5489140.5
186.8
HDGC-25-139
180
-60
52
554770.1
5489130.2
187.2
HDGC-25-141
180
-60
46
554769.8
5489120.9
188.1
HDGC-25-143
180
-60
22
554780.4
5489172.6
183.2
HDGC-25-147
180
-60
67
554779.7
5489153.0
185.6
HDGC-25-149
180
-60
67
554779.5
5489145.2
186.7
Qualified Person Exploration activities at the Hammerdown Gold Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.
Analytical Procedures All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has 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 a 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 analysis by atomic absorption for gold analysis. 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.
About Maritime Resources Corp. Maritime (TSXV: MAE) (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit. The Company also owns the Lac Pelletier gold project in Rouyn Noranda, Québec.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations. Forward-Looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" "plans" and similar expressions. Forward-Looking statements include, but are not limited to, statements concerning the Hammerdown mineralization, its' metallurgical response, precious metal extraction based on the ongoing metallurgical testwork, sampling programs, the grade control drilling program, location and grade of underground workings and backfill material, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-Looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision and executing exploration programs on the Company's proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company's properties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
