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Juggernaut Drills 14.31 gpt Au/Eq Over 5.5 Meters on Goldilocks Discovery

VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Juggernaut Exploration Ltd (JUGR.V) (The “Company” or “Juggernaut”) is pleased…

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VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Juggernaut Exploration Ltd (JUGR.V) (The “Company” or “Juggernaut”) is pleased to announce the results from its 2021 inaugural diamond drill program on its 100% controlled Gold Star property situated along the Central Coast of British Columbia. A total of 5 shallow exploratory holes were drilled, all of which intersected significant widths of high grade gold /polymetallic mineralization in quartz-chlorite-sulphide veins on the newly discovered Goldilocks Zone. Drill hole GS-21-05 intersected 10.795 gpt Au (14.31 AuEq) over 5.5 m including 29.2 gpt Au (38.37 AuEq ) over 2.0 m. The Goldilocks Zone has been traced on surface for 290 meters with 160 meters vertical relief before being covered by overburden and remains open both along strike and to depth.

Drill Highlights:

  • The high grade core of the Goldilocks zone has an average grade of 9.427 gpt AuEq over an average width of 4.1 m within a broader envelope of gold/polymetallic mineralized quartz chlorite sulphide veins as demonstrated by all 5 maiden drill holes.
  • Drill hole GS-21-05 intersected 10.795 gpt Au (14.31 gpt AuEq) over 5.5 m including 23.412 gpt Au (30.773 gpt AuEq) over 2.5 m and 57.563 gpt Au (75.606 gpt AuEq) over 1.0 m (link to GS-21-05)
  • Drill hole GS-21-04 intersected 7.497 gpt Au (10.905 gpt AuEq) over 5.5 m including 13.493 gpt Au (19.598 gpt AuEq) over 3.0 m and 38.239 gpt Au (55.918 gpt AuEq) over 1.0 m (link to GS-21-04)
  • Drill hole GS-21-02 intersected 6.345 gpt Au (9.294 gpt AuEq) over 3.5 m including 7.377 gpt Au (10.735 gpt AuEq) over 3.0 m and 10.893 gpt Au (15.814 AuEq) over 2.0 m (link to GS-21-02)
  • Drill hole GS-21-03 intersected 3.708 gpt Au (6.145 gpt AuEq) over 3.0 m including 4.959 gpt Au (6.937 gpt AuEq) over 2 meters and 6.343 gpt Au (8.882 gpt AuEq) over 1.5 m (link to GS-21-03)
  • Drill hole GS-21-01 intersected 5.223 gpt Au (6.482 gpt AuEq) over 3.0 m including 7.771 gpt Au (9.575 gpt AuEq) over 2.0 m and 15.140 gpt Au (18.574 gpt AuEq) over 1 m (link to GS-21-01)

Table 1: 2021 Gold Star drill hole assay results. Widths are reported in drill core lengths and the true widths are not known. See Table 2 for hole locations, azimuth and dip.

GS-21-05 From (m) To (m) Interval (m) Au (gpt) Ag (gpt) Cu (gpt) Pb (gpt) Zn (gpt) AuEq (gpt)
Interval 6.00 11.50 5.50 10.795 260.782 857.273 46.545 76.909 14.310
Including 6.50 11.50 5.00 11.870 286.640 689.000 50.000 75.000 15.690
Including 9.00 11.50 2.50 23.412 564.400 425.800 90.000 60.000 30.773
Including 9.50 11.00 1.50 38.780 935.033 616.667 143.667 36.000 50.956
Including 9.50 10.50 1.00 57.563 1386.750 839.500 205.000 34.000 75.606
Including 9.50 10.00 0.50 113.500 2730.000 1460.000 392.000 66.000 148.989
 
Interval 1.00 2.50 1.50 4.861 86.933 183.333 101.333 39.667 6.020
Including 1.50 2.00 0.50 10.900 170.000 150.000 224.000 77.000 13.132
GS-21-04 From (m) To (m) Interval (m) Au (gpt) Ag (gpt) Cu (gpt) Pb (gpt) Zn (gpt) AuEq (gpt)
Interval 10.00 15.50 5.50 7.497 260.855 227.000 59.636 46.636 10.905
Including 12.00 15.00 3.00 13.493 468.417 326.000 103.167 39.833 19.598
Including 13.00 15.00 2.00 20.089 697.600 436.250 145.000 47.500 29.171
Including 13.00 14.00 1.00 38.239 1364.700 361.500 168.000 47.500 55.918
Including 13.50 14.00 0.50 75.500 2700.000 707.000 329.000 94.000 110.475
 
Interval 3.50 8.50 5.00 1.308 33.570 167.200 22.900 81.000 1.775
Including 6.00 8.50 2.50 1.596 44.820 249.200 18.000 85.600 2.222
Including 7.00 8.00 1.00 3.240 93.950 378.000 24.000 61.000 4.520
GS-21-02 From (m) To (m) Interval (m) Au (gpt) Ag (gpt) Cu (gpt) Pb (gpt) Zn (gpt) AuEq (gpt)
Interval 6.50 10.00 3.50 6.345 202.557 1987.000 41.286 43.714 9.294
Including 6.50 9.50 3.00 7.377 235.517 1884.833 44.833 39.833 10.735
Including 7.00 9.50 2.50 8.802 281.260 2130.600 51.000 32.800 12.791
Including 7.50 9.50 2.00 10.893 347.500 2598.000 60.250 25.250 15.814
Including 8.00 9.50 1.50 12.683 403.000 1984.000 73.333 27.667 18.219
 
Interval 2.00 3.50 1.50 4.285 68.300 32.333 213.000 35.667 5.183
Including 2.50 3.00 0.50 12.500 198.000 22.000 621.000 13.000 15.084
 
Interval 23.50 26.00 2.50 0.606 20.520 56.400 25.800 70.200 0.885
Including 24.00 25.50 1.50 0.815 28.800 60.667 30.667 61.667 1.201
GS-21-03 From (m) To (m) Interval (m) Au (gpt) Ag (gpt) Cu (gpt) Pb (gpt) Zn (gpt) AuEq (gpt)
Interval 11.50 16.00 4.50 2.366 73.011 164.778 61.000 55.778 3.341
Including 12.50 15.50 3.00 3.708 139.629 1271.143 3203.000 5110.143 6.145
Including 12.50 15.00 2.50 4.063 123.340 120.800 102.000 34.400 5.681
Including 13.00 15.00 2.00 4.959 151.075 131.500 125.000 34.750 6.937
Including 13.00 14.50 1.50 6.343 195.333 84.000 93.333 16.667 8.882
Including 13.00 13.50 0.50 9.180 291.000 197.000 62.000 26.000 12.972
 
Interval 3.50 7.50 4.00 0.458 9.288 57.125 12.625 29.750 0.589
Including 5.50 7.50 2.00 0.590 11.450 90.500 16.000 45.250 0.756
GS-21-01 From (m) To (m) Interval (m) Au (gpt) Ag (gpt) Cu (gpt) Pb (gpt) Zn (gpt) AuEq (gpt)
Interval 1.50 4.50 3.00 5.223 94.167 226.833 89.500 44.000 6.482
Including 1.50 4.00 2.50 6.243 111.400 222.800 98.400 43.800 7.724
Including 1.50 3.50 2.00 7.771 137.175 167.250 114.000 41.500 9.575
Including 1.50 3.00 1.50 10.240 180.133 70.667 122.333 39.667 12.584
Including 2.00 3.00 1.00 15.140 265.150 33.500 168.500 4.500 18.574
Including 2.00 2.50 0.50 26.000 453.000 30.000 78.000 1.000 31.853
 
Interval 6.00 8.00 2.00 0.658 17.175 418.750 10.750 52.750 0.953

* AuEq metal values are calculated using: Au 1792.60 USD/oz, Ag 23.13 USD/oz, Cu 4.37 USD/lbs, Pb 1.05 USD/lbs and Zn 1.52 USD/lbs on November 28, 2021.

Table 2: 2021 Gold Star drill collar locations

Hole ID Collar Easting Collar Northing Datum/Zone Azimuth Dip Length (m)
GS-21-01 656273.9 5782404.7 UTM NAD83 9N 208 43 63
GS-21-02 656273.1 5782404.6 UTM NAD83 9N 246 45 54
GS-21-03 656272.1 5782405.0 UTM NAD83 9N 173 45 57
GS-21-04 656271.4 5782404.2 UTM NAD83 9N 160 45 51
GS-21-05 656273.5 5782403.9 UTM NAD83 9N 224 45 60

The 2021 maiden exploration drilling consisted of 5 shallow drill holes totalling 285 m, which were designed to test the main Goldilocks outcrop and all holes intersected high gold polymetallic mineralization confirming the presence of a new orogenic gold system which remains open both along strike and down dip. The property is located in a key geologic setting along a regional scale under-explored high strain zone and contains a series of newly discovered gold mineralized quartz-chlorite-sulphide veins up to 10 m wide. (VIDEO LINK HERE)

Gold Star property highlights

  • The Goldilocks Zone is characterized by multiple quartz-sulphide-pyrite outcrops that daylight in glacial talus containing high-grade gold and polymetallic mineralization. The zone is defined on surface by veining and altered host rock exposed over a strike of 290 m and 160 m vertical relief that remains open. (Link to Field Sample Locations)
  • A 2019 channel cut within the Goldilocks zone consisted of a 3.75 m cut to partially test a 10.5 m wide section of exposed outcrop. Assays returned 7.86 gpt AuEq over 3.75 m true width. This channel started in 9.01 gpt AuEq and ended in 10.79 gpt AuEq leaving the zone open. This zone also contains gold mineralization confirmed in the host rock (pyritic chlorite-schist) that assayed 1.13 gpt AuEq over a 1 m interval within the 3.75 m channel. (Link to NR Feb 18, 2020)
  • A 2021 channel sample taken from the quartz-chlorite-sulphide vein at the western end of the Goldilocks showing, 175 m to the west on strike of the main Goldilocks outcrop, assayed 0.953 gpt AuEq over 3.5 m including 2.153 gpt AuEq over 1 m. (Link to Goldilocks Zone Overview) and (Link to Goldilocks Vein Image)
  • A 2021 channel sample take from the Yellow Brick Road showing 500 m south of the Goldilocks zone assayed 4.587 gpt AuEq over 3.1 m including 5.850 gpt AuEq over 1 m in an outcrop of quartz-chlorite-sulphide vein within an envelope of chlorite-schist. (Link to Yellow Brick Road Zone Overview) and (Link to Yellow Brick Road Vein Image).
  • The Yellow Brick Road Zone has been traced for 170 meters and remains open and contains pyrite-chalcopyrite-galena bearing, vuggy quartz veins that are up to 1 meter wide with chip samples up to 24.55 gpt AuEq over 1 meter and with grab samples assaying up to 99.0 gpt AuEq. The veins are encompassed by a pyritic and quartz-sericite-pyrite alteration envelope that is up to 30 cm wide.

Table 3: 2021 Gold Star channel samples

Channel ID Sample ID Interval (m) Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)*
Goldilocks Showing Channel
GL-21-01 Y608229 1.000 1.690 35.400 0.004 0.000 0.000 2.153
GL-21-01 Y608231 0.900 0.178 5.500 0.003 0.001 0.004 0.256
GL-21-01 Y608232 0.600 0.157 5.900 0.009 0.000 0.007 0.240
GL-21-01 Y608233 0.500 0.791 19.200 0.001 0.000 0.001 1.045
GL-21-01 Y608234 0.500 0.431 10.600 0.001 0.002 0.005 0.574
Weighted average 3.500 0.730 16.797 0.004 0.001 0.003 0.953
Yellow Brick Road Showing Channel
YBR-21-01 Y608763 0.500 0.089 3.800 0.010 0.008 0.006 0.145
YBR-21-01 Y608764 0.500 4.210 91.200 0.092 0.061 0.001 5.393
YBR-21-01 Y608765 0.800 1.455 23.600 0.077 0.369 0.004 1.766
YBR-21-01 Y608766 0.800 1.510 33.900 0.113 0.555 0.005 1.954
YBR-21-01 Y608767 0.500 4.130 73.500 0.074 0.055 0.001 5.085
YBR-21-01 Y608768 0.500 5.710 69.600 0.128 0.142 0.004 6.615
YBR-21-01 Y608769 0.400 0.015 5.300 0.303 0.446 0.056 0.090
Weighted Average 3.100 3.710 67.339 0.111 0.290 0.003 4.587
Including 1.000 4.920 71.550 0.101 0.099 0.002 5.850

* AuEq metal values are calculated using: Au 1792.60 USD/oz, Ag 23.13 USD/oz, Cu 4.37 USD/lbs, Pb 1.05 USD/lbs and Zn 1.52 USD/lbs on November 28, 2021.

Table 4: 2021 Gold Star grab samples

Sample ID Au (gpt) Ag (gpt) Cu (%) Pb (%) Zn (%) AuEq (gpt)*
Y608761 98.400 45.800 2.530 0.001 0.007 99.000
Y608762 13.100 11.700 0.506 0.000 0.002 13.260
Y608629 4.230 121.000 0.013 0.001 0.000 5.800
Y608631 3.320 2.600 0.002 0.002 0.006 3.362
Y608583 0.971 25.200 0.006 0.003 0.003 1.305
Y608582 0.940 24.000 0.013 0.046 0.006 1.259
Y608632 0.161 3.100 0.004 0.001 0.003 0.210

* AuEq metal values are calculated using: Au 1792.60 USD/oz, Ag 23.13 USD/oz, Cu 4.37 USD/lbs, Pb 1.05 USD/lbs and Zn 1.52 USD/lbs on November 28, 2021.

The high grade gold mineralization confirmed in all the maiden drill holes and surface samples on Gold Star confirms the presence of a significant gold system. The inaugural exploratory drill program has tested only a small fraction of this gold system that remains open in all directions. With strong gold mineralization confirmed in all the drill holes strongly suggests the presence of a significant gold system that remains under-explored. The technical team recommends a phase two follow up drill program focused on expanding the gold mineralization both along strike and down dip to outline the full gold potential of this important new discovery.

Extensive regions of snow-pack abatement and glacial recession along the regional under-explored high stain zone provide for extensive areas recently exposed with excellent discovery potential. (Link to Regional High-Strain Zone Map).

The Gold Star Property is an original discovery with no previous recorded work in the area and is situated 4.5 km east of tidewater along the Central Coast of British Columbia approximately 5.5 km from logging access roads, which provides for good access to infrastructure.

Dan Stuart, President and CEO of Juggernaut Exploration, states: Juggernaut and the technical team are extremely excited by the results from the Goldilocks Zone. The 2021 maiden drill program has confirmed the discovery of a significant new high grade gold system that remains open in all directions. With continued exploration success, Goldilocks has strong potential to quickly evolve into the next big gold discovery providing benefits to the shareholders, local stakeholders and First Nation. The geologic setting of this under-explored regional scale high strain zone has tremendous untapped potential to host multiple new discoveries that could evolve into an important new gold camp providing value for years to come. We look forward to the fully funded 2022 recommended drill program and expanding the geometry of this exciting new gold discovery. The company is in the process of compiling and interpreting the Gold Standard results and looks forward to releasing them in the near future. Juggernaut is in a very unique position sitting with a tight share structure of just over 40MM shares issued and outstanding coupled with over $4,400,000 currently in the treasury not including additional exploration rebates puts Juggernaut firmly in a fully funded position for the much anticipated 2022 drill programs and beyond.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

Other

Oriented HQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2019 exploration campaigns. Drill core containing quartz, sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.0 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 20%. All samples, including core, rock grabs, channels and talus samples, are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver or MSA labs facilities in Langley. ALS (and MSA) is either Certified to ISO 9001:2008 or Accredited to ISO 17025:2005 in all of its locations. At ALS (and MSA), samples are processed, dried, crushed, and pulverized before analysis using the ME-ICP61 and Au-ICP21 (ICP-130, ICA-5Ag, and FAS-124) methods. Overlimits are re-analyzed using the ME-ICP61, Au-ICP21, and Ag-GRA21 (FAS-428, ICA-6Ag, and FAS-425) methods. If Gold is higher than 5 gpt, the labs will re-analyze using Metallic Screening Au-SCR24C (MSC-150) method. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

For more information, please contact:

Juggernaut Exploration Ltd.
Dan Stuart
President and Chief Executive Officer
Tel: (604)-559-8028
www.juggernautexploration.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD LOOKING STATEMENT

Certain disclosure in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements. NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO PURCHASE ANY SECURITIES DESCRIBED IN IT

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St-Georges to Prosecute its Claims Against Litigious UK Group

 

Montréal, January 22, 2022 – St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) announces today that it has served a statement of…

 

Montréal, January 22, 2022St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) announces today that it has served a statement of claims to BWA Group PLC, “BWA”, and its subsidiary, Kings of the North Corp. The claims seek damages of $277,640 for breach of contract and various other causes of action.

The Corporation is aware of the press release issued by BWA on December 31, 2021, in which BWA states that it has commenced a civil action against the Corporation in relation to the KOTN transactions. The BWA claim seeks, among other things, damages of $1,500,000 against the Corporation and its former CEO, alleging breach of contract, conspiracy and various other causes of action (the “BWA Claims”).

The Corporation believes the BWA claims are entirely without merit and frivolous. The Corporation will vigorously defend the BWA Claims and will prosecute its own claims against BWA and KOTN.

Under the circumstance, the Corporation will also undertake to divest its interest in BWA gradually.

“(…) Legal litigation is not part of St-Georges’ business model (…) the Company has mandated its lawyers to handle this file and is not expecting management to be side-tracked from the pursuit of its business goals and objectives (…) although a nuisance, the distraction that this lawsuit seeks to create, is not significant in relation to the corporation’s strategic development plan (…)” commented St-Georges’ COO, Frank Dumas.

ON BEHALF OF THE BOARD OF DIRECTORS

 

“Frank Dumas”

 

FRANK DUMAS

COO & Director.

 

About St-Georges Eco-Mining Corp.

 

St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com

 

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

Copyright (c) 2022 TheNewswire – All rights reserved.

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Ford Nicholson Announces Filing of Early Warning Report Related to Earl Resources Limited

Vancouver, British Columbia–(Newsfile Corp. – January 21, 2022) – Ford Nicholson announced today that on December 22, 2021 he acquired, directly or indirectly,…

Vancouver, British Columbia–(Newsfile Corp. – January 21, 2022) – Ford Nicholson announced today that on December 22, 2021 he acquired, directly or indirectly, beneficial ownership, control or direction over 4,927,592 common shares (the “Purchased Shares“) of Earl Resources Limited (the “Company“). Mr. Nicholson acquired the Purchase Shares on December 22, 2021 through share purchase transactions between Mr. Nicholson and various private sellers at a price of $0.035, for an aggregate purchase price of $17,246.58 (the “Share Acquisitions”). 1,122,543 of the Purchased Shares were acquired directly by Mr. Nicholson and 3,805,049 Shares were acquired through Kepis & Pobe Financial Group Inc. and Kepis & Pobe Investments Inc., entities wholly-owned by Mr. Nicholson. The Purchased Shares represent 14.64% of the current number of issued and outstanding common shares of the Company. Mr. Nicholson now beneficially owns or controls, directly or indirectly, an aggregate of 5,635,092 common shares, representing 14.64% of the Company’s issued and outstanding common shares.

As a result of inadvertence on the part of Mr. Nicholson, an early warning report and new release required by applicable securities for the Acquisition was not filed. Until all compliance issues related to Mr. Nicholson’s failure to file early warning and insider reports have been resolved, Mr. Nicholson will not acquire and/or dispose of any securities of the Company.

Mr. Nicholson acquired the Purchased Shares for private investment purposes and may, in the future and subject to applicable law, increase or decrease his beneficial ownership or control over securities of the Company depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.

An early warning report reflecting the above noted is now available under the Company’s sedar profile at www.sedar.com. For further information, or to request a copy of the early warning report, please contact the following:

Ford Nicholson
Telephone: (604) 417-8032

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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Maritime Resources Closes Previously Announced Sale of Royalty Portfolio

Toronto, Ontario–(Newsfile Corp. – January 21, 2022) – Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce the closing…

Toronto, Ontario–(Newsfile Corp. – January 21, 2022) – Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to announce the closing of its previously announced asset sale transaction with Nomad Royalty Company Ltd. (“Nomad”). Maritime sold a portion of its royalty portfolio in a number of Canadian exploration projects in Quebec, British Columbia and Ontario to Nomad for US$700,000, which was satisfied through the issuance of 96,818 Nomad common shares. As part of the asset sale process, a right of first refusal associated with one of the royalties being sold was exercised and the applicable royalty was sold for approximately $375,000, being the Canadian dollar equivalent of US$300,000.

Garett Macdonald, President and CEO of Maritime, commented, “This agreement realizes the value of our royalty portfolio today while also providing upside exposure through an equity position in Nomad, one the industry’s fastest growing royalty companies.”

About Maritime Resources Corp.

Maritime holds a 100% interest, directly and subject to option agreements entitling it to earn 100% ownership, in the Green Bay Property, including the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King’s Point, Newfoundland and Labrador. The Hammerdown Gold Project is characterized by near-vertical, narrow mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004.

On Behalf of the Board:

Garett Macdonald, MBA, P.Eng.
President and CEO

For further information, please contact:

Tania Barreto, CPIR
Head of Investor Relations
1900-110 Yonge Street, Toronto, ON M5C 1T4.
www.maritimeresourcescorp.com

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Caution Regarding Forward-Looking Statements:

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”, “intends”, “indicates” “plans” and similar expressions. Forward-looking statements include statements concerning the anticipated closing of this asset Sale Agreement, potential to increase mineral resource and mineral reserve estimates, the Company’s decision to restart the Project, the Company’s plans regarding depth extension of the deposit at Hammerdown, the Company’s plans regarding completing additional infill and grade control testing within the PEA mine plan, the Company’s plans regarding drilling targets previously identified, the anticipated timing of provincial environmental assessment approval for Hammerdown and the Company’s activities related to the Nugget Pond gold circuit, including receipt of certain approvals related to those activities, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including market reaction to the coronavirus outbreak; competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision at Hammerdown and executing exploration programs at its Newfoundland and Labrador properties on the Company’s proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company’s properties; uncertainty as to whether the acquisition of the Nugget Pond gold circuit will be completed in the manner currently contemplated by the parties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange (“TSX-V”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111200









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