Mr. Garett Macdonald reports

MARITIME PROVIDES EXPLORATION UPDATE ON THE POINT ROUSSE PROJECT

Maritime Resources Corp. has provided an update on the exploration potential and plans at its Point Rousse project in the Baie Verte mining district of Newfoundland and Labrador. The Point Rousse project covers 57 square kilometres and has a long history of gold production and exploration with over 200,000 ounces of gold produced in the last 10 years. Maritime acquired the project from Signal Gold Inc. in August, 2023, including the Pine Cove mill and tailings storage facility.

Highlights:

• Review of the exploration potential at the recently acquired Point Rousse project has identified several advanced gold targets with near-term cash flow potential.
• Diamond drilling planned throughout 2024 at the Stog'er Tight, Deer Cove and Pine Cove projects to further define mineral resources and test opportunities for expansion.
• Exploration at the Point Rousse project benefits from the extensive infrastructure present on the property, including the Pine Cove mill (the PC mill), thereby reducing initial capital costs and permitting time to develop new projects.

"We often hear about the exploration potential that exists 'in the shadow of the head frame.' In the case of Point Rousse, the exploration potential exists in the shadow of an existing, permitted gold processing plant and this provides a huge development advantage for the exploration targets that we have compared to other greenfield projects. Since acquiring the project last fall, we have identified several advanced, high-grade targets within hauling distance of the PC mill. This strong pipeline of exploration projects will be the foundation of a hub-and-spoke business model that we plan to implement across the Baie Verte district," comments Garett Macdonald, president and chief executive officer.

Pine Cove project

The Pine Cove open-pit mine produced 154,000 ounces of gold between 2010 and 2020. Like the other deposits in the Scrape gold trend the Pine Cove deposit is a greenstone-hosted orogenic gold deposit with gold mineralization occurring in quartz, carbonate, albite and pyrite altered mafic volcanics, gabbros and tuffaceous sediments that have undergone multiple phases of deformation that have folded the deposit.

The Pine Cove deposit remains open down plunge beneath the open pit for at least 300 metres where exploratory drilling has intersected wide intervals of mineralization and zones of high-grade gold. Drill hole PC-13-195 intersected 3.3 grams per tonne gold over 12.06 m, including 4.7 gpt Au over 7.92 m and 12.3 gpt Au over 0.96 m over 100 m down plunge. Drill hole PC-11-181 intersected 2.5 gpt Au over 40.8 m approximately 200 m down plunge from the current pit limits, including higher-grade lenses grading 7.2 gpt Au over 3.2 m and 11.4 gpt Au over 4.3 m.

Deer Cove project

Deer Cove project is road accessible and located on the northern tip of the Point Rousse peninsula roughly eight km from the PC mill. The Deer Cove deposit was discovered in 1986 by Noranda Exploration and consists of the north-south-trending Deer Cove main zone and the east-west-trending Sole thrust zone that occurs parallel to the east-west-trending south-verging Deer Cove sole thrust fault which spans the tip of the Point Rousse Peninsula. Early work by Noranda included 138 diamond drill holes and 507 m of underground development.

The Deer Cove deposit's main zone (the DC main zone) trends north-south, has been drilled over a 500 m strike length, and is open to the north and at depth. Mineralization is associated with auriferous quartz veins and breccia zones typically one to three m in width. Early drilling of the DC main zone intersected 22.7 gpt Au over five m.

The Deer Cove deposit's sole thrust zone is an east-west-trending structural corridor four kilometres in length parallel to the Deer Cove sole thrust. Early drilling of the mineralization along this zone intersected 2.9 gpt Au over 7.8 m in drill hole DC-87-066. The Deer Cove deformation zone is a reported damage zone that occurs along the southernmost end of the DC main zone. The southernmost 32 m of the zone is crumpled into a series of sharp folds which plunge to the northwest and this deformed portion of the Deer Cove deposit contained abundant visible gold and averaged 14.25 gpt Au over a width of 2.9 m. Early drilling along of the deformation zone returned upward of 6.9 gpt Au over 25.1 m, including two high-grade intervals of 11.97 gpt Au over 4.1 m and 26.1 gpt Au over 3.6 m in drill hole DC-87-073.

Maritime's 2024 exploration work at the Deer Cove deposit is expected to consist of 1,500 m of diamond drilling along the southern end of the Deer Cove gold trend to further test and expand the structurally thickened high-grade ore shoot.

Stog'er Tight project

The Stog'er Tight deposit is a typical greenstone-hosted orogenic gold deposit with gold mineralization occurring in quartz, carbonate, albite and pyrite altered gabbros and mafic volcanics. Mineralization at Stog'er is strongly deformed with multiple generations of folding appearing to play an important role in the distribution of gold as well as local thickening of the mineralized zones. The mineralized zone is curvilinear and over one km in strike length and is open along strike and at depth. A portion of the project is fully permitted for development and the remaining permitting is expected to be completed by 2025. Previous production from Stog'er occurred from 2016 to 2020 producing 18,318 ounces gold with a mill recovery of 88 per cent.

The Stog'er Tight open-pit gold deposit is located only four km from the PC mill and contains a historical mineral resource estimate of 63,000 oz Au at 3.02 gpt (indicated) and 9,600 oz Au at 5.63 gpt (inferred). This resource estimate is considered historical in nature as it was completed by Signal Gold in 2022. A qualified person has not done sufficient work to classify the resource estimate as a current mineral resource. Therefore, the company is not treating the resource estimate as a current mineral resource. Additional exploration work is required to verify the historical resource estimate, including surveying, diamond drilling, assaying, core logging, modelling of the mineralized zones and open-pit optimization analyses.

Regional exploration across Point Rousse

The regional exploration potential across the Point Rousse project is defined in three distinct trends -- the Scrape, Goldenville and Deer Cove trends. The three trends span the Point Rousse Peninsula with the Scrape and Goldenville trend each having a strike length of more than eight km and the Deer Cove trend having a strike length of three km (discussed above). The gold deposits and prospects hosted on these trends are all open in multiple directions.

The Scrape trend

Anoroc prospect is located 800 m southwest of the former Pine Cove deposit. Mineralization at Anoroc is associated with altered mafic volcanics and metasediments with historic drilling yielded 9.9 gpt Au over two m in drill hole AR-90-01. A subsequent drilling program by Signal Gold in 2018 intersected up to 2.4 gpt Au over 10 m in hole AN-18-06.

The Animal Pond showing is located 1.5 km northeast of the Pine Cove deposit. Trenching in 2004 encountered a 42 m wide zone of pyritized auriferous quartz-stockwork and altered gabbro. Local grab samples from the prospect achieved up to 61.5 gpt Au. A chip sample from the main showing obtained four gpt Au across 5.2 m. Signal Gold continued to explore the Animal Pond prospect with drilling and induced polarization geophysics in 2022.

The Goldenville trend

The Goldenville horizon is part of a regionally extensive banded iron formation similar in nature to the Nugget Pond deposit which produced 487,757 tonnes of ore grading 9.61 gpt Au. Exploratory drilling of the prospect in 1987 intersected a high-grade zone returning 12.89 gpt Au over 1.89 m in drill hole MH-11.

Romeo and Juliet prospect (the RJ prospect) is located 1.5 km north of the Pine Cove deposit. The RJ prospect is typically hosted in a series of narrow-stacked gold-bearing quartz veins that have been delineated over a strike length of 300 m and have achieved up to 8.4 gpt Au over 12 m in drill hole RJ-13-26. The Romeo and Juliet vein system remains open along strike and at depth.

The Pumbly Point prospect is hosted in silicified mafic volcanics with the best mineralization occurring in association with an east-northeast-trending altered shear zone. The mineralized zone has been partially delineated through prospecting, mapping and drilling over 600 m of strike length. Signal Gold completed exploratory drilling of Pumbly Point in 2021 and intersected grades of 1.42 gpt Au over four m and 1.89 gpt Au over 7.8 m in drill holes PP-21-08 and PP-21-09, respectively.

The Corkscrew and Big Bear prospects comprise a one km long discontinuous gold zone in the Western Goldenville trend. Mineralization occurs in sericite, iron carbonate and albite altered fine grained granodiorite. In 2021, drilling of the Corkscrew prospect intersected 2.09 gpt Au over 5.7 m and 0.91 gpt Au over 17 m in drill holes CS-21-004 and CS-21-005, respectively. Also in 2021, drilling of the Big Bear prospect intersected 1.03 gpt Au over 5.4 m and 1.49 gpt Au over 3.8 m in drill holes BB-21-001 and BB-21-003, respectively.

These prospects are all located within four km of the PC mill and emphasize the resource growth opportunities in the immediate vicinity. Maritime's 2024 exploration program will consist of a detailed compilation of all existing work on the Point Rousse project and will include approximately 2,000 m of diamond drilling at select high-priority targets.

Qualified person

Exploration activities are administered by the company's exploration manager, Larry Pilgrim, PGeo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Mr. Pilgrim, PGeo, exploration manager, is the qualified person for the company and has prepared, verified and approved the technical and scientific content of this news release. The company strictly adheres to Canadian Institute of Mining, Metallurgy and Petroleum best practices guidelines in conducting, documenting and reporting its exploration activities on its exploration projects.

Analytical procedures

All samples assayed and pertaining to this press release were completed by Eastern Analytical Ltd. (EAL) located at Springdale, Nfld. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. Samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed and pulped. Samples are crushed to approximately 80 per cent passing a minus-10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95 per cent passing a minus-150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34-element inductively coupled plasma analysis finish. EAL runs a comprehensive quality assurance/quality control program of standards, duplicates and blanks within each sample stream. Drill program design, quality assurance/quality control (QA/QC) and interpretation of results are performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices.

About Maritime Resources Corp.

Maritime is a gold exploration and development company focused on advancing the Hammerdown gold project in the Baie Verte district of Newfoundland and Labrador, a top-tier global mining jurisdiction. Maritime holds a 100-per-cent interest directly and subject to option agreements entitling it to earn 100-per-cent ownership in the Green Bay property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 square km of exploration land, including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit. The company also owns the Lac Pelletier gold project in Rouyn Noranda, Que.

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