Date: July 22, 2020
Maritime Resources holds a 100% interest in the Green Bay Property. This includes the former Hammerdown gold mine and Orion project as well as the Whisker Valley exploration project, all located near the Baie Verte Mining District and King's Point, Newfoundland and Labrador.
The Hammerdown gold deposit was successfully mined by Richmont Mines between the years 2000 and 2004. This was while gold prices averaged US$325/oz. During its operation a total of 291,400 tonnes of ore were mined and milled, at an average grade of 15.83 g/t Au, recovering a total of 143,000 ounces of gold.
The Hammerdown gold deposit is characterized by 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.
According to CEO Garett Macdonald, the company should be in production in the first quarter of 2022. "In the next 12 months we plan to get through our feasibility study for Hammerdown and complete the project permitting. When those things are completed, we'll be in a position to make the production decision, raise the capital and start construction," he says.
Senior Mining Analyst, Barry Allan believes the mine is a high-quality asset and is excited to see it reopened. "This mine will deliver better than 7.8 grams of gold to the mill over a 9 year life. There's good infrastructure and the gold prices make it a very, very economically attractive asset. As an investment, there's a very good return potential here," says Allan.
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