Maritime Identifies New High-Grade Gold in Outcrop on Whisker Valley Property and Consolidates Land Holdings over Gold Trend

2023-04-11

CSE - Canadian National Stock Exchange · Gold · Copper · Arsenic · Lead · Zinc · Silver · Tin · Indium · Tungsten · Molybdenum · Gemstone · Lithium · Niobium · Beryllium · Tantalum · Canada

Toronto, Ontario--(Newsfile Corp. - April 11, 2023) - Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to provide an update on exploration activity on the Whisker Valley and El Strato gold properties in the Baie Verte mining district of Newfoundland and Labrador. Maritime announces the discovery of a new high-grade gold prospect at the Whisker Valley project and has acquired an option on an additional mineral license, the 125 hectare, five-claim El Strato Property to consolidate a well-defined gold trend spanning 7 kilometres ("kms"). The El Strato gold mineralization is located proximal to the regionally significant Baie Verte Brompton Line (BVBL) and is a structurally controlled orogenic style that is comparable to the prolific gold rich Abitibi Archean greenstone belt of Central-Southern Quebec.

Highlights:

Maritime's exploration team has identified a large alkalic porphyry center and an accompanying alkalic epithermal system at the Fluorite Zone, located within the Whisker Valley property.

Initial drilling of the epithermal system encountered local anomalous fluorite, gold, silver, zinc, molybdenum, and lead values. The most significant results were obtained from hole FZ-21-08 which encountered 0.064% molybdenum over 9.0 m and 0.8 m of 2.65 grams per tonne ("gpt") gold, including 0.35 m of 6.27 gpt gold. See Figures 6 and Table 2.

Additional drilling 300 meters south of the Gary Vein Zone intersected significant mineralization including WH-21-34 returned 5.95 g/t gold over 0.48 m, WH-21-35 returned 7.57 g/t gold over 0.20 m, highlighting the potential for new vein discoveries in the area. See Figure 8 and Table 3.

Trenching of a chargeability anomaly near the Whisker Valley fault zone exposed a new polymetallic quartz/sulphide vein over 5.0 m with initial grab samples grading up to 8.54 gpt gold, 8.0 % lead, 24 gpt silver. See Figure 7, 8 and Table 1.

Maritime optioned additional claims on the El Strato gold trend further consolidating an emerging gold mineralized system stretching over 7 kms. New sampling by Maritime in 2022 of the El Strato Trend returned high grade gold values up to 21.83 gpt and 2.95 gpt gold in quartz/carbonate/sulphide veins verifying the high-grade tenor of the mineralized veins. See Figure 1, 2, 3 and Table 1.

The El Strato and Whisker Valley Structurally Controlled Gold Trends

The El Strato gold prospect hosts numerous gold and base metal occurrences and trends centered around the Whisker Valley and Middle Arm secondary fault structures which have extensive strike lengths approximately 7 kms (Figures 1 and 2). El Strato is centered along the major fault junction where the Middle Arm Fault intersects the BVBL. In this area previous exploration has identified widespread gold mineralization associated with secondary structures hosting quartz, carbonate and base-metal-rich veins considered to be indicative of a structurally controlled orogenic gold system. Historic grab samples of outcrop reported gold grades up to 239.6 gpt gold and angular float samples ranging from anomalous to 72.0 gpt gold (Figure 4). Limited historical drilling at the El Strato area has achieved intersections up to 3.15 gpt gold over 3.2m, and 14.23 gpt gold over 1.2 m (ES-11-23) - (News Release Cornerstone Capital Resources Inc, August 3, 2011). Soil sampling throughout the El Strato property has outlined several high-grade multi-station/multi-line gold anomalies in close proximity to the Middle Arm Fault. Three gold in-soil trends have been identified that are coincident with the historical drill intersections, high-grade gold in rock samples and untested IP chargeability anomalies. None of these results have been verified by Maritime and are considered historical, however representative sampling by Maritime staff in 2022 returned outcrop samples grading 21.83 gpt gold and 2.95 gpt gold at the Voodoo Brook showing which confirmed the high-grade nature of the mineralization (Figure 3).

The newly optioned mineral claims (White Option) are centrally located and cover a potential northeast extension of the El Strato mineralized trend (Figure 1, 2 and 4). Historical rock samples collected on the optioned property returned 3.3 gpt and 4.4 gpt gold in bedrock and 6.4 gpt, 11.1 gpt and 15.4 gpt gold in angular float. These samples coincide with an historical 3-kilometer-long in-soil gold anomaly (Figure 1). Trail access to the El Strato Property has been established and the Company has compiled historic geochemistry, geophysics and drillhole data and has reviewed historic drill cores and trenches on the property. This work will continue into the 2023 season with a focus on identifying and mapping the distribution and geometry of gold bearing structures to identify and test priority drill targets.

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_001full.jpg)

Figure 1. Whisker Valley and El Strato prospects - Compilation of gold in soil anomalies.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_001full.jpg

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_002full.jpg)

Figure 2. Whisker Valley and El Strato prospects - Compilation of gold in outcrop and float samples.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_002full.jpg

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_003full.jpg)

Figure 3. Representative samples collected from Voodoo Brook returned 21.83 gpt and 2.95 gpt gold.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_003full.jpg

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_004full.jpg)

Figure 4. Maritime 2022 rock samples and historical El Strato / White option soil sampling results > 25 ppb gold and significant rock sampling results for gold overlaid on Airborne Magnetics (TMI) base.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_004full.jpg

Whisker Valley Porphyry Target

Exploration work at Whisker Valley has identified a potential zone of porphyry monzodiorite stock consistent with intrusions associated with alkalic Cu-Au porphyry systems similar to the porphyry in Mount Polley, British Columbia (Figure 5). The alteration envelopes observed in the field and in drill core are typical of alteration encountered in these types of mineralized systems.

The related geophysical anomalies are broad and have multi-kilometre strike lengths and occur in a portion of the property that to date has received limited exploration work. Maritime plans to employ soil geochemistry, alteration vectoring by hyperspectral, as well as mapping to identify structural and magmatic controls on metal mineralization in order to identify economically significant portions of this large greenfield exploration target.

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_005full.jpg)

Figure 5. Strongly vesiculated and altered felspar porphyry monzodiorite with cavities filled with albite, calcite, epidote, magnetite and potassium feldspar.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_005full.jpg

Fluorite Zone Alkalic Epithermal Prospect

Maritime has identified a new mineralized corridor adjacent to the Whisker Valley Porphyry Trend. The newly discovered Fluorite Zone Prospect has been exposed in trenching 100 m and partially delineated using ground based induced polarization (IP) geophysics. Initial trenching and limited drilling have identified geology, alteration and mineralization consistent with that of an alkalic epithermal gold system similar to deposits of the Cripple Creek District in Colorado, USA which has produced 21 million ounces of gold. This first stage of exploration work included 9 drillholes and outlined a large diatreme breccia complex with widespread disseminated pyrite and localized occurrences of fluorite, sphalerite, molybdenum and rare earth elements. The rocks exhibit intense potassic and argillic alteration. The initial drilling encountered local anomalous gold, silver, molybdenum and lead values the most significant results were obtained from drill hole FZ-21-08 (Figure 6) which encountered 0.064% molybdenum over 9.0 m with three assays exceeding detection limits of 0.1% molybdenum, with overlimit analysis for these samples are still pending. In addition to molybdenum the hole intersected 0.8 m of 2.65 gpt gold, including 0.35 m of 6.27 gpt gold.

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_006full.jpg)

Figure 6. Fluorite Zone drill core FZ-21-08 depicting argillite and potassic alteration of rhyolite and diatreme breccias. A.) Fracture-controlled molybdenum. B.) Alteration zonation from pervasive argillic to potassic alteration with fluorite veining. C.) Argillic alteration with fluorite nodules. D.) Variably altered diatreme breccia.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_006full.jpg

Hyperspectral imaging was carried out on 1,000 m of drill core from the Fluorite Zone. This work was completed by Newfoundland's College of the North Atlantic (CONA) using state of the art VNIR-SWIR-MWIR-LWIR core scanning technology. Maritime would like to thank the National Research Council's Industrial Research Assistance Program (IRAP) for funding the project, as well as CONA researchers for their interpretation of the results. The hyperspectral test work identified rare earth element bearing minerals within later fractures as well as intervals of white mica alteration that correlated with pyrite mineralization in the core and concluded that hyperspectral imaging is a viable tool for defining alteration patterns and has the potential to vector towards mineralization in areas with complex alteration zones such as the Fluorite Zone. Maritime intends to complete hyperspectral scanning of the entire Fluorite Zone drill core to help in vectoring towards potential gold mineralization.

An IP geophysical survey carried out at the Fluorite Zone has identified a series of chargeability anomalies. Field checking from a chargeability anomaly on Line 2 identified a polymetallic quartz/sulphide vein in bedrock. This new vein at the FZ L2 IP anomaly has been partially exposed over 5 m and contained abundant galena, chalcopyrite, and sphalerite.Initial grab samples collected from outcrop at this newly discovered vein contained up to 8.54 gpt gold, 8.0 % lead, and 24 gpt silver. The vein mineralization is hosted in a narrow shear zone which returned 2.8 gpt gold from a grab sample (Figure 7).

Whisker Valley Area Drilling

An additional 17 drill holes were completed in the Whisker Valley area during the 2021 program to test various IP chargeability anomalies, known historical surface gold/base metal vein style mineralization, and interpreted structures. The IP anomalies were explained by intense disseminated pyrite and/or strongly pervasive magnetite/hematite alteration in the host granodiorite. Other holes that tested the sub-surface of known prospects intersected late brittle structures that appear to be off-setting the depth extension of mineralization. Four holes WH-21-34 to WH-21-37 were completed approximately 300 meters south of the Gary Vein zone (press release dated February 25, 2019) to test an interpreted structural trend. These holes intersected multiple quartz pyrite/base metal veins, which returned significant gold grades over narrow intersections. WH-21-34 returned 5.95 g/t gold over 0.48 m, 4.97 g/t gold over 0.40 m, WH-21-35 returned 7.57 g/t gold over 0.20 m, 1.28 g/t gold over 0.24 m, 0.56 g/t gold over 0.35 m and 1.85 g/t gold over 0.2 m. While WH-21-36 assayed 3.82 g/t gold over 0.2 m and WH-21-37 returned 0.92 g/t gold over 0.27 m, and 0.78 g/t gold over 0.20 m (see Figure 8 and Table 3). The intersections in the Gary Vein South area appear to be related to brittle secondary structures of the Whisker Valley Fault. The drilling highlighted the importance of structures in controlling the geometry of mineralized zones in the area. Further drilling will be based on modelling of the structures so that mineralized veins can be more accurately targeted for drilling.

The 2021 drilling campaign at the Whisker Valley Fluorite area was successful in determining the potential of a large porphyry/epithermal system near the contact with the Silurian King's Point Alkalic complex and the underlying Ordovician Burlington granodiorite. New drilling south of the Gary Vein system highlighted the potential for new vein discoveries. Future exploration in the area will entail modeling of known structures and mineralized veins along with geological mapping, mineralogy, and lithogeochemistry to determine the genetic aspects of mineralization in the Silurian Whisker Valley Cu-Au-Mo system.

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_007full.jpg)

Figure 7. Mineralized grab samples from newly discovered Fluorite Zone (FZ L2 IP Anomaly) prospect containing gold, silver, copper, lead and zinc. Images A. and B.) Quartz veining with gold, silver, copper, lead and zinc mineralization. C.) Mineralized shear zone adjacent to vein style mineralization.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_007full.jpg

[](https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_008full.jpg)

Figure 8. Location of 2021 diamond drilling at Whisker Valley

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/4548/161907_5f87d14bd4e19bf0_008full.jpg

Table 1. Maritime 2022 rock sample locations and historical rock samples (NAD 83 Zone 21) along with assays.

| Sample | Project | Type | Easting | Northing | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | | 525244 | FZ L2 IP Anomaly | Bedrock Maritime | 548318 | 5496816 | 8.54 | 24.0 | 0.16 | 8.00 | 1.73 | | 525245 | FZ L2 IP Anomaly | Bedrock Maritime | 548309 | 5496808 | 2.82 | 0.4 | 0.01 | 0.06 | 0.02 | | 525146 | Voodoo Brook | Bedrock Maritime | 541665 | 5495702 | 21.83 | 100.6 | 0.17 | 7.20 | 1.13 | | 525150 | Voodoo Brook | Bedrock Maritime | 541706 | 5495691 | 2.95 | 13.2 | 0.01 | 1.11 | 0.28 | | 11875 | White Option | Bedrock Historical | 542975 | 5496284 | 4.37 | 1.0 | 0.05 | 0.09 | 0.04 | | 12089 | White Option | Bedrock Historical | 542410 | 5496283 | 3.23 | 1.0 | 0.1 | 0.24 | 0.61 | | 18009 | White Option | Float Historical | 543026 | 5496418 | 6.43 | N/A | N/A | N/A | N/A | | 18029 | White Option | Float Historical | 543199 | 5496758 | 11.07 | N/A | N/A | N/A | N/A | | 164958 | White Option | Float Historical | 542239 | 5496596 | 15.40 | N/A | N/A | N/A | N/A | | 11101 | El Strato | Bedrock Historical | 542670 | 5496170 | 35.45 | 33.60 | 0.00 | 0.01 | 0.00 | | 11110 | El Strato | Bedrock Historical | 546194 | 5500338 | 4.97 | 76.00 | 0.28 | 0.01 | 0.00 | | 12035 | El Strato | Bedrock Historical | 545948 | 5500177 | 1.50 | 27.70 | 0.75 | 0.00 | 0.01 | | 12043 | El Strato | Bedrock Historical | 544870 | 5499043 | 15.58 | 3.20 | 0.00 | 0.00 | 0.00 | | 26883 | El Strato | Bedrock Historical | 546351 | 5500509 | 1.29 | 16.10 | 0.06 | 0.00 | 0.00 | | 28157 | El Strato | Bedrock Historical | 542665 | 5495987 | 28.77 | 45.90 | 0.30 | 3.30 | 11.40 | | 33547 | El Strato | Bedrock Historical | 541762 | 5494654 | 61.69 | 30.70 | 0.07 | 2.04 | 0.17 | | 33553 | El Strato | Bedrock Historical | 542251 | 5495304 | 3.43 | 1.40 | 0.01 | 0.05 | 0.01 | | 33564 | El Strato | Bedrock Historical | 541317 | 5494910 | 6.83 | 2.70 | 0.02 | 0.66 | 0.31 | | 33569 | El Strato | Bedrock Historical | 542204 | 5495218 | 13.87 | 3.90 | 0.08 | 0.01 | 0.01 | | 33572 | El Strato | Bedrock Historical | 542296 | 5495186 | 20.32 | 12.30 | 0.07 | 1.47 | 0.21 | | 39717 | El Strato | Bedrock Historical | 542075 | 5494840 | 23.58 | 2.20 | 0.00 | 0.13 | 0.07 | | 39729 | El Strato | Bedrock Historical | 542148 | 5495036 | 5.15 | 0.20 | 0.00 | 0.00 | 0.00 | | 39767 | El Strato | Bedrock Historical | 541542 | 5495356 | 9.98 | 27.60 | 0.10 | 10.50 | 0.25 | | 39777 | El Strato | Bedrock Historical | 542236 | 5496121 | 4.15 | 21.50 | 0.05 | 0.00 | 0.31 | | 118539 | El Strato | Bedrock Historical | 545661 | 5499057 | 0.43 | 0.00 | 0.00 | 0.00 | 0.00 | | 118549 | El Strato | Bedrock Historical | 545766 | 5498985 | 0.40 | 0.00 | 0.00 | 0.00 | 0.00 | | 119759 | El Strato | Bedrock Historical | 545267 | 5499313 | 0.67 | 0.00 | 0.00 | 0.00 | 0.00 | | 120329 | El Strato | Bedrock Historical | 545193 | 5499408 | 0.70 | 0.00 | 0.00 | 0.00 | 0.00 | | 122679 | El Strato | Bedrock Historical | 541982 | 5495777 | 2.66 | 0.00 | 0.00 | 0.00 | 0.00 | | 122715 | El Strato | Bedrock Historical | 541636 | 5495166 | 1.14 | 4.70 | 0.04 | 2.54 | 2.66 | | 134553 | El Strato | Bedrock Historical | 541650 | 5495873 | 3.22 | 0.00 | 0.00 | 0.00 | 0.00 | | 164101 | El Strato | Bedrock Historical | 541686 | 5495806 | 10.52 | 0.00 | 0.00 | 0.00 | 0.00 | | 164128 | El Strato | Bedrock Historical | 541761 | 5495360 | 6.90 | 0.00 | 0.00 | 0.00 | 0.00 | | RML-98-12 | El Strato | Bedrock Historical | 541478 | 5494895 | 239.60 | 31.00 | 0.36 | 0.60 | 14.80 | | 999999 | El Strato | Bedrock Historical | 542979 | 5497625 | 59.60 | n/a | n/a | n/a | n/a | | 11108 | El Strato | Float Historical | 542751 | 5495707 | 22.66 | 77.70 | 0.15 | 0.00 | 0.00 | | 11303 | El Strato | Float Historical | 547345 | 5500834 | 0.86 | 1.30 | 0.01 | 0.00 | 0.00 | | 12763 | El Strato | Float Historical | 542784 | 5495852 | 54.32 | 119.90 | 0.92 | 0.00 | 0.00 | | 18011 | El Strato | Float Historical | 542662 | 5496123 | 62.01 | 0.00 | 0.00 | 0.00 | 0.00 | | 18155 | El Strato | Float Historical | 542626 | 5495917 | 67.10 | 0.00 | 0.00 | 0.00 | 0.00 | | 33608 | El Strato | Float Historical | 541746 | 5495169 | 53.26 | 47.90 | 0.69 | 6.90 | 9.60 | | 54584 | El Strato | Float Historical | 540926 | 5494640 | 1.42 | 0.20 | 0.00 | 0.00 | 0.00 | | 40003 | El Strato | Float Historical | 541833 | 5495808 | 57.79 | 15.70 | 0.01 | 1.84 | 0.05 | | 108445 | El Strato | Float Historical | 541854 | 5495359 | 13.61 | 0.00 | 0.00 | 0.00 | 0.00 | | 115438 | El Strato | Float Historical | 543011 | 5497489 | 59.60 | 0.00 | 0.00 | 0.00 | 0.00 | | 119210 | El Strato | Float Historical | 541677 | 5493752 | 2.87 | 0.00 | 0.00 | 0.00 | 0.00 | | 119219 | El Strato | Float Historical | 541777 | 5494182 | 70.90 | 0.00 | 0.00 | 0.00 | 0.00 | | 122601 | El Strato | Float Historical | 541570 | 5495689 | 67.00 | 0.54 | 0.08 | 3.24 | 1.61 | | 122636 | El Strato | Float Historical | 541916 | 5495768 | 72.00 | 19.54 | 0.04 | 2.61 | 0.84 | | 122727 | El Strato | Float Historical | 542036 | 5495081 | 10.70 | 12.30 | 0.06 | 2.26 | 0.08 | | 123018 | El Strato | Float Historical | 542663 | 5497240 | 16.10 | 0.00 | 0.00 | 0.00 | 0.00 | | 134560 | El Strato | Float Historical | 542052 | 5496025 | 14.80 | 0.00 | 0.00 | 0.00 | 0.00 | | 134583 | El Strato | Float Historical | 542140 | 5495907 | 105.30 | 0.00 | 0.22 | 14.00 | 7.10 | | 134590 | El Strato | Float Historical | 541922 | 5496345 | 51.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 134594 | El Strato | Float Historical | 541767 | 5495750 | 11.50 | 92.56 | 0.06 | 0.57 | 0.99 | | 164910 | El Strato | Float Historical | 541868 | 5496240 | 72.00 | 0.00 | 0.00 | 0.00 | 0.00 | | 164957 | El Strato | Float Historical | 542015 | 5496375 | 26.90 | 0.00 | 0.01 | 0.41 | 0.04 | | 999998 | El Strato | Float Historical | 546445 | 5499329 | 1.50 | n/a | n/a | n/a | n/a |

Table 2. Significant intersection FZ-21-08 Fluorite Zone.

| Hole ID | From (m) | To (m) | Length (m) | Mo% | Au g/t | | FZ-21-08 | 58.00 | 67.00 | 9.00 | 0.064 | 0.02 | | FZ-21-08 | 182.20 | 183.00 | 0.80 | 0.004 | 2.65 | | Including | 182.65 | 183.00 | 0.35 | 0.001 | 6.27 |