Oct 27 2010
Maritime Resources Corp. (TSX VENTURE:MAE) announces that field work has commenced on the Orion Gold deposit area near Springdale, Newfoundland.
A three kilometre long grid has been laid out covering both the Orion deposit and the mined Hammerdown gold deposit. Detailed magnetic and VLF-EM surveying is almost 50% complete over the 35 line km grid. A detailed Induced Polarization Survey commenced October 15th. A drill program of approximately 4,000 metres is planned to start by the end of October.
Both Orion and Hammerdown gold deposits are hosted by the Catchers Pond Volcanic Sequence with associated Quartz Feldspar Porphyry (QFP) intrusives in a strong deformation zone. The deposits are separated by a 1.5 km distance.
The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004; the rich gold bearing veins (16.5 g/t Au) being cut off by a sharp fault between 250 and 300 metres depth.
The objectives of the current program are as follows:
- Drilling to increase and upgrade the Orion inferred resource status.
- Drilling to extend the Orion deposit which is open down plunge and along strike.
- Future objective is drilling to search for the off-faulted Hammerdown gold veins.
The early geophysical work now underway is designed to aid geological and structural interpretation to assist in reaching the above objectives.
Resource Definition:An initial Inferred Resource for the Orion Deposit has been calculated (as detailed in a 43-101 Technical Report authored by Larry R. Pilgrim P. Geol) on the basis of previous work completed on the property by Major General Resources and Commander Resources between 1995 and 2002. A total of 45 NQ sized diamond drill holes, spaced approximately 50 metres apart were used for the calculation. An internal comparative evaluation using various cut-off grades and modeling methods was done. The comparative resources were calculated using 3 different cut-off grades (5, 3, and 1 g/t Au) and 2 different modeling methods (the conventional polygon method and the inversed distance squared interpolated blocks method). In the comparative evaluation exercise a resource of 202,715 ounces, contained in 3,304,408 tonnes grading 1.968 g/t Au, could be achieved using the interpolated blocks modeling method and a cut-off grade of 1 g/t Au. The Inferred Resource was selected using a 3 g/t Au cut-off grade and the polygonal modeling method, and consists of 119,374 ounces gold contained within 710,285 tonnes grading 5.227 g/t Au.
Mr. L. R. Pilgrim is the Qualified Person as defined by National Instrument 43-101 and has reviewed the technical disclosure contained in this release.