Maritime Receives Encouraging Hammerdown Report
05 11월 2011 - 3:00AM
Marketwired
Maritime Resources Corp. (TSX VENTURE:MAE) announces that CAE
Mining Corp. (formerly Datamine) has delivered its report
identifying a preliminary estimate of gold mineralization that
remains at the Company's formerly producing Hammerdown mine located
near Springdale, Newfoundland. As per Maritime's news release dated
August 31, 2011, Maritime engaged CAE to prepare an estimate of
resources remaining at the formerly producing Hammerdown mine
utilizing historic drill and mining records. Maritime is encouraged
by the estimate that has been received and has decided to proceed
with producing a NI 43-101 compliant Technical Report.
As commissioned, CAE prepared a theoretical model of the
formerly producing Hammerdown mine incorporating 626 surface and
underground diamond drill holes totalling 60,560 metres of drilling
and containing 1,271 composite assays. A wireframe model was
constructed of the original veins using the drill data. Using
historic mine records, the mineralization contained in the mined
out stopes was removed from the conceptual mineralized deposit. A
theoretical block model was constructed of the remaining
mineralization and various grade-tonnage alternatives were
derived.
The range of potential mineralization remaining at Hammerdown is
estimated by CAE to range from 1,800,000 tonnes grading 8.3 g/t Au
at a possible 1.0 g/t Au cut off, to 675,000 tonnes grading 16.6
g/t Au using a possible 7.0 g/t Au cut off. This would result in a
possible mineralized deposit ranging from 360,000 to 480,000 ounces
of gold remaining at Hammerdown. The potential quantity and grade
is conceptual in nature and, in accordance with NI 43-101
guidelines, it is uncertain if further exploration will result in
the target being delineated as a mineral resource.
Eric Norton, President and CEO of Maritime, states: "This
information has been invaluable for Maritime's planning purposes
and is so encouraging that it is a logical decision to request a NI
43-101 Technical Report be prepared. With the underground workings
still in place we will continue to investigate possible scenarios
to recover the remaining gold."
The Green Bay gold property, including the Hammerdown and Orion
deposits, is held jointly by Maritime (50%) and Commander (50%).
Maritime is the Operator. Under the terms of the Option Agreement,
Maritime has the right to earn an additional 50% by issuing 5
million shares of Maritime Resources to Commander. The Hammerdown
mine operated from 2000 to 2004, while gold prices averaged
$325/oz. During its operation a total of 315,000 tonnes of ore were
extracted, at an average grade of 16.1 g/t Au, yielding a total of
157,000 ounces of gold.
Maritime Resources would like to acknowledge the support of the
Government of Newfoundland and Labrador in the form of financial
assistance of the 2011 drilling campaign by the Junior Exploration
Assistance Program.
Bernard Kahlert, P.Eng. is the Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
technical disclosure contained in this release.
On Behalf of the Board of Directors,
Eric W. Norton, President & CEO
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Maritime Resources Corp. Cathy DiVito Investor
Relations (604) 484-7111
Maritime Resources (TSXV:MAE)
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