Maritime Resources Corp.
TSX VENTURE : MAE

Maritime Resources Corp.

September 12, 2012 15:14 ET

Maritime's Exploration Extends Hammerdown Gold Zones

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2012) - Maritime Resources Corp. (TSX VENTURE:MAE) reports that assay results have been received from the 16-hole, 2,600 metre drill program at the Hammerdown deposit near Springdale, NL. First results from the on-going trench sampling have also been received. The 2012 field work is part of an extended program to establish mineable gold resources on the Company's Green Bay Project at the Hammerdown mine which closed eight years ago when gold was approximately $300 per ounce. The programs were designed to test the projected westerly extension (the Muddy Shag zone) of the known gold zones via drilling, and also to test the easterly extension (the Rumbullion zone) using trenching and channel sampling. The drill program has been successful in identifying an extension to the known gold zones west of the former Hammerdown gold mine, while the trenching also identified a very significant extension of high grade gold mineralization at surface to the east.

  • Drilling highlights: holes 12-08 and 12-15 intersected 6.65 g/t Au over 1.20 metres and 12.46 g/t Au over 2.41 metres respectively.
  • Trenching and channel sampling encountered grades up to 96 g/t Au over 0.30 metres and 53.93 g/t Au over 0.35m.
  • Trenching has also confirmed an extension of the Hammerdown veins for a distance in excess of 300 metres to the east.
  • Trenching and channel sampling is continuing at the property.

MUDDY SHAG DRILLING:

Drilling on the Muddy Shag zone commenced on June 18, 2012 and 16 diamond drill holes totalling 2,600 metres were completed. The Muddy Shag drilling was designed to follow up on historic drill results assaying 2 to 8 g/t Au. Once all of the data is fully interpreted the identified veins may form parts of new ore lenses at Muddy Shag. The existing Hammerdown mine decline lies in a footwall portion of the Muddy Shag gold veins.

Key Drill Intersections:

Drill Hole Number Zone From - To (metres) Total (metres) Average g/t Gold
MP-12-08 MM Vein 21.30 - 22.50 1.20 6.65
Including 22.05 - 22.50 0.45 17.43
MP-12-15 MM Vein 221.15 - 223.56 2.41 12.46
Including 223.00 - 223.56 0.56 39.28

True thickness of all intersections reported above is estimated at 85% of drilled interval length.

RUMBULLION TRENCHING:

Following completion of the drill campaign surface trenching commenced on the Rumbullion zone, east of the Hammerdown mine. The mineralization at Rumbullion has been known to come to surface and the intent of the trenching was to test the on-strike extension. A total of six gold bearing veins have been identified at Rumbullion, two of which have been partially mined at their western end, near the Hammerdown workings. The trenching has exposed the RM and RO veins for up to 300 metres beyond the old workings. These veins remain open along strike and trenching is continuing. This trenching program will allow for full interpretation of the six vein systems and assist in establishing available gold resources at East Rumbullion.

The table below outlines highlights of the first results of the channel samples.

Key Trench Intersections:

Trench Number Easting Zone From - To (metres) Total Length (metres) Gold (g/t)
R-1 5130E RO Vein 0.40 - 1.60 1.20 13.95
Including 0.85 - 1.15 0.30 53.56
R-2 5310E RM Vein 2.20 - 3.40 1.20 11.06
Including 2.70 - 2.90 0.20 62.55
R-3 5325E RM Vein 0.90 - 2.00 1.10 19.27
Including 0.90 - 1.25 0.35 53.93
R-4 5280E RM Vein 0.40 - 1.60 1.20 28.06
Including 0.70 - 1.00 0.30 96.58

None of these samples are from mined portions of the Rumbullion Vein system. Drilling by Richmont Mines during the mining operation between 2000 and 2004 encountered numerous high grade gold intercepts at East Rumbullion. As these were too far east of the active workings, they were not fully interpreted and established into potential resources.

QA/QC:

Bernard H. Kahlert, P.Eng., is the Qualified Person as defined by National Instrument 42-101 and has reviewed and approved the technical disclosure contained in this release. Quality assurance and quality control procedures include the systematic insertion of blanks and standards into the drill sample string. Samples are placed in sealed bags and shipped directly to the Eastern Analytical lab in Springdale, NL prior to gold fire assay.

The Company would like to acknowledge the financial assistance given to this drill program by the Government of Newfoundland and Labrador through its Junior Exploration Assistance Program at the Department of Mines.

Maps showing drill hole locations and trench / sample sites and full assay results will be available on the Company's website.

On behalf of the Board of Directors,

Eric 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.

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