New Outcrop At Whisker Valley And Expansion Of Exploration Program

TORONTO - Maritime Resources Corp. has sampled additional high grade gold, silver and copper mineralization in bedrock and float samples within new quartz/sulphide veining at the Whisker Valley Project in the Baie Verte Mining District of Newfoundland and Labrador. The Whisker Valley property is located approximately six kilometers northwest of the Company's high grade Hammerdown Gold Project. Maritime's 2020 field exploration program at Whisker includes additional prospecting, trenching and an initial 5,000 meter diamond drilling program commencing mid-September to test the potential extension of the high-grade Gary vein system and test similar gold bearing zones on the property.

Maritime's prospecting team has identified additional mineralized boulders in the boulder field located 1.5 kilometers to the east of the Gary vein system. A total of 69 new boulders have been found in this area with gold values ranging between 0.01 gpt to 75.80 gpt gold, between 0.20 gpt to 80.40 gpt silver and between 0.01% to 3.80% copper (Avg. 9.67 gpt Au, 9.53 gpt Ag and 0.16% Cu). A total of 45 of these samples returned greater than 1.0 gpt gold with 21 samples returning greater than 10 gpt gold.

Prospecting in the area between the Gary veins and the Gold Pit has identified a large, angular mineralized quartz boulder that strongly resembles the style of mineralization seen at the Gary veins. Assays from this boulder returned grades of 75.8 gpt gold, 35.2 gpt silver and 0.75% copper.

Trenching of the area immediately west of the Gold Pit has uncovered high grade veins in bedrock. These veins trend east-west and are characteristically similar to the Gary veins with sulphides contained in quartz veins. Grab samples from these newly trenched veins returned values ranging between 16.94 gpt to 37.15 gpt gold, between 39.7 gpt to 98.4 gpt silver and between 1.31% to 3.13% copper. Trenching continues at the Gold Pit towards the west with diamond drilling planned to test the mineralization along strike. All new 2020 assays from float and bedrock are listed in Table 1 below. The Company cautions that grab samples are selective by nature and may not be representative of the mineralization present.

This year's exploration program has also identified a new, highly prospective area located 1.6 kilometers north of the Gary vein system. Mineralized quartz veins have been uncovered in bedrock in this area and exhibit the same east-west trend as the Gary veins and the veins at the Gold Pit. Three grab samples have been collected to date, returning 3.95 gpt, 4.27 gpt and 15.59 gpt gold with silver grades measuring 0.90 gpt, 1.30 gpt and 3.20 gpt silver respectively. The veins are located within the Burlington Granodiorite along an east-west trending topographical linear feature that occurs at the southern edge of a strong east-west trending magnetic anomaly. This area is a high priority trenching and drilling target.

"The discovery of additional high-grade gold, silver and copper mineralization in bedrock across from the Gary vein system opens up an exciting new chapter for the Company at Whisker Valley," said Garett Macdonald, President and CEO. "We intend to accelerate our exploration program by mobilizing a diamond drill to the project for an initial 5,000 meter program on key targets."

Maritime's 2019 field mapping and sampling programs identified numerous gold and base metal targets across Whisker. The widespread extent of gold mineralization in soils, grab samples, the large-mineralized boulder field and at the Gary vein system plus the new veins identified in trenching in this year's program are strong indications of an extensive mineralizing system. The 2019 mapping identified broad pervasive alteration along with disseminated sulphides spatially and temporally associated with the host Ordovician granodiorite and alkali porphyry intrusions underlying the property.

The characteristics of the gold mineralization at Whisker indicate that the gold and base metal mineralization along with the alteration may be indicators of a large gold-copper porphyry mineralizing event. Although the underlying rocks at Whisker are older than those hosting some of the important porphyry gold-copper deposits worldwide, evidence to date indicates that a preserved mineralized porphyry system may exist which is now exposed within an erosional window of the Ordovician granodiorite and associated alkalic intrusions.