Maritime Expands High Grade Gold Zones at Orion
21 June 2011 - 11:30PM
Marketwired
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 Name From-To Total Average g/t
Number (metres) (metres) Gold
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Maritime Resources Corp. Cathy DiVito Investor
Relations (604) 484-7111
Maritime Resources (TSXV:MAE)
Historical Stock Chart
From May 2024 to Jun 2024
Maritime Resources (TSXV:MAE)
Historical Stock Chart
From Jun 2023 to Jun 2024