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Maritime finds potentially new style of gold mineralisation

Maritime Resources has reported high-grade gold results as it tests targets which could add value to its Hammerdown gold project in Newfoundland and Labrador, where it’s targeting production in 2022.
Maritime finds potentially new style of gold mineralisation Maritime finds potentially new style of gold mineralisation Maritime finds potentially new style of gold mineralisation Maritime finds potentially new style of gold mineralisation Maritime finds potentially new style of gold mineralisation

Maritime Resources’ Hammerdown project in Newfoundland and Labrador

Staff reporter

Among the highlights, it reported 1.1m at 96.43g/t gold and 5.97g/t silver within 4m at 26.2g/t gold and 1.7g/t silver, in a newly-identified structure at the Orion deposit 1.5km southwest of Hammerdown.

"Recent drilling [at Orion] continues to define a wide zone of shallow mineralisation amenable to open pit mining and a potentially new style of structurally controlled, high grade mineralisation containing visible gold," president and COE Garett Macdonald said.

At Hammerdown, results included 0.4m at 59.43g/t gold and 45.9g/t silver.

Drilling at the Lochinvar VMS zone to the east returned "two significant intersections of high-grade massive sulphide mineralisation including gold, silver, copper, lead and zinc," Macdonald said.

Drilling is continuing and airborne VTEM and ZTEM surveys were planned this month for Hammerdown and Whisker Valley.

The company had raised C$8.7 million at 15c per share and 20c per flow-through share in August, for exploration and to continue derisking the previously-mined Hammerdown. 

A preliminary economic assessment in February outlined initial capex of US$57.2 million for a nine-year mine averaging annual gold production of 57,900oz, with an after-tax NPV of $111.3 million and IRR of 50.5%.

Maritime's progress at Hammerdown was being helped by local knowledge, Mining Journal reported in September. 

The company's shares (TSX: MAE) have ranged from C4.5-23c over the past year.

They closed up 6.7% to 16c, to capitalise it at $37.8 million (US$28.6 million).