Mar­itime starts 1,000 m of drilling at Whisker

Stockwatch Daily - - MINES & METALS - Mr. Doug Fulcher re­ports

MAR­ITIME RE­SOURCES Corp. has be­gun its ini­tial drill pro­gram on the Whisker gold project which is lo­cated ap­prox­i­mately 10 kilo­me­tres from the Ham­merdo wn gold de­posit on the Green Bay prop­erty in New­found­land and Labrador, Canada.

The Whisker Val­ley drill pro­gram will fo­cus on a gold vein sys­tem that was trenched and chan­nel sam­pled in the fall of 2017. Re­sults from that pro­gram showed con­tin­u­ous gold val­ues in in­di­vid­ual veins that oc­cur in a zone that has been traced at sur­face for over 200-me­tre strike length. In­di­vid­ual chan­nel sam­ple re­sults from the veins were doc­u­mented in a se­ries of news re­leases by Mar­itime Re­sources avail­able on the com­pany’s web­site.

The com­pany sub­se­quently com­pleted a de­tailed IP sur­vey in early 2018 that was de­signed to test the depth po­ten­tial of the known vein sys­tem as well as search for ex­ten­sions to the east and west ends of the veins. The IP geo­phys­i­cal sur­vey pro­vided a co­in­ci­dent charge­abil­ity re­sponse with the Whisker gold vein sys­tem and ex­tended the foot­print of the min­er­al­ized zone to a po­ten­tial 500-me­tre strike length (see news re­lease No. 18-23, Sept. 26, 2018). The gold veins carry dis­sem­i­nated pyrite and base me­tals sul­phides which ap­pear to pro­vide the IP re­sponse. Other anom­alies iden­ti­fied in this sur­vey have yet to be in­ves­ti­gated.

The ini­tial drill pro­gram will con­sist of ap­prox­i­mately 1,000 me­tres of drilling. The first three holes are planned be­low the trench ar­eas to test the depth ex­tent and iden­tify struc­tures host­ing the gold vein sys­tem. At this point lit­tle is known about the struc­tures con­trol­ling the veins that have vari­able dip and strike ori­en­ta­tions.

The drilling con­tract has been awarded to lo­cal con­trac­tor Spring­dale For­est Re­sources Inc.

Mar­itime would like to thank the gov­ern­ment of New­found­land and Labrador for ap­prov­ing the Whisker Val­ley project un­der its JEA min­eral in­cen­tive pro­gram.

Stock op­tion grant

Mar­itime also an­nounces that, in ac­cor­dance with the com­pany’s stock op­tion plan, it will grant new and ex­ist­ing di­rec­tors, of­fi­cers, em­ploy­ees and con­sul­tants in­cen­tive stock op­tions to pur­chase up to an ag­gre­gate of up to 4,805,000 com­mon shares ex­er­cis­able on or be­fore Dec. 6, 2023, at a price of 11 cents per share.

About Mar­itime Re­sources Corp.

Mar­itime Re­sources holds 100 per cent of the Green Bay prop­erty, lo­cated near Spring­dale, Nlfd. The prop­erty hosts the past-pro­duc­ing Ham­mer­down gold mine and the Orion gold de­posit sep­a­rated by a 1.5-kilo­me­tre dis­tance that sits within an over­all strike length of 4,000 me­tres. As well the Lochin­var base me­tals/pre­cious me­tals de­posit sits to the north­east end of the Rum­bul­lion de­posit.

Bernard H. Kahlert, PEng, is the qual­i­fied per­son as de­fined by Na­tional In­stru­ment 43-101 and has re­viewed and ap­proved the tech­ni­cal dis­clo­sure con­tained in this re­lease.

We seek Safe Har­bor.

May­nard El­liott Brown, Dou­glas Al­lan Fulcher, Bernard Hans Kahlert, Peter Mercer, Eric Wil­liam Nor­ton, An­drew F Pooler, Al­lan Wil­liam Wil­liams

(MAE) Shares: 99,173,116

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.