Additional Assay Results Reported At The Hammerdown Gold Project

TORONTO - Maritime Resources Corp. reported additional assay results from its ongoing exploration program at the Hammerdown Gold Project located near the towns of King's Point and Springdale, Newfoundland and Labrador. Two diamond drill rigs are currently active at the Project completing infill and step out exploration on key targets at all deposits including Hammerdown, Orion and the Lochinvar VMS zone.

Highlights: Hammerdown Gold Deposit - 9.46 gpt Au and 2.01 gpt Ag over 2.3 m, including 59.43 gpt Au and 45.90 gpt Ag over 0.4 m in drill hole MP-20-140; Orion Gold Deposit - High grade interval of 26.2 grams per tonne ("gpt") Au and 1.7 gpt Ag over 4.0 meters ("m"), including 96.43 gpt Au and 5.97 gpt Ag over 1.1 m in newly identified structure in drill hole BB-20-116; and 1.78 gpt Au over 32.2 m, including 5.89 gpt Au over a width of 5.2 m starting 8.0 m below surface in drill hole BB-20-107; plus 1.28 gpt Au and 0.24 gpt Ag over 25.8 m, including 3.93 gpt Au and 0.51 gpt Ag over 4.2 m in hole BB-20-99; and Lochinvar VMS Zone - 0.85 gpt Au, 150.9 gpt Ag, 0.73% Cu, 3.33% Pb and 7.62% Zn over 11.6 m, including 0.74 gpt Au, 210.7 gpt Ag, 2.03% Cu, 10.64% Pb and 23.83% Zn over 2.5 m in drill hole GA-20-25.

"Over the past few weeks our exploration program has begun branching out from our main Hammerdown gold deposit to test key targets along the 5 kilometer SW-NE geological trend to identify new sources of mineralization that could add value to Hammerdown Gold Project.

Garett Macdonald, President and CEO, said, “At the Orion deposit, located 1.5 kilometers SW of Hammerdown, recent drilling continues to define a wide zone of shallow mineralization amenable to open pit mining and a potentially new style of structurally controlled, high grade mineralization containing visible gold. We intend to follow up on these intersections with step out drilling to further evaluate these opportunities. To the east of Hammerdown, the Lochinvar VMS zone was drill tested and retuned two significant intersections of high-grade massive sulphide mineralization including gold, silver, copper, lead and zinc. Lochinvar is an interesting target that is open in all directions. A new airborne VTEM and ZTEM survey is planned this month to cover both Hammerdown and Whisker Valley projects.”

New diamond drilling at the Orion deposit returned high grade gold values which are significantly higher than historical drilling in the area. Drill hole BB-20-116 intersected two sulphide rich quartz veins contained within a mafic schist zone that returned 26.2 gpt Au and 1.7 gpt Ag over a width of 4.0 m. Visible gold was noted in the mineralized core. It is not clear at this point if this high-grade intersection is the historical discovery zone or another parallel mineralized vein system. Further drilling is planned to determine the extent of the high-grade intersection.

Additional drilling at Orion has also outlined two broader mineralized intersections than previously reported by historical drilling in the area. Drill hole BB-20-99 intersected 1.28 gpt Au and 0.24 gpt Ag over a width of 25.5 m, including 3.93 gpt Au and 0.51 gpt Ag over 4.32 m. A second drill hole, BB-20-107 intersected a near surface interval of 1.78 gpt Au over 32.2 m, including 5.89 gpt Au over a width of 5.19 m. These wider mineralized intersections are a result of a more intense sampling protocol than historical work and serves to highlight the potential for wide sections of lower grade mineralized sections in the deposit that may be conducive to open pit mining.

Maritime tested the Lochinvar horizon with 11 drill holes between August and September 2020. All drill holes intersected the Lochinvar horizon with six holes noting several massive sulphide lenses varying in thickness from 0.10 m to 2.78 m in thickness. Assay results have been returned from 3 of the 11 holes completed. Highlights from this program include drill hole GA-20-25 which intersected three closely spaced massive sulphide lenses from 88.64 m to 100.30 m down the hole ranging in width from 0.44 m to 2.78 m. This significant intersection returned an interval grading 0.85 gpt Au, 150.9 gpt Ag, 0.73% Cu, 3.33% Pb and 7.62% Zn over a width of 11.6 m, including 0.74 gpt Au, 210.7 gpt Ag, 2.03% Cu, 10.64% Pb and 23.83% Zn over 2.78 m. Further down this same hole, a second lens was encountered at 153.63 m with a 5.37 meter wide interval grading 1.10 gpt Au, 78.43 gpt Ag, 0.76% Cu, 2.20% Pb and 6.16% Zn, including 1.89 m grading 1.88 gpt Au, 126.85 gpt Ag, 0.98% Cu, 4.27% Pb and 11.72% Zn.

The Lochinvar VMS zone is located approximately 800 m northeast from the Hammerdown deposit. Two steeply plunging, massive sulphide lenses have been traced from surface to approximately 200 m below surface where they remain open. The mineralization consists of heavily disseminated to massive sphalerite, galena, chalcopyrite and pyrite with lesser barite and significant tennantite and electrum. It occurs within a steeply-dipping, strongly sericitized, carbonatized and locally chloritized, soda-depleted (0.2% Na²0), schistose felsic volcanic package up to 75 m thick. The altered felsic package is separated from an underlying undeformed mafic volcaniclastic unit by the Captain Nemo Fault and is overlain by a unit of aphyric, green andesite/dacite fragmental rocks.