Maritime Files Technical Report

Toronto, Ontario--(Newsfile Corp. - October 7, 2022) - Maritime Resources (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that it has filed on SEDAR the independent feasibility study technical report dated October 6, 2022, with an effective date of August 15, 2022 ("Technical Report"), prepared by JDS Energy & Mining Inc., for its Hammerdown Gold Project, located in the Baie Verte mining district of Newfoundland and Labrador, Canada near the towns of King's Point and Springdale. The Technical Report has been filed in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The results of the Technical Report were previously announced in the Company's press release dated August 23, 2022. A copy of the Technical Report is located on the Company's website (www.maritimeresourcescorp.com) and under the Company's profile on SEDAR.

Maritime is also pleased to advise that it has closed the sale of a 1% Net Smelter Return Royalty on its Lac Pelletier Property located in Quebec to Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE American: MTA) for $300,000. A non-binding term sheet was signed on August 23, 2022 and the transaction closed on October 4, 2022. This was an arms length transaction and no finders fee was payable. The sale of this royalty on a non-core property has enabled the Company to raise cash without incurring dilution.

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. This includes 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 and 2004. The Company also owns the gold circuit at the Nugget Pond metallurgical facility in Newfoundland and Labrador, the Lac Pelletier gold project in Rouyn Noranda, Québec and several other exploration properties and royalty interests in key mining camps across Canada.

On Behalf of the Board:

Garett Macdonald, MBA, P.Eng.
President and CEO
1900-110 Yonge Street, Toronto, ON M5C 1T4
Tel: 416 365-5322

[email protected]
www.maritimeresourcescorp.com

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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/139847

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