Business
Maritime Provides Update on Newfoundland Projects
Toronto, Ontario--(Newsfile Corp. - April 24, 2019) - Maritime Resources Corp. (TSXV: MAE) ("...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Provides Update on Newfoundland ProjectsToronto, Ontario--(Newsfile Corp. - April 24, 2019) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to provide shareholders with an update on its Newfoundland gold projects, including the high grade Hammerdown development project. Maritime's Hammerdown and Whisker Valley gold exploration projects are both located near the Baie Verte Mining District and Springdale, Newfoundland and Labrador. The Hammerdown deposit is characterized by a number of near-vertical, narrow mesothermal quartz veins containing gold in pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004 producing 143,000 ounces of gold at an average mine grade of 15.7 gpt Au through a combination of narrow vein open pit and underground mining. \"The recent oversubscribed private placement for gross proceeds totaling $6.06 M is a strong endorsement of Maritime's efforts to bring the former Hammerdown mine back into production and the potential to add new resources in a well-established mining district\" adds Garett Macdonald, President & CEO. \"Maritime is in a unique position with a high-grade brownfields development project and several highly prospective exploration properties, including our new gold discovery at Whisker Valley. With our 2019 work program now fully funded we are actively moving ahead with the de-risking of a business plan for Hammerdown and accelerating exploration at our key properties.\" Current and planned activities for 2019Hammerdown ProjectInfill diamond drilling is commencing this week at the Hammerdown mine site. A total of approximately 3,000 metres of drilling is planned in 19 drill holes that are designed to convert Inferred resources to the Measured & Indicated classes. Information from this drill program will be used to update the Hammerdown resource estimate, for additional metallurgical and geotechnical test work and to also form the basis for an updated Pre-feasibility study scheduled for the fourth quarter of 2019. Maritime plans to investigate the potential for a lower capital, higher margin and higher return project design at Hammerdown that will include a greater emphasis on selective open pit mining followed by underground mining. Planning is underway for a 2,000 metre drill program and geophysical survey to test the dept...