Business
Maritime and Rambler Sign Engineering and Evaluation Agreement to Determine the Viability of Restarting the Past Producing Hammerdown Mine
VANCOUVER, BC / ACCESSWIRE / May 9, 2016 / Maritime Resources Corp. (TSXV: MAE) (the "Company...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime and Rambler Sign Engineering and Evaluation Agreement to Determine the Viability of Restarting the Past Producing Hammerdown MineVANCOUVER, BC / ACCESSWIRE / May 9, 2016 / Maritime Resources Corp. (TSXV: MAE) (the \"Company\") is pleased to announce that the Company has entered into an Engineering, Evaluation and Services Agreement (\"Agreement\") with Rambler Metals and Mining PLC (\"Rambler\") to evaluate the economic potential of re-opening the past producing Hammerdown gold mine located within Maritime's Green Bay Property, Newfoundland and Labrador, Canada.Under the terms of the Agreement, the companies will work together and appoint an independent qualified third party consultant (the \"Consultant\") to prepare and complete a pre-feasibility study (the \"Study\"), funded by Maritime. The Study will evaluate the mineral reserves available on the property. Should a positive economic analysis and a production decision, by the Board of Directors of Maritime be determined, the two companies will then negotiate mutually agreeable management services and toll milling agreements that will see Rambler assist Maritime in the process of re-opening the old Hammerdown mine. The initial Independent Mineral Resource Estimate for the Green Bay Gold property was prepared in accordance to the requirements of NI 43-101 and released in June 2013. The study estimates the property to contain in excess of 425,000 ounces of gold in the Measured and Indicated categories and in excess of 660,000 ounces in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario. (see press release from May 28, 2013)Throughout the process the Green Bay Property will remain 100% owned by Maritime along with all rights to continue exploring the land package. Exploration potential at Green Bay is substantial in three areas; the Rumbullion vein system which extends for 800 metres to the northeast, the Hammerdown offset fault extension which is projected at approximately 500 metre depth and the open Orion vein system which lies approximately 1,500 meters to the southwest of Hammerdown and has only been drilled to 300m depth.In order to assist Maritime and the management team in advancing the Hammerdown project pursuant to this Agreement, Rambler has agreed to vote all its common shares of Maritime in favour of mana...