Maritime Resources Traces Orion North Zone Over 550 m - Intersects 12.43 gpt Gold and 2.15 gpt Silver Over 1.20 m

Highlights:

Orion North - new near surface zone traced over 550m

• Drill hole BB-21-170 intersected 12.43 gpt Au and 2.15 gpt Ag over 1.20 m, including 50.60 gpt Au and 7.90 gpt Ag over 0.20 m.
• The northernmost drillhole BB-21-176 intersected 10.68 gpt Au and 2.70 gpt Ag over 0.33 m and is open towards the Hammerdown deposit.
• Drill hole BB-21-175 intersected multiple high-grade veins containing 6.79 gpt Au over 0.20 m, 17.08 gpt Au over 0.20 m, 11.48 gpt Au over 0.20 m and 10.19 gpt Ag over 0.20 m, all within 100 vertical meters from surface.

Orion - Additional drilling targets areas of thicker, high grade shoots of mineralization to greater depths

• BB-21-167, drilled 60 m beneath a newly identified thick high-grade shoot of the Orion Deposit, intersected 33.35 gpt Au and 5.40 gpt Ag over 0.24 m and 3.72 gpt Au over 7.14 m, including 5.69 gpt Au over 3.53 m.
• BB-21-154 intersected numerous mineralized zones with 2.30 gpt Au and 0.50 gpt Ag over 12.00 m, including 5.19 gpt Au and 1.01 gpt Ag over 3.50 m.

Whisker Valley - Gary vein system defined over 1,000 m in strike length during 2020 drilling

• Updated results from Whisker Valley drill hole WH-20-12 identified a new upper mineralized lens that returned 23.40 gpt Au, 46.80 gpt Ag and 0.64% Cu over 0.34 m. Screened metallic sieve analysis of the previously announced interval from WH-20-12 mineralization significantly upgraded the grade of the mineralized intercept to 5.74 gpt Au over 6.32 m, including 22.42 gpt Au, 14.08 gpt Au and 0.35% Cu over 0.50 m and 9.63 gpt Au, 3.06 gpt Ag and 0.08% Cu over 2.60 m.
• WH-20-20 Intersected multiple narrow high-grade intervals containing 5.07 gpt Au and 3.78 gpt Ag over 1.23 m, including 11.07 gpt Au and 8.49 gpt Ag over 0.53 and 3.53 gpt Au, 1.83 gpt Ag and 0.14% Cu over 1.18 m, including 18.24 gpt Au, 6.0 gpt Ag and 0.65% Cu over 0.20 m.

"Drilling at Orion North continues to intersect high-grade mineralization over narrow widths. This new zone of mineralization has now been traced over 550 m in strike length to a depth of 100 m below surface. We are encouraged to see continuity and multiple new high-grade veins being intersected in shallow, broadly spaced exploration holes as we test the gap between the Hammerdown and Orion Deposits. As drilling continues to test this minimally explored corridor, there is a strong probability for the discovery of additional mineralized veins," commented Garett Macdonald, President and CEO. "At Whisker Valley our initial exploration program completed in 2020 successfully traced gold mineralization over a strike length of 1,000 m and to depths of 150 m below surface. It is common for narrow vein gold deposits to pinch and swell and we will be focused on locating wider zones that may be amenable to extraction," added Mr. Macdonald.

Orion Deposit

Recent drilling at the Orion deposit and new Orion North zone have intersected several quartz veins containing high-grade gold and meaningful amounts of silver. These zones lie along the Hammerdown deformation zone, an important 4-km long trend hosting the Orion and Hammerdown gold deposits, that has seen minimal exploration drilling over the years. The Orion North zone lies between these deposits and has now been traced over a strike length of 550 m and is open to the northeast. Drilling on this zone recently intersected 12.40 gpt Au and 2.15 gpt Ag over 1.20 m, including 50.60 gpt Au and 7.90 gpt Au over 0.20 m in drill hole BB-21-170 near surface, at a depth of 35 m. Along strike, approximately 50 m to the northeast towards Hammerdown, drill hole BB-21-175 intersected six new quartz veins starting at 46.00 m and extending to 131.88 m down the hole including 0.86 gpt Au over 3.85 m, 17.08 gpt Au over 0.20 m, 11.48 gpt Au over 0.20 m and 10.19 gpt Au over 0.20 m. The Orion North zone is open in all directions.

Drilling at the main Orion zone is focused on testing the extents of two styles of mineralization - narrow quartz veins with high-grade gold and quartz feldspar porphyry ("QFP") dykes with wide zones of lower grade disseminated gold. Drill hole BB-21-154 intersected 2.30 gpt Au over 12.00 m, including 5.19 gpt Au over 3.50 m at a depth of 195 m below surface. Other notable intersections at Orion included 4.19 gpt Au over 3.00 m in drill hole BB-21-158 and 4.13 gpt Au over 2.28 m in drill hole BB-21-161. Deeper in the Orion deposit, drill hole BB-21-167 intersected the EMS zone at 219.04 m downhole with 33.35 gpt Au and 5.40 gpt Ag over 0.24 m and the main zone at 346.89 m downhole with 3.72 gpt Au over 7.14 m, including 5.69 gpt Au over 3.53 m. The main Orion zone remains open at depth and along strike.

Figure 1: Drill Hole Location Map (Orion to Hammerdown) Click to enlarge

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Figure 2: Long Section (Orion to Hammerdown) click to enlarge

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Whisker Valley

Maritime's 2020 exploration program at Whisker Valley's Gary vein system defined a new zone of multiple veins containing gold, silver and copper mineralization spanning over 1,000 m in strike length down to a vertical depth of 150 m. This zone remains open in all directions. Additional assay results for drill hole WH-20-12 returned 23.40 gpt Au, 46.80 gpt Ag and 0.64% Cu over 0.34 m starting at 93.55 m downhole. Updated results were also received by re-assaying the previously released interval from 166.95 m (see press release dated November 5, 2020) with screened metallics due to the presence of coarse gold. With this new information, the re-assayed interval now grades 5.74 gpt Au over 6.32 m, including 22.42 gpt Au, 14.08 gpt Au and 0.35% Cu over 0.50 m and 9.63 gpt Au, 3.06 gpt Ag and 0.08% Cu over 2.60 m.

Additional drilling included drill hole WH-20-20, collared 50 m west of WH-20-12 which also intersected two veins with 5.07 gpt Au and 3.78 gpt Ag over 1.23 m, including 11.07 gpt Au and 8.49 gpt Ag over 0.53 m starting at 71.20 m, and 3.53 gpt Au, 1.83 gpt Ag and 0.14% Cu over 1.18 m, including 18.24 gpt Au, 6.0 gpt Ag and 0.65% Cu over 0.20 m starting at 191.72 m. A number of additional geological and geophysical targets were drilled in 2020 targeting mineralization outcropping east of the historic Mackenzie Showing including drill hole WH-20-19 which intersected 3.33 gpt Au and 2.49 gpt Ag over 0.86 m including 0.30 m grading 6.96 gpt Au and 4.7 gpt Ag. Additional drilling is planned in 2021 at Whisker Valley to follow up on the depth extensions of the Gary vein system and test several strong geophysical targets. In total eight drillholes comprising of 1,856 m were completed at the Gary vein system in 2020. A ninth hole (WH-20-21) was drilled to a depth of 82.0 m and was lost due to faulting.

Figure 3: Drill Hole Location Map - Whisker Valley (click to enlarge)

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Figure 4: Long section - Whisker Valley (click to enlarge)

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Table 1: Orion and Hammerdown

Table 2: Whisker Valley

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

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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Qualified Person:

Exploration activities at the Hammerdown Gold Project and Whisker Valley are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo and Technical Advisor Jeremy Niemi, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

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 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 receiving permits for construction and development of Hammerdown and, and the Company's acquisition of new mineral property interests and assets, 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 and economic consequences thereof; 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 assets including 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.