- Maritime Resources (TSXV:MAE) has unveiled initial results from definition drilling on its Hammerdown gold project in Newfoundland and Labrador
- Intercepts are highlighted by 1.6 grams per ton of gold over 6.3 metres, including 127.5 grams per ton over 2 metres
- Maritime Resources is a gold exploration and development company advancing the feasibility-stage Hammerdown project in Newfoundland and Labrador
- Maritime Resources stock has added 50 per cent year-over-year but only 7.14 per cent since 2020
Maritime Resources (TSXV:MAE) has unveiled initial results from definition drilling on its Hammerdown gold project in Newfoundland and Labrador. Highlights include:
- 41.6 grams per ton (g/t) of gold over 6.3 metres, including 127.5 g/t gold over 2 metres in HDGC-24-038 with sub-millimetre visible gold. This result is only about 30 metres south of the historic Hammerdown underground mine workings developed by Richmont Mines between 2000-2004.
- 11.1 g/t gold over 13.1 metres, including 24.3 g/t gold over 3.3 metres in HDGC-24-006.
- 6.8 g/t gold over 17 metres, including 30.6 g/t gold over 2 metres in HDGC-25-104.
- 26 g/t gold over 0.7 metres in HDGC-24-003.
- 17.4 g/t gold over 1 metre in HDGC-24-015.
- 44.5 g/t gold over 0.2 metres in HDGC-24-004.
According to Monday’s news release, Maritime has completed 151 holes across 4,705 metres to date, with three diamond drill rigs currently operating to reach a planned 268 holes across 7,675 metres by February.
Hammerdown yielded a 2022 feasibility study detailing a $102.8 million after-tax net present value (5 per cent), with $75 million in estimated initial capital costs, C$4.9 million in net sustaining capital, and an only 1.7 year payback at US$1,750 per ounce of gold.
Leadership insights
“The grade control drill program is providing additional geological information within the first year of proposed mining at the Hammerdown open pit project and is one of the final de-risking steps as we prepare for development,” Garett Macdonald, Maritime Resources’ president and chief executive officer, said in a statement. “The high-grade gold mineralization occurs just below surface and demonstrates the potential to generate significant cash flow quickly from the project. Work to recommission our Pine Cove processing plant is well advanced, which will begin processing existing stockpiled material in the next couple of weeks. Having an operational process plant provides a clear, low-capital-cost path to cash flow for the company.”
About Maritime Resources
Maritime Resources is a gold exploration and development company advancing the feasibility-stage Hammerdown project in Newfoundland and Labrador. The company also controls mineral processing assets and over 439 square kilometres of land for exploration.
Maritime Resources stock (TSXV:MAE) opened unchanged trading at C$0.075 per share. The stock has added 50 per cent year-over-year but only 7.14 per cent since 2020.
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(Top photo: Maritime Resources)