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Maritime Announces Infill Drill Results at Hammerdown

Newsfile Corp.

Toronto, Ontario--(Newsfile Corp. - July 11, 2019) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce the assay results on 18 diamond drill infill holes completed at the Company's high-grade 100%-owned Hammerdown gold project near the town of King's Point in the Baie Verte Mining District, Newfoundland & Labrador.

Program Highlights: (For complete table of assay results and hole locations, refer to Tables 1 and 2 below)

  • 13.7 gpt Au over 1.2 m, including 18.0 gpt Au over 0.91 m in drill hole MP-19-64

  • 21.2 gpt Au over 1.2 m, including 28.0 gpt Au over 0.9 m in drill hole MP-19-64

  • 4.6 gpt Au over 4.8 m, including 15.1 gpt Au over 1.2m in drill hole MP-19-64

  • 5.0 gpt Au over 2.4 m, including 54.6 gpt Au over 0.2 m in drill hole MP-19-58

  • 3.5 gpt Au over 1.3 m, including 10.3 gpt Au over 0.5 m in drill hole MP-19-57

  • 9.9 gpt Au over 1.4 m, including 33.4 gpt Au over 0.4 m in drill hole MP-19-50

  • 10.0 gpt Au over 1.1 m, including 53.7 gpt Au over 0.2 m in drill hole MP-19-48

  • 15.0 gpt Au over 1.3 m, including 24.3 gpt Au over 0.3 m in drill hole MP-19-66

Reported core lengths represent 70-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling.

Hammerdown 2019 Infill Program

The 2019 infill program has been completed with a total of 19 diamond drill holes for 3,562 metres within the Hammerdown and Rumbullion deposit areas (Figure 1). The purpose of the 2019, and 2018, infill programs was to fill in specific gaps in the data in order to convert additional resources into the higher confidence Measured & Indicated categories from Inferred.

The 2019 drilling of the inferred resources at the Hammerdown gold deposit was successful in defining the continuity of a number of the gold veins in the hangingwall and footwall to the historical mining, as well as continuity of the vein system below the mined-out areas. It is important to note as well that the 2019 drilling also intersected an intensely altered and mineralized unit referred to as a sheared felsic volcanic (SFV). The SFV unit was also sampled in the 2018 drilling campaign and returned gold grades up to 3.54 g/t gold over 2.63 meters (See Maritime Press release June 4th., 2018). These lower grade intersections are significant in that they are close to surface, historically this unit was overlooked and not included in the mineral resources and may add additional ounces to the current Hammerdown resource.

Garett Macdonald, Maritime President & CEO, adds "Combined with the 2018 infill program we have 50 new infill drill holes totaling 5,294 metres that will inform an updated resource model for the Hammerdown gold project. The holes reported here successfully intersected a number of high-grade gold in sulphide/quartz veins at depths down to 250 metres vertical. In some cases, we encountered an intensely altered mineralized unit that was not adequately sampled in the year's when the mine was operated by Richmont Mines, when a mine cut-off-grade of 8.0 gpt Au was used. At current gold prices this type of mineralization may become an important part of any future mine plan".

Table 1. Significant Drill Hole Intersections - Hammerdown 2019 Infill Drill Program

Drill Hole From (m) To (m) Interval (m) Au (gpt)
MP-19-48 12.20 13.30 1.10 3.82
Includes 12.70 12.90 0.20 20.97





MP-19-48 18.23 19.09 0.86 2.99
Includes 18.43 18.63 0.20 9.88





MP-19-48 24.66 25.93 1.27 3.09
Includes 25.23 25.43 0.20 18.67





MP-19-48 59.00 60.07 1.07 10.04
Includes 59.37 59.57 0.20 53.68





MP-19-49 67.97 69.20 1.23 2.97
Includes 68.47 68.70 0.23 15.80





MP-19-50 59.04 59.74 0.70 4.52
Includes 59.04 59.24 0.20 15.75





MP-19-50 85.32 85.52 0.20 3.93





MP-19-50 119.92 121.34 1.42 9.91
Includes 120.42 120.84 0.42 33.41





MP-19-50 172.00 172.19 0.19 3.04





MP-18-51 154.44 154.64 0.20 3.37





MP-18-51 189.40 191.23 1.83 4.36
Includes 190.92 191.23 0.31 12.15





MP-18-52 135.69 135.87 0.18 6.97





MP-18-52 172.48 173.39 0.91 6.55
Includes 172.48 172.88 0.40 11.98





MP-18-52 227.75 227.95 0.20 10.93





MP-19-53 117.11 118.31 1.20 6.74
Includes 117.61 117.81 0.20 40.40





MP-19-53 119.01 119.21 0.20 4.86





MP-19-53 119.71 120.90 1.19 4.88
Includes 120.02 120.22 0.20 23.87





MP-19-53 135.79 135.99 0.20 5.97





MP-19-54 67.82 68.02 0.20 9.71





MP-19-54 67.82 68.02 0.20 9.71





MP-19-54 144.31 144.66 0.35 9.06





MP-19-54 172.23 173.31 1.08 4.14





MP-19-55 43.10 44.12 1.02 3.34
Includes 43.42 43.62 0.20 16.94





MP-19-55 69.27 69.47 0.20 4.24





MP-19-55 105.57 106.87 1.30 4.48
Includes 106.37 106.57 0.20 27.05





MP-19-55 127.70 127.90 0.20 6.27





MP-19-55 137.53 138.30 0.77 5.40
Includes 137.83 138.03 0.20 19.44





MP-19-55 163.92 164.56 0.64 4.08
Includes 164.21 164.56 0.35 10.00





MP-19-56 132.35 132.70 0.35 4.32





MP-19-56 153.10 153.50 0.40 3.70





MP-19-57 66.61 67.95 1.34 3.49
Includes 67.00 67.45 0.45 10.29





MP-19-57 96.10 96.35 0.25 4.48





MP-19-58 51.45 51.65 0.20 3.23





MP-19-58 91.85 92.05 0.20 3.31





MP-19-58 127.60 127.85 0.25 7.59





MP-19-58 135.66 136.18 0.52 3.12





MP-19-58 141.31 143.71 2.40 5.02
Includes 141.31 142.50 1.19 9.66
Includes 141.31 141.51 0.20 54.57





MP-19-59 46.50 46.70 0.20 7.91





MP-19-59 48.78 49.00 0.22 8.24





MP-19-59 99.68 99.91 0.23 6.84





MP-19-59 170.26 170.46 0.20 3.70





MP-19-60 51.38 55.55 4.17 3.34
Includes 52.56 53.06 0.50 5.92
Includes 53.06 53.56 0.50 2.02
Includes 53.56 54.06 0.50 4.16
Includes 54.06 54.56 0.50 6.24
Includes 54.56 55.06 0.50 6.78





MP-19-60 73.50 73.87 0.37 6.84





MP-19-60 172.07 172.33 0.26 6.76





MP-19-60 185.31 187.07 1.76 4.32
Includes 185.31 185.51 0.20 10.43
Includes 186.51 186.77 0.26 6.88
Includes 186.77 187.07 0.30 11.16





MP-19-61 36.16 36.36 0.20 5.04





MP-19-61 95.50 98.07 2.57 2.42
Includes 96.30 96.80 0.50 3.39
Includes 96.80 97.42 0.62 3.15
Includes 97.87 98.07 0.20 5.00





MP-19-63 43.00 48.50 5.50 3.55
Includes 43.00 43.3 0.30 5.36
Includes 48.08 48.5 0.42 4.04





MP-19-63 65.64 65.99 0.35 7.21





MP-19-63 74.40 75.60 1.20 7.20
Includes 74.40 74.55 0.15 4.11
Includes 74.55 75.01 0.46 15.56





MP-19-64 53.94 55.14 1.20 13.70
Includes 53.94 54.85 0.91 17.96





MP-19-64 70.30 71.50 1.20 21.24
Includes 70.30 71.20 0.90 27.98





MP-19-64 106.72 108.01 1.29 3.39
Includes 106.72 107.10 0.38 8.20





MP-19-64 111.05 115.85 4.80 4.58
Includes 111.05 113.84 2.79 7.10
Includes 112.64 113.84 1.20 15.09





MP-19-65 94.00 95.23 1.23 4.08
Includes 94.98 95.23 0.25 15.74





MP-19-65 95.43 96.53 1.10 2.93





MP-19-66 10.73 12.06 1.33 6.99
Includes 11.63 12.06 0.43 20.89





MP-19-66 27.94 29.24 1.30 14.95
Includes 27.94 28.19 0.25 20.69
Includes 28.70 28.95 0.25 25.01
Includes 28.95 29.24 0.29 24.34





MP-19-66 73.19 74.49 1.30 7.90
Includes 73.69 73.99 0.30 34.16





MP-19-66 79.40 80.61 1.21 7.64
Includes 79.90 80.11 0.21 43.31

 

Reported core lengths represent 70-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling.

Table 2. Mine Grid Hammerdown 2019 Infill Drill Program - Hole Locations and Orientations

Hole ID Easting Northing Elevation Hole Azimuth Hole Dip Length (m)
MP-19-48 5218.1 10074.2 9994.3 183.02 -48.1 172
MP-19-49 5188.2 10078.5 9994.3 183.72 -53.8 115
MP-19-50 5168.2 10075.4 9995.7 180.42 -52.8 211
MP-19-51 5118.6 10101.9 9991.6 176.72 -53.1 235
MP-19-52 5088.8 10114 9985.9 179.92 -54.7 253
MP-19-53 5068.8 10111.9 9985.9 180.72 -53.9 199
MP-19-54 5038.7 10105.9 9986.9 180.52 -53.7 220
MP-19-55 5137.3 10023.6 10004.2 177.72 -52.6 187
MP-19-56 5238.2 10057.9 9995.7 179.12 -51 208
MP-19-57 5257.2 10019.8 10001.2 186.32 -52 175
MP-19-58 4984.5 9859.9 10009.1 358.22 -53.9 160
MP-19-59 4964.4 9857.9 10011.2 3.82 -54.9 220
MP-19-60 5013.5 9806.7 10013.2 1.42 -51 202
MP-19-61 5357 9982.4 10001.4 151.42 -49.5 145
MP-19-62 5390.5 9959.3 10005.2 157.72 -54.1 100
MP-19-63 5466.1 9895 10017.7 330.12 -50.5 190
MP-19-64 5512.1 9914.7 10018 331.42 -52.7 226
MP-19-65 5481.6 10046.3 10008 157.12 -44.3 169
MP-19-66 5497.4 10059.6 10009.8 155.72 -46.5 175

 

Figure 1. Plan View of 2019 Infill Diamond Drilling

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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 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 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 Resources holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine, located near the Baie Verte Mining District and Springdale, Newfoundland and Labrador. The Green Bay Property hosts a resource estimates on two deposits, the Hammerdown and the Orion deposits. Hammerdown contains measured and indicated resources of 925,670 tonnes grading 10.6 gpt for 315,535 ounces of gold and inferred resources of 1,557,000 tonnes grading 7.53 gpt for 377,000 ounces of gold. The Orion deposit contains measured and indicated resources of 1,096,500 tonnes grading 4.47 gpt for 157,600 ounces of gold and inferred resources of 1,288,000 tonnes grading 5.44 gpt for 225,300 ounces.

Maritime's high grade Hammerdown and Whisker Valley gold exploration projects are both located near the Baie Verte Mining District and Springdale, Newfoundland and Labrador. The Hammerdown deposit is characterized by a number of near-vertical, narrow mesothermal quartz veins containing gold in pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004 producing 143,000 ounces of gold at an average mine grade of 15.7 gpt Au through a combination of narrow vein open pit and underground mining.

CIM definition standards were followed for the resource estimate. The resource models used Ordinary Kriging grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids. A cut-off grade of 3.0 gpt gold over 1.2 meters was used for reporting resources with capping of gold grades at 125 gpt at Hammerdown and 50 gpt at Orion. A specific gravity of 2.84 was applied.

For additional information relating to the Hammerdown gold project, including the Orion deposit, refer to the NI 43-101 technical report entitled "Pre-Feasibility Study Technical Report, Green Bay Property" with an effective date of March 2, 2017, which is available on the Company's profile at www.sedar.com.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

Qualified Persons

Exploration activities are administered on site by the Company's Project Manager, Newfoundland Properties, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Mr. Pilgrim 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.

On Behalf of the Board
MARITIME RESOURCES CORP.

1900-110 Yonge St., Toronto, ON M5C 1T4

For further information, please contact:
Candace Di Vito, Director, Investor Relations
candace@maritimegold.com

Garett Macdonald, President and CEO
416-365-5321
www.maritimeresourcescorp.com

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:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, that 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. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, uncertainty as to whether this financing will be completed, interpretation and implications of drilling and geophysical results; 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, estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward- looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

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