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MAE Maritime Resources Corp

0.045
-0.005 (-10.00%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Maritime Resources Corp TSXV:MAE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -10.00% 0.045 0.045 0.05 0.045 0.045 0.045 511,650 20:06:53

Maritime Resources Awards Drill Contract for Orion Project

20/01/2011 8:01pm

Marketwired Canada


Maritime Resources Corp. (TSX VENTURE:MAE) reports that it has awarded a
drilling contract for a minimum of 4,000 metres to test for extended potential
at the Orion Gold Deposit, located near Kings Point, Newfoundland. The
successful bidder is Springdale Forest Resources Inc. of Springdale,
Newfoundland. Drilling is expected to start in early February.


The Orion Gold deposit is located 1.5 km southwest of the Hammerdown Gold
Deposit which was mined from 2000 to 2004. It produced over 300,000 tonnes of
ore at an average grade of 16.3 g/t Au at a time when gold was priced in the
$300/ounce range.


The Orion Deposit contains an inferred resource of 119,000 ounces of gold in a
710,000 tonne deposit grading 5.2 g/t Au. The deposit consists of two main vein
systems, both of which are open along strike, up and down plunge. Part of the
drilling will test for these extensions, but drilling will also test new targets
developed by recent geophysical surveys between Orion and Hammerdown. A target
of particular interest is a deep Induced Polarization anomaly which has a
signature that could represent the deep portion of the Hammerdown deposit which
was displaced by a major fault.


The company would like to acknowledge that financial support is provided by the
Junior Exploration Assistance Fund granted by the Government of Newfoundland and
Labrador's Department of Mines and Energy.


On Behalf of the Board of Directors,

Eric W. Norton, President

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.


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