Maritime Resources holds 100% of the 51.7 square kilometre (12,775 acres) Green Bay property which hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, and the Lochinvar base-precious metals deposit.
An Independent NI 43-101 compliant Mineral Resource Estimate for the Green Bay Gold property near Springdale, Newfoundland was released in 2013. The study estimates the property to contain in excess of 400,000 ounces of gold in the Measured and Indicated category and in excess of 600,000 ounces in the Inferred category, both at a 3 g/t cut-off grade. The estimate was compiled by Tetra Tech of Ontario.
The Hammerdown gold deposit was successfully mined by Richmont Mines from 2000 to 2004 while gold prices averaged close to $300/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. All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals, with an average gold recovery of 97.1%. Mining concluded in 2004 due to low gold prices with considerable gold mineralization remaining. The Orion gold deposit consists of two main vein systems, both of which are open along strike, up and down plunge.