Maritime Resources Corp. (TSX-V: MAE) is pleased to announce drill results and an update from its ongoing 40,000 metre exploration program. The results reported are from drilling at the Hammerdown Gold Project in the Baie Verte Mining District of Newfoundland and Labrador, Canada which includes the Hammerdown and Orion gold deposits. Exploration activities are ongoing with two diamond drill rigs now focusing on new regional targets near Hammerdown and west of the Green Bay fault at the Whisker Valley and Gull Ridge projects (“Figure 1”).

Highlights:

• 20.1 gpt Au over 3.0 m, including 159.5 gpt Au over 0.31 m (BB-21-179, Orion)
• 2.77 gpt Au over 4.31 m (BB-21-166, Orion)
• 1.06 gpt Au over 13.88 m (MP-21-191, Hammerdown)
• 5.93 gpt Au over 1.72 m (MP-21-197, Hammerdown)
• 2.94 gpt Au and 30.55 gpt Ag over 2.98 m (GA-21-36, Golden Anchor zone)
• Completed property scale airborne VTEM, ZTEM and ground based IP geophysical surveys
• Year to date drilling totals 20,000 m, 50% of the planned 40,000 m program

“The first phase of drilling this year has focused on untested areas at the Hammerdown Gold Project where we believe potential exists to expand mineral resources and improve project economics. Three areas are showing promise including a high-grade plunge at the Orion deposit, new shallow mineralization at the Orion North target with similarities to the felsic porphyry mineralization found at Orion and Hammerdown’s Wisteria zone and a new vein system at the Golden Anchor zone located 200 metres east of Hammerdown which is open in all directions,” commented Garett Macdonald, President and CEO. “Our regional exploration program is now revealing several exciting areas of new gold, silver and nickel-copper-PGM mineralization across our 360 square kilometre contiguous property with drilling underway with two drill rigs and a third to be added soon.”

Hammerdown Gold Project Drilling

Recent drilling at the Orion deposit has focused on resource definition and areas for potential expansion (“Figure 2”). Drill hole BB-21-179 successfully targeted a 60 metre wide gap in the Main zone returning an interval of 20.11 gpt Au over 3.0 m, including 159.52 gpt Au over 0.31 m between historical drill holes BB-96-37 (20.84 gpt Au over 1.25 m, including 103.38 gpt Au over 0.25 m to the east) and BB-96-48 (4.79 gpt Au over 1.05 m, including 18.91 gpt Au over 0.25 m to the west). This indicates a potential southwest plunge to the mineralized system that is open at depth and along strike (“Figure 3”).

Additional drilling at the Orion North zone located in the gap between the Hammerdown and Orion deposits continues to show mineralization in a previously untested area of the project. Drill hole BB-21-196 collared in and drilled 60 metres of altered porphyry dykes with disseminated sulphides similar in style and alteration to the Main zone at Orion indicating the presence of a faulted offset of the Main zone found 500 metres to the northeast. Other drilling at Orion North included drill hole BB-21-188 which returned 2.66 gpt Au over 1.2 m from 17.6 m to 18.8 m, including 15.1 gpt Au over 0.2 m bringing this new vein to within 15 meters of surface.

New drilling at the Golden Anchor zone, intersected 2.94 gpt Au and 30.55 gpt Ag over 2.98 m in GA-21-36. This was a follow-up to a significant intersection in drill hole GA-20-35 containing a quartz/sulphide vein with visible gold grading 6.9 gpt Au over 6.0 m, including 19.9 gpt Au over 2.0 m (see press release dated February 1, 2021). The Golden Anchor zone is located 200 m east of the Hammerdown deposit, is open in all directions and represents a key area for potential resource expansion.

Discussion of Regional Exploration Targets

• Birchy Island Pond (Au) Located 5 km east of Hammerdown, the Birchy Island Pond target is a new quartz vein system exposed at surface at the intersection of several faults. Ground based IP surveys have identified several chargeable anomalies suggesting the presence of disseminated sulphide mineralization. Follow up prospecting and mapping of these anomalies identified outcrops and float of mineralized quartz veining containing pyrite. Phase 1 exploratory drilling was completed including 5 drill holes totaling 1,116 m. Each of the drill holes intersected quartz and sulphide veining with minor base metals hosted in sheared and altered mafic volcanics (“Figure 4”). Assays are pending from the sampled drill core.
• Timber Pond (Au, Ag, Cu) Phase 1 exploratory drilling was completed including 5 drill holes totaling 647 m. Drilling encountered zones of massive and disseminated sulphide mineralization as well as a lens of gold mineralization in the hangingwall to the massive sulphides. The new drilling also identified a fault zone that may have off set the VMS and gold mineralization to the west. Assays are pending from the sampled drill core.
• Fluorite Zone (Au) A new mineralized zone containing widespread disseminated pyrite with extensive silica and potassic alteration has been identified at Whisker Valley adjacent to the high grade boulder field (see press release dated September 11, 2020). This zone is characterized as an extensive hydrothermal breccia system containing gold, zinc, fluorite, and rare earth elements that is geologically similar to other alkalic epithermal systems such as the world class Cripple Creek gold deposits in Colorado, USA. The surface extents of this system are not yet known however similar alteration and mineralization has been exposed in trenching and prospecting over several hundred metres. Four grab samples from the trenched area returned appreciable amounts of gold ranging from 0.45 gpt gold to 1.32 gpt gold (“Figure 5”). The new alkalic epithermal gold prospect is located stratigraphically above an exposed and highly altered monzonite intrusion that is believed to be the alkaline porphyry root of the epithermal prospect. Ground based IP surveys have been completed and diamond drilling is now underway.
• Skate Pond (Ni, Cu) Geophysical surveys completed in 2020 identified a large, strong airborne chargeability anomaly at Gull Ridge measuring 4.5 km x 1.5k m. Initial prospecting and trenching of the surface expression of this anomaly identified widespread disseminated and blebby sulphide mineralization hosted in a combination of gabbroic and granodioritic rocks of the Gull Ridge Pluton. Within the gabbroic unit the primary form of mineralization including pyrite, pyrrhotite, pentlandite and chalcopyrite along with a secondary form containing coarse crystalline magnetite with disseminated pyrite. Within the granodiorite rocks large blebs and disseminated pyrite are common. Over 2,500 soil samples covering 20 km² were taken identifying numerous Ni-Cu and Au anomalous trends. Trenching has exposed a 100 m wide zone of finely disseminated Ni-Cu sulfides hosted in a coarse gabbroic rock containing pseudo-pillow textures which appear to control the mineralization. Ground based IP and EM surveys have been completed over portions of the trend and to date two drill holes totaling 843m have been completed. Assays are pending from the sampled drill core.

Figure 1: Maritime Property with Project Locations

Figure 2: Hammerdown Deformation Zone with hole locations

Figure 3: Orion long section view showing BB-21-179 and neighbouring holes BB-96-37 and BB-96-48

Figure 4: Birchy Island Pond hole BIP-21-03 showing new quartz with sulphide vein

Figure 5: Plan map of Fluorite zone recent grab samples with gold mineralization

Table 1: Drill Hole Composites

Composite Table of Significant Intersections greater than 1 g/m.
Sample composites greater then 3g/m in bold.

Table 2: Drill Hole Locations and Orientations

Note: Gold assay values are not capped and interval lengths are approximately true width

Table 3: Whisker Valley – Fluorite Zone Rock Samples – 2021

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. This includes the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near 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 and 2004. The Company also owns the gold circuit at the Nugget Pond metallurgical facility in Newfoundland and Labrador, the Lac Pelletier gold project in Rouyn Noranda, Québec and several other exploration properties and royalty interests in key mining camps across Canada.