Maritime Resources Corp. (TSX-V: MAE) is pleased to provide assay results from six additional diamond drill holes at the Orion deposit, in the Baie Verte Mining District of Newfoundland and Labrador, Canada. The Orion deposit lies approximately 1.5 km southwest of the Company’s Hammerdown project.

Highlights:

• 2.2 gpt Au over 21.0 metres including 3.2 gpt Au over 5.8 m in drill hole BB-20-131
• 8.0 gpt Au over 5.0 m, including 11.4 gpt Au over 3.1 m in drill hole BB-20-132
• 4.8 gpt Au over 13.6 m, including 7.0 gpt Au over 8.1 m in drill hole BB-20-133
• 3.0 gpt Au over 14.0 m, including 4.9 gpt Au over 8.0 m in drill hole BB-20-135
• 3.5 gpt Au over 4.0 m in drill hole BB-20-136

“Over the last few months, we have seen an important style of mineralization emerging at Hammerdown’s Wisteria zone and now at Orion, characterized by wide intervals of consistent grade within a structurally controlled felsic schist unit. Later this month, two diamond drill rigs will be mobilized to Orion to continue defining this promising new zone that is open in all directions and to test the 1.5 km unexplored gap towards the new Orion North conductive anomaly and the Hammerdown deposit,” commented Garett Macdonald, President and CEO. “We recently expanded our land holdings in the area and are optimistic at the potential for further exciting discoveries in the core area of the Hammerdown Gold Project,” continued Mr. Macdonald.

Drilling at Orion Continues to Intersect High Grade Gold Over Wide Intervals

Additional drilling in late 2020 was completed at Orion to follow up on the high grade gold results intersected in drill hole BB-20-130 which returned 5.2 gpt Au over 13.0 m, including 8.4 gpt Au over 3.9 m, at a depth of 100 m below surface (see News Release dated January 7, 2021). Drill holes BB-20-131, BB-20-132, BB-20-133, and BB-20-136 were drilled on the same section, 553895 E (Figure 1), and all holes intersected the zone at varying elevations. The sub-vertical zone is now traced from surface to a depth of over vertical 150 m along this section, displaying excellent continuity in width and grade distribution. Drill hole BB-20-131 intersected the zone over a 21.0 m wide interval grading 3.2 gpt Au displaying the bulk tonnage potential of this new area. High grade intervals are also present as demonstrated by drill hole BB-20-132 which intersected 8.0 gpt Au over 5.0 m, including 11.4 gpt Au over 3.1 m (Figure 2). The zone remains open in all directions (Figure 2).

Drill hole BB-20-135 was completed 20 m along strike to the southwest of section 553895 E and intersected the mineralized zone at a depth of 50 m below surface, returning 3.0 gpt Au over 14.0 m, including 4.9 gpt Au over 8.0 m. Drill hole BB-20-134 was collared just north of the Orion zone and returned no significant values.

Assay results from several other drill holes completed in late 2020 are still pending. Five additional holes were completed at the main Orion deposit and four additional holes were completed at the new Orion North target, located 300 m NE of Orion section 553895 E where a new discovery containing visible gold was made on the edge of a strong, newly identified conductive anomaly. Here, drill hole BB-20-123 intersected 22.7 gpt Au over 0.44 m at a vertical depth of 50 m (see News Release dated January 7, 2021).

The Hammerdown Deformation Zone is a structurally complex corridor stretching over 4 km hosting the Hammerdown and Orion gold deposits along with the silver rich Lochinvar VMS target and several new, untested conductive geophysical anomalies identified in the recent VTEM geophysical survey. The area has been subject to at least four phases of deformation and is proximal to the regionally important Green Bay Fault (Figure 3).

The mineralization intersected at Orion is dominantly replacement style characterized by moderate to strong alteration represented by pervasive silica, sericite and carbonate along with pyrite in a strongly deformed felsic volcanic unit (Figure 4). The stratigraphically controlled style of mineralization at Orion lends itself to broad gold bearing zones as shown by the recent drill results. This style varies from the mineralization commonly encountered at Hammerdown, and parts of Orion, where quartz, sericite and pyrite veins are hosted in fault and fill shear zones on the contact between the host mafic volcanic package and intrusive QFP dykes.

In comparison, the Hammerdown veins are typically narrow and high grade with gold directly associated with the percentage of pyrite in the veins. In mid 2020, the Company completed new drilling in the Wisteria Zone on the southern end of the Hammerdown PEA open pit shell in drill hole MP-20-130, intersecting 2.9 gpt Au over 31.0 m starting at 50 m below surface (see News Release dated September 24, 2020). This mineralization is very similar to the replacement style mineralization identified at Orion, 1.5 km to the southwest.

Figure 1: Plan View of Drill Holes (click image to enlarge)

Figure 2: Cross Section 553895 E (click image to enlarge)

Figure 3: Location of Deposits and Targets Along Hammerdown Deformation Zone (click image to enlarge)

Figure 4: Drill Hole BB-20-133: 4.8 gpt Au over 13.6m, including 7.0 gpt Au over 8.1 m (click image to enlarge)

Table 1: Summary of Assay Results

Table 2: Drill hole location and direction details

Analytical Procedures:

All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited 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. 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 holds a 100% interest, directly and subject to option agreements entitling it to earn 100% ownership, in the Green Bay Property, including the former Hammerdown gold mine and Orion gold project plus the Whisker Valley exploration project, all located near the Baie Verte Mining District and the town of King’s Point, Newfoundland and Labrador. The Hammerdown Gold Project is characterized by near-vertical, narrow mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004.