Maritime Resources Corp.
TSX VENTURE : MAE

Maritime Resources Corp.

June 21, 2011 09:30 ET

Maritime Expands High Grade Gold Zones at Orion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2011) -Maritime Resources Corp. (TSX VENTURE:MAE) announces that drilling of 13 core holes totalling 4,948 metres has been completed at the Orion gold project in Newfoundland. Drill hole 11-96 intersected high grade in the Discovery Vein grading 15.5 g/t Au over 1.3 metres. This intersection extends the Discovery vein high grade gold mineralization 100 metres west from previous drilling. The 2011 drill program which commenced on February 24th had three purposes, namely drilling to increase and upgrade the Orion inferred resource status, extend the Orion deposit and to search for the off-faulted Hammerdown gold veins.

Highlights:

  • The program has been successful in adding new high grade gold resources to the previously identified gold resources as defined in the published 43-101 Technical Report.
  • The new high grade gold intersections encountered in this program are proximal to previous high grade zones identified and appear to be developing extended high grade bodies within both Discovery and Main zones at Orion.
  • These high grade gold zones are open down plunge.

Orion Table of 2011 Assays

Drill Hole NumberNameFrom-To
(metres)
Total
(metres)
Average g/t Gold
11-89
(previously reported)
Discovery Vein390.10 to 392.202.107.47
(including)390.95 to 392.201.2510.16
Main Vein432.80 to 434.001.2016.58
(including)433.10 to 433.700.6032.51
11-90No Significant Values
11-91Hanging Wall Vein102.75 to 103.050.301.01
Hanging Wall Vein151.05 to 151.700.651.46
11-92No Significant Values
11-93Foot Wall Vein334.50 to 335.301.302.0
11-94New Zone69.70 to 70.000.301.86% Zn
0.28% Cu
2.9 oz/t Ag
0.79 g/t Au
11-95No Significant Values
11-96Discovery Vein327.15 to 328.451.3015.50
(including)327.65 to 327.950.3066.00
Main Vein No Significant Values
11-97Hanging Wall Vein216.00 to 216.600.601.60
Discovery Vein378.35 to 378.900.550.04
Main Vein393.75 to 394.550.800.05

Diagrams of longitudinal sections showing drill hole pierce points and assays over 1 g/t Au are being prepared and will be posted on the Company's website. It will be noted from these sections that high grade gold lenses are developing from 175 metres to 300 metres depth in both vein zones. These lenses, grading from 10 to 16 g/t Au over minimum mining thickness of 1.2 metres are developing close to the basal Horsehead Fault and, in part, appear to plunge down to the northeast, parallel to the fault. It is significant that these high grade intersection contain numerous visible grains of gold (20-60 counts), which may be related to structural preparation proximal to the Horsehead Fault. Both the Discovery and Main vein zones remain open at depth and down plunge from the last high grade intercepts.

The 2011 drill program was successful in extending the Discovery and Main veins to the southwest. This will add significant ounces of gold to the established resource at Orion. Before calculations of the new gold resources can be made, all drill hole collars will have to be surveyed which will be completed soon.

Other Orion Area Prospects:

Hammerdown Deeps

An Induced Polarization survey in late 2010 detected deeply buried sulphides which may represent a down faulted block of veins from the high grade Hammerdown Deposit. Two holes of 450 and 536 metres depth were drilled to test these anomalies but no significant sulphides were encountered. A down-hole I.P. survey is planned for this summer on these holes to determine how deep the target may be.

Orion SW

A new I.P. anomaly was identified 50 metres southwest of the western end of Orion. Two holes totalling just over 300 metres were drilled to test this target. These holes encountered strongly deformed strata with numerous quartz veins carrying substantial sulphides. However, only anomalous gold values ranging from 100-700 ppb Au were encountered in a 12 metre wide zones which ran highly anomalous zinc. The best value was 1.86% Zn, 0.28% Cu, 2.9 oz/t silver and 0.79 g/t Au over 0.3 metres.

The drill has been de-mobilized from the site and some additional core samples have been split and sent to assay. Much of the Orion drill core has been re-logged as it appears that several new gold bearing quartz vein systems have been identified in the footwall and hanging wall of the Discovery and Main zones. All results and new geological data will be plotted on sections over the coming month.

The entire 4,948 metre drill program cost $590,000 ($120/metre), including all assays, logistics and labour. The Springdale area of Newfoundland continues to be a very low cost and effective area to explore and develop mineral resources. This drill program has been assisted financially by the Government of Newfoundland and Labrador through its Junior Exploration Assistance Program at the Department of Mines. An application with report for refund has been filed and Grant funds received for the 2010 – 2011 program.

Quality Assurance and Quality Control ("QA/QC") Procedures for the Orion Project:

For QA/QC Procedures please see MAE News Release 11-04, dated April 12, 2011.

Bernard 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 Resource Corp:

The Green Bay property consists of the Hammerdown gold deposit and the Orion gold deposit. The deposits are separated by a 1.5 km distance. The Orion gold deposit contains an inferred resource of 119,000 ounces of gold in a 710,000 tonne deposit grading 5.2 g/t Au. The deposit consists of two main vein systems, both of which are open along strike, up and down plunge. The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins averaging 16.5 g/t Au, being cut off by a sharp fault between 200 and 250 metres depth.

On Behalf of the Board of Directors,

Eric W. Norton, President & CEO

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Maritime Resources Corp.
    Cathy DiVito
    Investor Relations
    (604) 484-7111