Business
Maritime Provides Corporate Update
Toronto, Ontario--(Newsfile Corp. - May 21, 2020) - Maritime Resources (TSXV: MAE) ("Maritim...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Provides Corporate UpdateToronto, Ontario--(Newsfile Corp. - May 21, 2020) - Maritime Resources (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to provide a corporate update on its plans for the Hammerdown Gold Project (\"Hammerdown\" or the \"Project\") located near King's Point, Newfoundland and Labrador and the appointment of Mr. Eric Tremblay, ing. as a technical advisor to the Company. Garett Macdonald, President and CEO commented, \"In the past three months, Maritime has delivered a robust Preliminary Economic Assessment (\"PEA\")* for the Hammerdown Gold Project with after-tax economics of $111.3M NPV5% and 50.5% IRR at US$1,375/oz, entered into a non-binding letter of intent with Rambler Metals and Mining Canada Ltd. (\"Rambler\") to evaluate processing feed from Hammerdown at Rambler's existing gold circuit at the Nugget Pond mill complex (the \"Circuit\") with an option to negotiate a purchase agreement for the Circuit, and closed a $3.5M non-brokered private placement with strong support from our major shareholders Dundee Goodman Merchant Partners, a division of Goodman & Company Investment Counsel Inc., and Sprott Capital Partners LP. High grade gold projects like Hammerdown are exceedingly rare with existing local mill infrastructure and significant exploration potential, all in one of the best jurisdictions in the world for resource development. At a gold price of US$1,700/oz, the PEA results are compelling with after-tax economics of $255M NPV5% and 97% IRR. Our plans for 2020 are to initiate project permitting and a feasibility study in parallel with an aggressive exploration program. This program is set to begin within the next two weeks at Hammerdown with COVID-19 safety procedures in place. We are targeting the potential depth extension of the deposit and completing additional infill and grade control testing within the PEA mine plan. Throughout the year we plan to be drilling several targets identified in last year's field programs along the Hammerdown Deformation Zone and at Whisker Valley. Today we are excited to welcome Mr. Eric Tremblay, ing. as a technical advisor to the Company. Eric is currently the COO of Dalradian Resources and brings 27 years of valuable development and operational experience to Maritime during a time of growth for the Company.\"Hammerdown Gold ProjectOver the ...