|Maritime Resources Corp. is a precious metals focused exploration company with assets located near Springdale, Newfoundland and Labrador, Canada. The company holds a 100% interest in the Green Bay property which includes the past producing Hammerdown gold mine and the Orion gold deposit. Maritime also owns a large land position around its Whisker Valley project, a new exploration project located 6 km north of Hammerdown. Maritime is well financed and has strong institutional shareholder support from Dundee Goodman Merchant Partners, Sprott Asset Management and 1832 Asset Management. The company is listed on the Toronto Venture Stock Exchange (TSX-V) under the stock trading symbol MAE.
The former Hammerdown mine was one of the richest gold deposits ever mined in Newfoundland and when operated between 2000-2004 by Richmont Mines produced a total of 143,000 oz of gold at a mined grade of 15.7 gpt Au. Maritime is presently evaluating a potential re-start of the mine using a combination of open pit and underground mining with mineral processing at a local process plant. A preliminary feasibility study is scheduled for Q4 2019 and environmental baseline and technical programs are also well underway to support a permit application in 2020. The Hammerdown project currently contains a Measured & Indicated resource of 316k oz grading 10.6 gpt Au and an Inferred resource of 377k oz grading 7.7 gpt Au. Located only 1.5 km south-west of Hammerdown is the Orion deposit with Measured & Indicated resource of 158k oz grading 4.5 gpt Au and an Inferred resource of 225k oz grading 5.4 gpt Au. (The full Technical Report can be found on the company’s website or Sedar.) The brownfields exploration potential at Hammerdown and Orion is considered excellent as limited work has been completed over the years to define the extents of the high-grade quartz veins found at these deposits.
Maritime’s Whisker Valley project covers a large 216 km2 area of highly prospective ground with a strike length of 31 km that encompasses. Maritime’s plan is to expand on several historical targets in order to build out a regional exploration district. Systematic exploration by Maritime has discovered a series of high-grade gold veins enriched with silver and base metals which indicate a substantial hydrothermal system and potential for significant accumulations of gold, silver, copper, lead and zinc. The next phases of exploration will continue to use the surface veins as a vector to target potential new resources.
Maritime Resources Corp