Maritime Files Technical Report and Commences Work Program on Green Bay Gold Property
July 11 2013 - 2:36PM
Marketwired Canada
Maritime Resources Corp. (TSX VENTURE:MAE) ("Maritime" or the "Company") -
announces that, further to the news release dated May 28, 2013, it has now filed
the Technical Report, dated July 3, 2013, entitled "Technical Report and
Resource Estimate on the Green Bay Property, Newfoundland, Canada". The Report
was authored by Tetra Tech of Sudbury, Ontario in accordance with NI 43-101
guidelines.
Maritime is now commencing a work program as recommended in the Report. This
summer's work will be to continue trenching at the eastern extension of the
Rumbullion zones, sample and analyze mine water from the closed Hammerdown gold
mine, and test metallurgical recoveries of gold from ore on the Green Bay
property.
Maritime holds 100% of the Green Bay property which hosts the past producing
Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance.
As a result of an expanded land position, Maritime now controls 51.7 square
kilometres (12,775 acres) near Springdale in north-central Newfoundland.
Green Bay Gold Property NI 43-101 Mineral Resource Estimate:
The Resource is summarized below, at a 3 g/t cut-off grade, and shown in various
cut-off grades in Table 1.
-- 428,600 ounces of gold in the Measured and Indicated category
-- 661,100 ounces in the Inferred category
Table 1: SENSITIVITY OF RESOURCES TO GRADE CUT-OFF
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Resource Grade Gold
Category Cut-off Deposit Tonnes (g/t Au) (Ounces)
--------------------------------------------------------------------------
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HD, RM, MS 831,330 10.46 279,574
2 g/t Au -----------------------------------------------
Orion 1,581,500 3.87 196,776
-----------------------------------------------------------
HD, RM, MS 727,460 11.59 271,072
3 g/t Au -----------------------------------------------
Measured and Orion 1,096,500 4.47 157,582
Indicated -----------------------------------------------------------
HD, RM, MS 642,180 12.67 261,592
4 g/t Au -----------------------------------------------
Orion 630,500 5.24 106,220
-----------------------------------------------------------
5 g/t Au HD, RM, MS 562,760 13.82 250,048
-----------------------------------------------
Orion 347,200 5.86 65,414
--------------------------------------------------------------------------
--------------------------------------------------------------------------
--------------------------------------------------------------------------
HD, RM, MS 2,204,000 6.64 470,513
2 g/t Au -----------------------------------------------
Orion 1,891,000 4.52 274,803
-----------------------------------------------------------
HD, RM, MS 1,767,000 7.68 436,304
3 g/t Au -----------------------------------------------
Orion 1,288,000 5.44 225,272
Inferred -----------------------------------------------------------
HD, RM, MS 1,336,000 9.02 387,440
4 g/t Au -----------------------------------------------
Orion 917,000 6.18 182,201
-----------------------------------------------------------
HD, RM, MS 1,027,000 10.39 343,066
5 g/t Au -----------------------------------------------
Orion 692,000 6.75 150,176
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--------------------------------------------------------------------------
HD = Hammerdown RM = Rumbullion MS = Muddy Shag
Resource Estimate Notes and Parameters:
1. CIM definition standards were followed for the resource estimate.
2. The 2013 resource models used Ordinary Krig grade estimation within a
three-dimensional block model with mineralized zones defined by
wireframed solids.
3. A cut-off grade of 3.0 g/t Au over 1.2 metres was used for reporting
resources with capping of gold grades at 125 g/t at Hammerdown and 50
g/t at Orion.
4. A Specific Gravity of 2.84 was applied.
5. Numbers may not add exactly due to rounding.
6. Mineral Resources, which are not mineral reserves, have not demonstrated
economic viability.
7. The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource and it is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
8. A portion of the estimated resource, specifically the Hammerdown
mineralization, may be located in close proximity to previously mined
areas and, as such, may not be recoverable due to structural or safety
concerns.
The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech,
Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company,
as defined by section 1.5 of NI 43-101. The mineral resource estimate is based
on the combination of geological modeling, geostatistics and conventional block
modeling using the Ordinary Krig method of grade interpolation. The mineral
resources were estimated using a block model with parent blocks of 5m X 5m X 5m
split three times into sub-blocks. The geological model including mineralized
intercepts were generated by Maritime personnel and then audited by Tetra Tech.
The QAQC protocols and corresponding sample preparation and shipment procedures
have been reviewed by Tetra Tech.
ABOUT MARITIME:
Maritime Resources holds 100% of the Green Bay property which hosts the past
producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km
distance, and the Lochinvar base metals/precious metals deposit.
The Hammerdown gold deposit was successfully mined by Richmont Mines between the
years 2000 and 2004 while gold prices averaged $325/oz. During its operation a
total of 291,400 tonnes of ore were mined and milled, at an average grade of
15.83 g/t Au, recovering a total of 143,000 ounces of gold. All of the ore was
processed at the Nugget Pond mill, now owned and operated by Rambler Metals,
with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold
prices with mineralization remaining, although uneconomic at that time. The
Orion gold deposit consists of two main vein systems, both of which are open
along strike, up and down plunge.
On Behalf of the Board of Directors,
Eric W. Norton, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Maritime Resources Corp.
Cathy DiVito
Investor Relations
(604) 484-7111
info@maritimeresourcescorp.com
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