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Maritime Resources Reports Additional Results from Its Hammerdown Drill Program, Intersects 29.58 gpt Gold over 2.16 Metres

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Maritime Resources Reports Additional Results from Its Hammerdown Drill Program, Intersects 29.58 gpt Gold over 2.16 Metres

 

 

 

 

 

Maritime Resources (TSX-V: MAE) is pleased to announce additional assay results from its 10,000 metre diamond drill program at the Hammerdown Gold Project  located near the towns of Springdale and King’s Point, Newfoundland and Labrador. The 10,000 m program includes infill and grade control testing within the conceptual mine plan outlined in the recent Preliminary Economic Assessment1,2, as well as a number of pure exploration drill holes targeting several prospective areas for new high-grade discoveries and potential expansion of mineral resources.

 

“These latest results lie within the footprint of the PEA open pit where we see potential to access high grades early in the mine life. We are also seeing silver grades up to an ounce per tonne which is very encouraging as silver has never been assayed before. This could present an opportunity for the proposed mine to receive a by-product credit, which would improve the project’s already attractive economics,” commented Maritime President and CEO, Garett Macdonald.

 

Highlights

 

  • 22.66 gpt Au and 24.86 gpt Ag over 2.50 m, including 64.49 gpt Au and 70.35 gpt Ag over 0.87 m in drill hole MP-20-94
  • 29.58 gpt Au and 12.71 gpt Ag over 2.16 m, including 54.49 gpt Au and 23.01 gpt Ag over 1.16 m in drill hole HD-GC-20-03
  • 20.31 gpt Au and 3.19 gpt Ag over 2.00 m, including 174.49 gpt Au and 23.7 gpt Ag over 0.23 m in drill hole HD-GC-20-01
  • 67.87 gpt Au and 28.6 gpt Ag over 0.48 m in drill hole MP-20-93

 

Discussion of Results

 

This press release includes the additional results received to date from some of the 20 close spaced grade control holes and the ongoing infill drilling program. The grade control holes were designed to define the continuity of near surface high-grade mineralization in the core of the proposed PEA conceptual open pit design. All holes were drilled from north to south on approximately 6 m spaced sections and 10 m spacing on the sections to follow the vein from surface down to 50 m depth, some holes being extended to intersect additional veins below. The GC holes all intersected the veins at the targeted depth and many also intersected additional gold bearing veins above and/or below the targeted veins.

 

The infill drilling results continue to intersect the extensive gold bearing veins system within the Hammerdown deposit. Targeting both the inferred mineral resource and new mineralization, the intersections will allow the Company to refine its mineral resource model ahead of the potential open pit mining.

 

Two exploration holes have been completed to date, one of which was designed to test the stratigraphy in the hangingwall to the Hammerdown deposit while the second was collared approximately 500 m to the southwest of Hammerdown to test a magnetic trend similar to that associated with the Hammerdown deposit. These holes are currently being logged and sampled.

 

To date the 2020 drilling program at Hammerdown has seen the completion of a total of 8,640.60 m in 80 drill holes with assays received from 28 of the 80 drill holes. A continuation of the drilling program will see additional infill drilling to expand on significant intersections in the inferred mineral resource category as well as continue the drilling of outward exploration targets to test for the Hammerdown deposit offset at depth or along strike.

 

The Company continues to carry out gold exploration and infill drilling at the Hammerdown deposit with two drill rigs.

 

Other News

 

The Company is also pleased to announce that it was featured on BTV-Business Television on national television this past weekend, in an episode titled “BTV Celebrates 350th Episode, Features Rising Stars in the Market”. BTV-Business Television is Canada’s longest running business show.

 

“Maritime Resources is committed to transparently communicating our current activities and future plans to both the financial community and the communities in which we work, in order to keep our stakeholders and current and future shareholders informed. BTV presented us with the opportunity to reach a vast audience and we were delighted to work with them to communicate our vision,” commented Tania Barreto, Maritime Resources Head of Investor Relations.

 

The broadcast can be viewed here: https://www.b-tv.com/btv-celebrates-350th-episode-features-rising-stars-in-the-market-ep-350/.

 

Maritime will also be participating and presenting at the Precious Metals Summit Beaver Creek Virtual Conference taking place September 15-17, 2020. The Company will be presenting at 8:15 AM EST on September 15, 2020. Attendees can register by following: https://www.precioussummit.com/event/2020-summit-colorado/?section=login.

 

Table 1: Hammerdown Gold Project – Assay Results

 

Hole ID From (m) To (m) Length (m) Au g/t Ag g/t
HD-GC-20-01 8.00 10.00 2.00 20.31 3.19
Including 8.27 8.50 0.23 174.49 23.70
HD-GC-20-02 2.30 4.25 1.95 2.05 0.55
Including 2.30 2.58 0.28 12.88 2.50
HD-GC-20-02 21.35 23.01 1.66 7.05 3.84
Including 21.35 21.76 0.41 23.72 9.80
HD-GC-20-02 73.00 75.03 2.03 1.32 0.27
Including 74.83 75.03 0.20 9.06 1.80
HD-GC-20-03 19.85 21.00 1.15 0.30 0.70
HD-GC-20-03 31.00 32.00 1.00 2.89 0.60
HD-GC-20-03 50.50 50.80 0.30 27.97 21.30
HD-GC-20-03 62.10 64.26 2.16 29.58 12.71
Including 62.60 63.76 1.16 54.49 23.01
HD-GC-20-03 77.00 79.00 2.00 2.30 0.50
HD-GC-20-04 7.50 8.50 1.00 1.79 0.40
HD-GC-20-04 15.45 15.70 0.25 19.80 7.70
HD-GC-20-05 24.69 24.89 0.20 41.61 6.50
HD-GC-20-05 29.56 30.28 0.72 2.83 1.86
HD-GC-20-06 12.41 12.76 0.35 11.63 4.10
HD-GC-20-06 14.64 14.84 0.20 2.95 0.70
HD-GC-20-06 35.50 37.34 1.84 10.63 1.29
Including 36.66 36.84 0.18 87.10 6.00
HD-GC-20-07 27.24 27.74 0.50 9.05 2.30
HD-GC-20-07 32.65 32.85 0.20 3.19 7.50
HD-GC-20-07 49.15 51.08 1.93 3.99 1.40
Including 50.38 50.58 0.20 32.61 4.50
MP-20-92 113.00 116.00 3.00 1.60 2.40
MP-20-93 19.96 20.54 0.58 3.83 1.76
MP-20-93 63.00 63.48 0.48 67.87 28.60
MP-20-93 108.63 109.40 0.77 3.45 2.37
MP-20-93 143.76 144.07 0.31 3.25 1.50
MP-20-94 39.50 42.00 2.50 22.66 24.86
Including 40.00 40.87 0.87 64.49 70.35
MP-20-95 6.00 7.10 1.10 1.30 1.78
MP-20-95 15.78 16.00 0.22 2.12 1.80
MP-20-95 48.00 58.00 10.00 0.46 0.69
MP-20-95 82.76 83.71 0.95 5.70 2.82

 

 

Intersections in above table are interpreted to be approximately true width and gold grades are not capped.

 

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

 

Table 2: Reported Drill Hole Locations and Orientations

 

 

DDH No. Northing Easting Elevation Collar
Dip
Collar
Azimuth
Total
Depth (m)
HD-GC-20-001 5489070.3 554982.8 197.5 -47.1 179.1 76
HD-GC-20-002 5489080.0 554983.3 197.1 -48.4 183.3 76
HD-GC-20-003 5489099.7 554982.7 196.5 -49.5 171.2 100
HD-GC-20-004 5489069.5 554969.7 197.4 -52.0 176.0 25
HD-GC-20-005 5489080.2 554969.7 197.1 -55.5 174.6 37
HD-GC-20-006 5489089.5 554970.3 196.5 -48.1 187.1 43
HD-GC-20-007 5489099.5 554971.0 196.1 -43.0 169.7 67
MP-20-92 5489144.8 555225.2 195.7 -62.8 152.6 130
MP-20-93 5489204.8 555260.5 195.7 -50.5 154.8 154
MP-20-94 5489149.3 555285.4 195.4 -53.2 151.6 76
MP-20-95 5489088.4 555255.0 197.7 -60.7 146.0 100

 

Notes:

 

  1. See news release dated February 29th, 2020.
  2. For further information, see the technical report titled “The Hammerdown Gold Project, Newfoundland and Labrador Preliminary Economic Assessment” with an effective date of April 15, 2020, available at www.maritimeresourcescorp.com or under the Company’s Sedar profile at www.sedar.com. There can be no certainty that exploration drilling will result in a mineral resource being delineated. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is also no certainty that inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

 

About Maritime Resources Corp.

 

Maritime Resources holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine and Orion project plus the Whisker Valley exploration project, all located near the Baie Verte Mining District and King’s Point, Newfoundland and Labrador. The Hammerdown gold deposit is characterized by 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.

 

Posted July 27, 2020

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