Maritime Resources Corp. (TSXV:MAE) is a gold and base metals exploration company focused on examining the potential to restart gold production at its wholly-owned Green Bay Project in Newfoundland, Canada. The property includes the former producing Hammerdown Gold Mine, the Orion Gold Deposit and the Lochinvar Base-Precious Metals Deposit.
The Hammerdown Gold Mine successfully produced a total of 143,000 ounces of gold between the years 2000 and 2004. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%.
A May 2013 NI-43 101 Resource Estimate shows the Green Bay Property contains an excess of 400,000 ounces of gold in the Measured and Indicated category and in excess of 600,000 ounces of gold in the Inferred category, both using a 3 g/t cut-off grade.
- Mining friendly jurisdiction of Newfoundland
- Experienced management and clean share structure
- NI-43 101 Resource Estimate shows high-grade vein system with Measured and Indicated resources of more than 400,000 oz Ag and Inferred resources of more than 600,000 oz Ag
- Proven metallurgy offers low technical risk
- Well-established infrastructure in place including underground ramp, processing facility, mining services, roads, power and water
- Fast-track re-start potential with availability of infrastructure and mill to reduce permitting timeframe and capital requirements
Green Bay Project — Newfoundland, Canada
The Green Bay Project is located approximately 5 km southwest of the town of King’s Point and approximately 15 km northwest of the town of Springdale in north central Newfoundland, Canada. The nearly 13,000-acre property is 100% owned by Maritime Resources and contains the former producing Hammerdown Gold Mine, the Orion Gold Deposit and the Lochinvar Base-Precious Metals Deposit.
Infrastructure on the Green Bay property is well-established, providing the potential for an early re-start scenario at the Hammerdown Gold Mine. The underground ramp at Hammerdown can be easily re-opened. Well-maintained roads allow for access to the property year round. Springdale hosts an analytical laboratory, core box and core rack manufacturers, and several diamond drill companies. King’s Point is the base for heavy equipment contractors, trucking companies, and land surveyors. The provincial hydroelectric grid parallels the highway 3 km away.
The Nugget Pond Mill is located within 100 km of the Green Bay property. The processing facility has surplus gold processing capacity with proven technical capability. Between 2000 and 2004, a total of 291,400 tonnes of ore at an average grade of 15.83 g/t Au was produced from the Hammerdown Gold Mine, an open pit and underground mine. The ore was successfully processed at Nugget Pond with an average gold recovery of 97 percent for a total production of 143,000 ounces of gold over the four years of operation. The mine closed due to low metals prices.
In 2009, Rambler Metals and Mining acquired and modernized the mill which is now operating consistently, treating copper-gold ore from Rambler’s Ming Mine. Maritime Resources and Rambler Metals signed a strategic alliance agreement in 2011, affording technical assistance with an early restart to production at Hammerdown. In 2012, Rambler Metals acquired a 17% stake in Maritime Resources.
Hammerdown Gold Deposit
The high-grade Hammerdown vein system consists of a series of stacked gold vein zones situated within a 250 m long section of a 1,800 m-long shear zone. To the east, the Rumbullion gold zone, hosts several narrow, high-grade gold vein zones. The southwest-trending shear extends for several hundred meters and hosts the Muddy Shag gold zone, containing two or three gold veins from which several good gold intersections have been returned. Maritime has been updating remaining resources at Hammerdown, including the Muddy Shag and Rumbullion extensions and conducting exploration programs to expand the potential.
NI 43-101 Resource Estimate:
|Mineral Resource Statements Using 3 g/t Gold Cut-Off Grade – Hammerdown Deposit|
|Category||Deposit or Zone||Tonnes||Grade||Gold|
Orion Gold Deposit
The Orion Gold Deposit is situated at the southern portion of the Hammerdown deformation zone and is hosted by strongly deformed, steeply dipping metavolcanic and metasedimentary units. A major fault zone (Horsehead Fault) dips 500 to the east and terminates the Orion Gold zones to the west. As the fault trends oblique to the N50E strike of the Orion Vein system, the base of the gold zones plunge about 400 to the northeast. The down-plunge is completely open at depth and has never been drill tested.
Maritime’s 2011 drill program at Green Bay included over 3,700 metres of diamond drilling in 11 holes at the Orion deposit significantly increased gold resources. This drilling not only closed the gap between the Orion east and west zones, it also encountered some of the highest grade gold intervals at Orion. The 2011 drill results, when combined with earlier drill results, clearly shows a higher grade gold zone plunging north-easterly at about -40 degrees, indicating a possible structural relationship of high grade gold in the Horsehead Fault.
NI 43-101 Resource Estimate:
|Mineral Resource Statements Using 3 g/t Gold Cut-Off Grade – Orion Deposit|
|Category||Deposit or Zone||Tonnes||Grade||Gold|
Drilling in 2012 between the Hammerdown and Orion deposits (separated by 1.5 km) confirmed continuity of gold mineralization, making Orion at least 800 metres long in strike extent. The deposit is completely open down plunge to the northeast.
The 2012 exploration program at Green Bay included 2,500 metres in 16 holes drilled at Hammerdown which confirmed the extension of high grade, Hammerdown style veins both to the east and to the west. The veins in the eastern extension are easily accessible from the surface which will allow the Company to plan for a detailed drilling program to explore for and delineate potentially mineable lenses of gold mineralization at this target.
The 2012 exploration work also including a trenching program designed to locate and extend the eastern Rumbullion vein system at Hammerdown. A total of 445 channel samples were taken from 37 channels cut at strict three metre intervals. Assay results returned numerous high grade gold values along the Rumbullion Main vein, including values of up to 94.4 g/t gold over 0.3 metres width. The new values extend the strike length of the vein. Subsequent mapping of the exposed vein showed the presence of a robust, often heavily mineralized quartz vein up to 70 cm in width.
Using the results of the 2011 and 2012 exploration programs, combined with 724 historic drill holes from which over 16,000 gold assay samples were collected, a NI 43-101 compliant Technical Report and Resource Estimate was completed in May 2013. According to the Report, the Green Bay property contains in excess of 400,000 ounces of gold in the Measured and Indicated category, using a 3 g/t cut-off grade, and in excess of 600,000 ounces in the Inferred category, also at a 3 g/t cut-off grade.
In July 2013, the Company commenced a work program as recommended in the Report. Under the program, trenching will continue at the Rumbullion East target to search for new ore grade lenses at surface. Baseline environmental studies will include sampling and analyzing mine water from the Hammerdown Gold Mine as well as stream drainages in the district. The work will also include infill and step-out drilling to upgrade and expand the Resource Estimate, and metallurgical testing of potential for gravity separation to upgrade lower grade gold zones and reduce transportation and processing costs.
Maritime Resources Corp. is focused on examining the potential to restart gold production at its wholly-owned Green Bay Project in Newfoundland, Canada. The property contains the Hammerdown Gold Mine, which successfully produced a total of 143,000 ounces of gold between the years 2000 and 2004.
Using the results of the 2011 and 2012 exploration programs carried out on the Hammerdown and Orion deposits, combined with more than 16,000 historic gold assay samples, a NI 43-101 compliant Technical Report and Resource Estimate was completed in May 2013. The NI-43 101 complaint report shows the Green Bay Property contains an excess of 400,000 ounces of gold in the Measured and Indicated category and in excess of 600,000 ounces of gold in the Inferred category, both using a 3 g/t cut-off grade.
Infrastructure on the Green Bay property is well-established, providing the potential for an early re-start scenario at the Hammerdown Gold Mine. All of the ore mined between 2000 and 2004 was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%. Maritime Resources and Rambler Metals signed a strategic alliance agreement in 2011, affording technical assistance with an early restart to production at Hammerdown.
Eric W. Norton — President, Chief Executive Officer, and Director
Mr. Norton comes to Maritime Resources after more than 30 years with Teck Resources Ltd., and three years with Baja Mining Corp. as VP, Project Development & Operations. He graduated from University of Toronto in 1974 with a B.Sc. (Honours) in Metallurgy and Materials Science and is a member of the Association of Professional Engineers and Geoscientists of BC. While at Teck he held senior positions in Operations, Commercial & Business Development, including evaluation of projects and the coordination of concentrate purchases and metal sales at the Trail smelter. His roles also included Manager, Strategic Opportunities, working with the Exploration Business Development Group & Manager, Business Development in Vancouver. In these roles he was involved in evaluation of advanced resource and development projects and acquisition targets. While at Baja Mining he led the Definitive Feasibility Study for development of the Boleo Project in Mexico, and was active in working with brokers, banks and trading companies negotiating financing and commodity product agreements.
Bernard H. Kahlert — VP Exploration and Director
Mr. Kahlert has been Vice-President of Exploration and a Director of Commander Resources Ltd. since 1990. He is a geological engineer with more than 30 years’ experience in international mineral exploration (including diamonds). Prior to joining Commander in 1990, he served as exploration manager for Amoco Minerals and Superior Oil in Australia, Canada and USA, as well as a consulting geologist for junior and major companies.
Maynard E. Brown — Chairman of the Board and Director
Mr. Brown has been a member of the Law Society of British Columbia since 1973 and for the majority of his professional career, specialized in advising public companies on securities law and matters related to financial and stock exchange transactions. He is currently practicing law on a part time basis and is a director of three other Exchange companies. Mr. Brown’s knowledge of corporate structure and securities law has significantly contributed to the creation of Maritime Resources Corp.
Allan W. Williams — Director
Mr. Williams is a self employed business consultant with more than 25 years’ experience involving public companies and venture capital markets. He has worked with numerous companies in both the energy and junior mining sectors. Mr. Williams has held management and executive positions in both sectors and has extensive experience in project planning and development. He has raised in excess of 150 million dollars for companies in North America.
David J. McCue — Director
Mr. McCue was a member of the Law Society of British Columbia from 1978 to 2009. He practiced taxation law for several years and for the past 17 years has specialized in advising public companies, primarily in the resource sector, on securities law and matters related to financial and stock exchange transactions. Mr. McCue recently retired from the practice of law and is currently an officer of three other Exchange issuers.
Douglas Fulcher — Director
Mr. Fulcher has more than 30 years’ experience in mining exploration and project management with Pamicon Developments Ltd., a geological consulting firm in Vancouver, British Columbia. He also has more than 16 years in budgeting and financial management. Mr. Fulcher has also been a director of a number of junior mining companies.
Peter Mercer — Director
Mr. Mercer received his B.Sc. in Earth Sciences from Memorial University of Newfoundland and Labrador. With more than 10 years of experience, he served the first half of his career as an Exploration Geologist with Altius Minerals Corporation working on various grass roots projects all over the Island. He is currently Vice President of Corporate Development with Rambler Metals & Mining. Mr. Mercer led the feasibility study of Rambler’s Ming Mine, including environmental compliance, planning, permitting, development and closure plans, and government relations.
Janice Davies — Corporate Secretary
Ms. Davies, a member of the Commander Management Group since 1990, has been engaged in administration, systems development and management, and communications for public resource companies for more than 20 years.