Toronto, Ontario--(Newsfile Corp. - February 13, 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 underway 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:
24.1 grams per tonne ("gpt") gold ("Au") over 3.0 metres, including 70.8 gpt Au over 1.0 metre in drill hole HDGC-25-069
6.43 gpt Au over 6.5 metres, including 10.8 gpt Au over 3.5 metres in drill hole HDGC-24-057
3.5 gpt Au over 10.0 metres including 5.6 gpt Au over 5.0 metres and in drill hole HDGC-25-085
14.9 gpt Au over 1.0 metre in drill hole HDGC-24-052
Assaying of backfill from 10 underground stopes reported grades up to 252.2 gpt Au (drill hole HDGC-25-058). The weighted average of the 26 samples collected returned an average grade of 8.0 gpt Au (2.1 gpt Au excluding the high-grade outlier in HDGC-25-058), indicating significant residual grade in backfilled stopes.
Discussion of Results The latest drill results are primarily from the southwest corner of the grade control program grid in a predominately higher waste rock area. The grade control program is being completed to provide additional information from the area covering the first year of proposed open pit mining at Hammerdown. Drill hole depths range from 15 to 50 metres with notable assay results including drill hole HDGC-25-069 returning 24.1 gpt Au over 3.0 metres, including 70.8 gpt Au over 1.0 metre illustrating continuity of high grade gold in the K2 Vein only 19.0 metres away from drill hole MP-18-42 which returned 27.2 gpt Au over 1.4 metres (Maritime Press Release dated September 13, 2018). Drill hole HDGC-25-085 intersected 3.5 gpt Au over 10.0 metres, including 5.6 gpt Au over 5.0 metres, within a broad interval encompassing the M8, M9 and M10 veins respectively. The nearest drill hole to HDGC-25-085 is a historic Richmont Mines drill hole MS188 located 8.0 metres away which returned 197 gpt Au over 0.4 metres in the M8 Vein. Drill hole HDGC-24-057 returned 6.43 gpt Au over 6.5 metres, including 10.8 gpt Au over 3.5 metres.
Grade Control Drilling From 2000-2004, Hammerdown was mined as a cut and fill operation with a cut off grade of 8.5 gpt gold. Most of the stopes were backfilled with unconsolidated waste material from the mine's development and production headings. In addition to confirming the location and grade of various mineralized veins, the grade control program has targeted and intersected many of the historic underground workings to verify their location and test the remaining mineralization within the mine's pillars. Company geologists noted significant mineralized quartz vein material recovered from the stope backfill and sampled this material to ascertain the grade within the backfilled stopes. Early results of this backfill sampling include drill hole HDGC-24-058 which returned 252.2 gpt Au over 1.0 metre, with an additional sample from the same hole returning 9.25 gpt Au over 1.0 metre. To date assay results have been received for 26 samples across 10 stopes representing 27.5 metres of drilling with a weighted average grade of 8.0 gpt Au in the backfill material (2.1 gpt Au excluding the one high-grade outlier). Unmined pillars immediately adjacent to the stopes have also returned up to 7.89 gpt Au over 2.0 metres as seen in drill hole HDGC-24-058 representing further upside potential.
The grade control drill program includes 7,675 metres of diamond drilling in 268 drill holes, 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. To date, 235 holes totalling 7,200 metres have been drilled with two diamond drill rigs currently operating. Maritime's Press Release on January 27, 2025 discussed the results of the first 41 holes of the program. 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 150 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
Northing
Easting
Elevation
HDGC-24-040
180
-60
7
5,489,054.25
554,870.86
195.10
HDGC-24-041
180
-60
28
5,489,087.29
554,780.37
191.42
HDGC-24-042
180
-60
34
5,489,077.38
554,780.12
192.33
HDGC-24-043
180
-60
19
5,489,067.97
554,779.74
192.83
HDGC-24-044
180
-60
13
5,489,058.25
554,779.82
193.27
HDGC-24-045
180
-60
34
5,489,091.02
554,769.81
191.26
HDGC-24-046
180
-60
34
5,489,102.16
554,770.26
191.37
HDGC-24-047
180
-60
34
5,489,097.40
554,780.58
190.53
HDGC-24-048
180
-60
19
5,489,082.07
554,770.24
191.75
HDGC-24-049
180
-60
16
5,489,071.93
554,770.02
192.02
HDGC-24-050
180
-60
16
5,489,063.29
554,770.05
193.04
HDGC-24-051
180
-60
10
5,489,053.99
554,769.65
194.21
HDGC-24-052
180
-60
61
5,489,134.98
554,759.49
187.30
HDGC-24-053
180
-60
61
5,489,144.45
554,760.11
186.37
HDGC-24-054
180
-60
52
5,489,153.81
554,760.12
185.60
HDGC-24-055
181
-60
31
5,489,163.16
554,760.61
184.29
HDGC-24-056
180
-60
55
5,489,125.76
554,760.03
188.29
HDGC-24-057
180
-60
37
5,489,130.19
554,839.99
197.18
HDGC-24-058
181
-60
61
5,489,134.78
554,829.83
195.66
HDGC-24-059
180
-60
37
5,489,139.52
554,879.96
196.51
HDGC-24-060
180
-60
46
5,489,130.02
554,879.58
196.52
HDGC-24-061
180
-60
7
5,489,149.56
554,880.04
195.09
HDGC-24-062
180
-60
31
5,489,046.55
555,109.65
199.88
HDGC-24-063
180
-60
31
5,489,041.94
555,120.03
199.62
HDGC-24-064
180
-60
40
5,489,061.78
555,119.94
198.53
HDGC-24-065
180
-60
34
5,489,051.40
555,119.84
199.02
HDGC-24-066
180
-60
22
5,489,031.85
555,120.04
199.92
HDGC-25-067
180
-60
7
5,489,048.95
554,840.42
194.83
HDGC-25-068
180
-60
7
5,489,043.95
554,830.08
195.07
HDGC-25-069
0
-45
28
5,489,073.94
554,830.04
193.08
HDGC-25-070
180
-60
43
5,489,082.39
554,820.03
192.56
HDGC-25-071
0
-45
64
5,489,072.76
554,809.53
192.93
HDGC-25-072
180
-60
7
5,489,043.63
554,789.02
194.78
HDGC-25-073
180
-60
40
5,489,107.80
554,760.60
190.92
HDGC-25-074
180
60
25
5,489,096.78
554,760.27
191.33
HDGC-25-075
180
-60
40
5,489,115.72
554,760.27
190.42
HDGC-25-076
181
-60
19
5,489,086.78
554,760.11
191.67
HDGC-25-077
180
-60
16
5,489,076.95
554,759.99
191.94
HDGC-25-078
180
-60
34
5,489,111.82
554,749.94
190.67
HDGC-25-079
180
-60
25
5,489,102.09
554,749.93
191.37
HDGC-25-080
180
-60
10
5,489,129.72
554,900.26
194.95
HDGC-25-081
180
-60
16
5,489,092.74
554,750.20
191.70
HDGC-25-082
180
-60
10
5,489,118.77
554,900.07
193.80
HDGC-25-083
180
-60
10
5,489,082.54
554,750.22
191.74
HDGC-25-084
180
-60
10
5,489,108.06
554,900.15
192.95
HDGC-25-085
180
-60
40
5,489,121.25
554,749.55
190.17
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.
