Maritime Resources Corp. (TSX-V: MAE) is pleased to announce further results from the trenching and high grade channel sampling program at the Whisker Valley Project, located approximately 10 kilometres from the Company’s Hammerdown gold mine.
The Gary Vein is located at the most easterly end of the exposed trench, approximately 200 metres along strike from the previously announced Ben Vein results (NR 17-15 released November 29, 2017 and see figure below). The trench has now exposed the vein system for over 250 metres with high grade gold assays returned from both ends. This new discovery remains open in both directions along strike and at depth.
The Gary Vein, is located on the most easterly exposed portion of the vein system discovered during the trenching program this fall. The vein is represented by a robust gold base metal bearing quartz vein, containing localized occurrences of galena, pyrite and chalcopyrite and visible gold hosted in altered granitic rocks.
The Gary Vein has now been mapped over a strike length of 28 metres and remains open in both directions. Results from the channel samples returned a weighted average grade of 16.61 g/t gold with an average vein width of 0.91 metres over a projected calculated sample strike length of 38 metres. The most easterly sample returned grades of 25.67 g/t with the most westerly sample returning grades of 42.91 g/t. Further trenching will be conducted in the spring of 2018 after the completion of the planned drill program this winter.
Detailed Channel Samples from Gary Vein
|Zone||Channel||Vein Width(m)||Au (g/t)||Ag (g/t)||Cu (%)|
|Gary Vein||Channel 29||1.04||18.35||52.66||0.27|
|Gary Vein||Channel 30||0.99||41.61||58.35||0.28|
|Gary Vein||Channel 31||0.84||12.81||57.23||0.63|
|Gary Vein||Channel 32||0.36||11.7||15.4||0.47|
|Gary Vein||Channel 33||1.27||10.07||13.13||0.17|
|Gary Vein||Channel 34||0.96||14.99||16.69||0.31|
|Sampled over an exposed length of 28 meters.|
The Gary Vein is the newly discovered portion of the vein system (NR 17-10 released October 12, 2017,) and is part of the overall Whisker Valley gold vein system which includes the Ben and Jackson. The current trenching program has exposed these veins for over 250 linear metres with all mineralization fully open in both directions and at depth.
Arial Photo of entire Whisker Valley Vein System – with Gary Vein assay in this release
Ben Vein results released in the November 29th release.
Channel assay results for the remaining Jackson Vein and easterly portion of the Ben Vein, are anticipated and will be released over the next several weeks. There is a significant visible gold with in the vein system, so a select number of samples are being re-assayed using the Metallic Screen assay method for greater reliability.
Eastern Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited located at Springdale, Newfoundland. 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 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 analyses by atomic absorption for gold analyses. 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.
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.
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 Rambullion.
The company recently announced a PFS (March 2nd, 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 to expand the reserve, expand the mine life and 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.
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