Maritime Resources adds processing plant as company looks to de-risk NFLD and Labrador assets
Vancouver
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October 30, 2023 03:02 PM Eastern Daylight Time
Maritime Resources Corp CEO Garrett Macdonald joined Steve Darling from Proactive to share important developments regarding the company's project in Newfoundland and Labrador.
Maritime Resources has acquired the Point Rousse assets, which include the Pine Cove processing plant, an in-pit tailings facility, access to a deep-water port, and over 54 km2 of highly prospective land in Newfoundland and Labrador. The acquisition of these assets is significant because it includes a fully permitted mill and tailings facility, reducing exposure to inflationary pressures on capital costs.
The company plans to complete an updated feasibility study, with Pine Cove serving as the primary processing facility. The study will incorporate the Hammerdown, Orion, and Stoger Tight projects into the production plan.
The Pine Cove mill is strategically located 40 km closer to Hammerdown than the Nugget Pond gold circuit, resulting in substantial haulage cost savings. Crews have been conducting minor repairs at the mill.
Opportunities for improved recoveries and lower capital costs for future operations have been identified.
The company has also signed a MOU with New Found Gold to study the idea of toll milling material from the Queensway project at the Pine Cove mill.
Macdonald also shared with Proactive more details about the restart of the high-grade Hammer Down Gold Project. The project boasts proven and probable reserves with a remarkable grade of around 4.5 grams per tonne. With estimated capital requirements of approximately C$75 million, it's considered a small mine but has the potential to generate significant cash flow to help fund company operations.
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