Maritime Resources Corp. provided an update on exploration activity on the Whisker Valley and El Strato gold properties. This first stage of exploration work included 9 drillholes and outlined a large diatreme breccia complex with widespread disseminated pyrite and localized occurrences of fluorite, sphalerite, molybdenum and rare earth elements.

The rocks exhibit intense potassic and argillic alteration. The initial drilling encountered local anomalous gold, silver, molybdenum and lead values the most significant results were obtained from drill hole FZ-21-08 which encountered 0.064% molybdenum over 9.0 m with three assays exceeding detection limits of 0.1% molybdenum, with overlimit analysis for these samples are still pending. In addition to molybdenum the hole intersected 0.8 m of 2.65 gpt gold, including 0.35 m of 6.27 gpt gold.

Hyperspectral imaging was carried out on 1,000 m of drill core from the Fluorite Zone. This work was completed by Newfoundland's College of the North Atlantic (CONA) using state of the art VNIR-SWIR- MWIR-LWIR core scanning technology. Maritime would like to thank the National Research Council's Industrial Research Assistance Program (IRAP) for funding the project, as well as CONA researchers for their interpretation of the results.

The hyperspectral test work identified rare earth element bearing minerals within later fractures as well as intervals of white mica alteration that correlated with pyrite mineralization in the core and concluded that hyperspectral imaging is a viable tool for defining alteration patterns and has the potential to vector towards mineralization in areas with complex alteration zones such as the Fluorite Zone. Maritime intends to complete hyperspectral scanning of the entire Fluorite Zone drill core to help in vectoring towards potential gold mineralization. An additional 17 drill holes were completed in the Whisker Valley area during the 2021 program to test various IP chargeability anomalies, known historical surface gold/base metal vein style mineralization, and interpreted structures.

The IP anomalies were explained by intense disseminated pyrite and/or strongly pervasive magnetite/hematite alteration in the host granodiorite. Other holes that tested the sub- surface of known prospects intersected late brittle structures that appear to be off-setting the depth extension of mineralization. Four holes WH-21-34 to WH-21-37 were completed approximately 300 meters south of the Gary Vein zone to test an interpreted structural trend.

These holes intersected multiple quartz pyrite/base metal veins, which returned significant gold grades over narrow intersections. WH-21-34 returned 5.95 g/t gold over 0.48 m, 4.97 g/t gold over 0.40 m, WH-21-35 returned 7.57 g/t gold over 0.20 m, 1.28 g/t gold over 0.24 m, 0.56 g/t gold over 0.35 m and 1.85 g/t gold over 0.2 m. While WH-21-36 assayed 3.82 g/t gold over 0.2 m and WH- 21-37 returned 0.92 g/t gold over 0.27 m, and 0.78 g/t gold over 0.20 m. The intersections in the Gary Vein South area appear to be related to brittle secondary structures of the Whisker Valley Fault. The drilling highlighted the importance of structures in controlling the geometry of mineralized zones in the area.

Further drilling will be based on modelling of the structures so that mineralized veins can be more accurately targeted for drilling.