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Maritime Resources Announces Entering into of Option Agreement to Acquire New Mineral Property Interests
Toronto, Ontario--(Newsfile Corp. - December 21, 2021) - Maritime Resources Corp. (TSXV: MAE)...
About this update from New Found Gold Corp
[{"type":"text","content":"Maritime Resources Announces Entering into of Option Agreement to Acquire New Mineral Property InterestsToronto, Ontario--(Newsfile Corp. - December 21, 2021) - Maritime Resources Corp. (TSXV: MAE) (\"Maritime\" or the \"Company\") is pleased to announce that it has entered into an option agreement (the \"Option Agreement\") to acquire an undivided 100% interest in certain mineral property interests located in the Baie Verte Mining District (the \"Property\") in the Province of Newfoundland and Labrador. The aggregate consideration for the Property is comprised of up to $50,000 and up to 250,000 common shares (\"Consideration Shares\") in the capital of the Company to be issued to the optionor under Option Agreement over the next three years. Pursuant to the terms of the Option Agreement, the Company has also agreed to incur up to $100,000 of expenditures relating to the Property. The closing of the transactions contemplated by the Option Agreement, including the issuance of the Consideration Shares, is subject to the approval of the TSX Venture Exchange (the \"Exchange\"). The Consideration Shares are subject to a standard four month and one day hold period. About Maritime Resources:Maritime holds a 100% interest- directly and subject to option agreements entitling it to earn 100% ownership- in the Green Bay Property. This includes the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King's Point, Newfoundland and Labrador. The Hammerdown Gold Project is characterized by near-vertical, narrow mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines between 2000 and 2004. The Company also owns the gold circuit at the Nugget Pond metallurgical facility in Newfoundland and Labrador, the Lac Pelletier gold project in Rouyn Noranda, Québec and several other exploration properties and royalty interests in key mining camps across Canada.On Behalf of the Board:Garett Macdonald, MBA, P.Eng.President and CEOFor further information, please contact:Tania Barreto, CPIRHead of Investor Relations1900-110 Yonge Street, Toronto, ON M5C 1T4www.maritimeresourcescorp.comTwitterFacebookLinkedInYouTubeCaution Regarding Forward-Looking Statements:Certain of the statements made an...