Maritime Resources TSXV: MAE; OTC Pink: MRTMF) says all major permits have been received for the 100%-owned Hammerdown gold project near King’s Point in the Baie Vert mining district of Newfoundland.
Cleanup at the Pine Cove mill is completed, and engineering is also underway to optimize processing the stockpiles at Point Rousse near Springdale.
“With gold prices touching all-time highs, Maritime is well positioned with a fully permitted, high-grade development project and some excellent exploration upside ready to be drill tested. Steady progress has been made to de-risk the project ahead of a production decision including a big step taken last fall with the acquisition the Pine Cove mineral processing facility. This was followed up by completing all the major project permitting,” said Garett Macdonald, president and CEO.
“We are now completing the remaining pre-development work including confirmatory metallurgical tests to ensure gold recoveries are optimized, and a full mechanical/electrical inspection of the Pine Cove gold circuit,” he added.
Maritime has finished sampling stockpiles and identified a large volume of material that could be used to commission the Pine Cove mill. Roughly 100,000 tonnes of stockpiles and tailings material are presumed to grade 1.1 g/t gold or approximately 3,000 to 4,000 oz. of contained gold.
Additional metallurgical testing is underway to confirm expected recoveries and reagent consumption of Hammerdown fed through the Pine Cove circuit. The installation of a gravity circuit at the mill is also under consideration.
The Hammerdown project contains proven and probable reserves containing 272,000 oz. gold at an average grade of 4.46 g/t, based on the 2022 technical report. The report showed after-tax economics of $103 million net present value discounted 5%, an internal rate of return of 48% and all-in sustaining costs (AISC) of US$912/oz. at a gold price of US$1,750/oz. At a spot gold price of US$2,300/oz. the after-tax economics are $215 million NPV (5%) with an internal rate of return of 91%.
Hammerdown was a producing underground mine that produced 133,000 oz. from 2000 to 2004. Maritime is envisioning a high-grade open pit over a mine life of five years.
More information is posted on www.MaritimeResourcesCorp.com.
