Maritime Expands High Grade Gold Zones at Orion
21 June 2011 - 11:30PM
Marketwired Canada
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
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Drill Hole Name From-To Total Average g/t
Number (metres) (metres) Gold
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Discovery Vein 390.10 to 392.20 2.10 7.47
11-89 ------------------------------------------------------------
(previously (including) 390.95 to 392.20 1.25 10.16
reported) ------------------------------------------------------------
Main Vein 432.80 to 434.00 1.20 16.58
------------------------------------------------------------
(including) 433.10 to 433.70 0.60 32.51
--------------------------------------------------------------------------
--------------------------------------------------------------------------
11-90 No Significant Values
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--------------------------------------------------------------------------
Hanging Wall 102.75 to 103.05 0.30 1.01
Vein
11-91 ------------------------------------------------------------
Hanging Wall 151.05 to 151.70 0.65 1.46
Vein
--------------------------------------------------------------------------
--------------------------------------------------------------------------
11-92 No Significant Values
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--------------------------------------------------------------------------
11-93 Foot Wall Vein 334.50 to 335.30 1.30 2.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
1.86% Zn
11-94 New Zone 69.70 to 70.00 0.30 0.28% Cu
2.9 oz/t Ag
0.79 g/t Au
--------------------------------------------------------------------------
--------------------------------------------------------------------------
11-95 No Significant Values
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Discovery Vein 327.15 to 328.45 1.30 15.50
------------------------------------------------------------
11-96 (including) 327.65 to 327.95 0.30 66.00
------------------------------------------------------------
Main Vein No Significant Values
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Hanging Wall 216.00 to 216.60 0.60 1.60
Vein
11-97 ------------------------------------------------------------
Discovery Vein 378.35 to 378.90 0.55 0.04
------------------------------------------------------------
Main Vein 393.75 to 394.55 0.80 0.05
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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.
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