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Maritime Resources has discovered a new area of gold mineralization at its 100% owned Whisker Valley Project

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The Whisker Valley property is located 6 kilometers northwest of the Company's high-grade Hammerdown gold project. The current field mapping and sampling programs have identified extensive gold and base metal targets across the Whisker Valley.

Additional Information:

Company: Maritime Resources
Website: http://www.MaritimeResourcescorp.com
Stock Symbol: TSXV: MAE
Date Published: Aug 27, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for InvestmentPitch Media

Maritime Resources has discovered a new area of gold mineralization as a result of a regional prospecting program at its 100% owned Whisker Valley Project in the Baie Verte Mining District of Newfoundland and Labrador.

The Whisker Valley property is located 6 kilometers northwest of the Company's high-grade Hammerdown gold project.

The current field mapping and sampling programs have identified extensive gold and base metal targets across the Whisker Valley.

Although in the early stages of exploration, management believes the widespread extent of gold mineralization in soils, grab samples and at the Ben, Gary and Jackson veins plus the increased abundance of copper sulphides are strong indications of an extensive hydrothermal system and that the company may be close to identifying the source of the veins.

This current exploration focus is at the northern portion of a prominent magnetic low trend, approximately 10 kilometres in length, identified in the recently completed airborne survey.

In 2012 Tawsho Mining Inc. completed a relatively small nine line VTEM and Horizontal Magnetic Gradiometer geophysical survey over the area of the Ben, Jackson and Gary high grade gold vein system.

Based on the results of the survey two EM anomalies were identified in the northeast corner of the survey area.

A new interpretation of the single and multi-line EM anomalies indicates highly conductive sources at approximately 100 meters below surface.

Maritime's prospecting team have identified a new mineralized boulder field located directly across the valley from the high grade Ben, Jackson and Gary quartz veins that were trenched and drilled throughout 2017 and 2018.

The newly discovered float samples resemble the mineralization from these veins, however based on glacial ice direction movement on the property and the angularity of the float samples, it is believed that they are derived from a proximal bedrock source area.

Overburden is generally less than 2.0 metres thick in this area.

A total of angular float samples ranging in size from 0.1 to 0.5 metres have been collected and assayed in 2018 and 2019 across the Whisker Valley project with 39 angular float samples from the newly discovered boulder field assaying greater than 1.0 gram per tonne gold found in this area.

These samples assayed up to 83.8 grams per tonne gold, 154.0 grams per tonne silver and 1.6% copper and averaged 12.2 grams per tonne gold, 20.3 grams per tonne silver and 0.4% copper.

Eleven angular float samples in this set assayed greater than 10.0 grams per tonne gold, averaging 33.8 grams per tonne gold, 39.6 grams per tonne silver and 0.93% copper.

Results from an additional 50 float samples for this area are pending and Maritime is hopeful that the results, once received, will assist in tracing the mineralized float to their bedrock source.

Trenching is planned in this area and if successful results are obtained, follow up diamond drilling will be conducted to test the depth extent of any surface mineralization identified.

Garett Macdonald, President and CEO, stated: "The discovery of a new target area marked by high grade gold, silver and copper mineralization in angular float at our Whisker Valley project demonstrates the exciting potential of this largely unexplored project. Our systematic approach to exploration has identified a number of highly prospective targets. We have expanded our land holdings and have mobilized additional resources in order to locate the bedrock sources of this mineralization."
Maritime Resources holds a 100% interest in the Green Bay Property, which hosts a resource estimates on two deposits, the Hammerdown and the Orion deposits.

Hammerdown contains measured and indicated resources of 925,670 tonnes grading 10.6 grams per tonne for 315,535 ounces of gold and inferred resources of 1,557,000 tonnes grading 7.53 grams per tonne for 377,000 ounces of gold.

The Orion deposit contains measured and indicated resources of 1,096,500 tonnes grading 4.47 grams per tonne for 157,600 ounces of gold and inferred resources of 1,288,000 tonnes grading 5.44 grams per tonne for 225,300 ounces.

Maritime has expanded the field mapping and sampling program and had expedited the mobilizing equipment to the property to initiate trenching and diamond drilling.

The shares are trading at $0.085.

For more information please visit the company’s website www.MaritimeResourcescorp.com, contact Candace Di Vito, Director, Investor Relations candace@maritimegold.com

I’m Megan Edwards for InvestmentPitch Media