Maritime Announces Sale Of Lac Pelletier Project To Emperor Metals

(MENAFN- Newsfile Corp) Toronto, Ontario--(Newsfile Corp. - January 7, 2025) - Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) (" Maritime " or the " Company ") is pleased to announce the sale, subject to customary closing conditions, of its interests in the Lac Pelletier gold project (" Lac Pelletier " or the " project ") to Emperor Metals Inc. (CSE: AUOZ) (" Emperor ") pursuant to the parties entering into a property purchase agreement on January 7, 2025. Lac Pelletier is located approximately 9 km east of Agnico Eagle Mines Limited's Wasamac gold project near the city of Rouyn Noranda and approximately 33 km south of Emperor's Duquesne West gold project in Québec.

Garett Macdonald, President and CEO comments, "This transaction is consistent with our plans to add shareholder value by divesting non-core assets like Lac Pelletier while we focus on our development projects in Newfoundland and Labrador. With the Lac Pelletier and Duquesne West gold projects we believe that Emperor will have a tremendous platform for gold exploration in the heart of the Abitibi greenstone belt and we are pleased to become an investor in the company."

Details of the Transaction

Maritime, through its wholly owned subsidiary 2823988 Ontario Corp., has agreed to sell the 25 mineral claims and a mining lease that form Maritime's interest in the Lac Pelletier project (Figure 1) in return for 12.5 million shares of Emperor, representing approximately 10.06% of the outstanding shares, if the shares were issued today. The shares of Emperor issued to Maritime will be subject to a customary four month and one day hold period. The proposed transaction is subject to customary closing conditions and is expected to close before March 31, 2025.

Figure 1. Map of the Abitibi Greenstone Belt
Source: Emperor Metals Inc.

To view an enhanced version of this graphic, please visit:

About Maritime Resources Corp.

Maritime (TSXV: MAE), (OTC Pink: MRTMF) 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% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 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.

On Behalf of the Board:

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