Ticker: CVE: MAE
Project Stage: Exploration, Development
Maritime is a gold exploration & development company with its key asset, the high-grade Hammerdown Gold Project, located near the Baie Verte mining district of Newfoundland and Labrador, Canada
The Hammerdown Mine was last operated by Richmont Mines between 2000-2004 producing 143,000 ounces of gold at an average mine grade of 15.7 gpt gold through a combination of narrow vein open pit and underground mining. About 270,000 tonnes of ore mined from Hammerdown was processed at the Nugget Pond mill with recoveries over 97% in a conventional carbon-in-pulp (CIP) gold circuit.
In February 2020 the Company released a new Preliminary Economic Assessment (PEA) for Hammerdown showing a high grade, low capital cost project capable for producing 70,000 oz/y average over the first 5 years of production, with 59,000 oz/y average production over a 9 year mine life. The PEA returned strong economics of $111M NPV5% and 50.5% IRR on an after-tax basis at a gold price of US$1,375 per ounce. At US$1700/oz the project shows an NPV5% of $239M with a 92.2% IRR on an after-tax basis. Following the PEA the Company announced an agreement with Rambler Metals & Mining to evaluate and negotiate a purchase of the Nugget Pond gold circuit, a currently idle and proven gold circuit that processed feed from Hammerdown before with recoveries averaging 97%.
Maritime is well financed with a 10,000 metre diamond drilling program underway at the Hammerdown property. Project permitting is expected to commence mid 2020. Major shareholders include Dundee Goodman Merchant Partners, Sprott Asset Management, Sprott Capital Partners and 1832 Asset Management.
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