MARITIME RESOURCES CORP. : http://www.maritimeresourcescorp.com/ : QwikReport

News

#December 06, 2018
Maritime Starts Drill Program at Whisker Valley Project

 

VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime”) is pleased to announce the start of the Company’s initial drill program on the Whisker gold project which is located approximately 10 kilometres from the Hammerdown gold deposit on the Green Bay Property in Newfoundland and Labrador, Canada.

The Whisker Valley drill program will focus on a gold vein system that was trenched and channel sampled in the fall of 2017. Results from that program showed continuous gold values in individual veins that occur in a zone that has been traced at surface for over 200 metres strike length.  Individual channel sample results from the veins were documented in a series of news releases by Maritime Resources available on the Company’s website (www.maritimeresourcescorp.com).  

The Company subsequently completed a detailed IP Survey in early 2018 that was designed to test the depth potential of the known vein system as well as search for extensions to the east and west ends of the veins.  The IP Geophysical Survey provided a coincident chargeability response with the Whisker Gold Vein system and extended the footprint of the mineralized zone to a potential 500 metres strike length (See NR #18--23, September 26th, 2018). The gold veins carry disseminated pyrite and base metals sulphides which appear to provide the IP response. Other anomalies identified in this survey have yet to be investigated. (see map, below)

PLAN MAP SHOWING DISTRIBUTION OF VEINS AND IP ANOMALIES (along with first 3 drill holes)

The initial drill program will consist of approximately 1000 metres of drilling. The first 3 holes are planned below the trench areas to test the depth extent and identify structures hosting the gold vein system. At this point little is known about the structures controlling the veins that have variable dip and strike orientations.
The drilling contract has been awarded to local contractor Springdale Forest Resources Inc.

Maritime would like to thank the Government of Newfoundland and Labrador for approving the Whisker Valley Project under it’s JEA mineral incentive program.

Stock Option Grant

Maritime also announces that, in accordance with the Company’s stock option plan, it will grant new and existing directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of up to 4,805,000 common shares exercisable on or before December 6, 2023 at a price of $0.11 per share. 

About Maritime Resources Corp:
Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada.  The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

Based on the Company’s March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold.  Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.
 
Further information on the Green Bay Gold Property can be found on our website at www.maritimeresourcescorp.com along with the NI43-101 compliant Technical Report and Prefeasibility Report filed on SEDAR.

On behalf of the Board of Directors,

Doug Fulcher
President, CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”.  Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company.  Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis.  Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others.  However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.  Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations.  Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection.  Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.  The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

File: http://www.maritimeresourcescorp.com/i/pdf/news/NR-2018-12-06-91151.pdf
 1916 KB, approx. 5 minutes, 58 seconds at 56.6Kbps
 
#November 08, 2018
Maritime Announces the Appointment of 3 new Board members

 VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime") On the completion of the recently closed $3.5 million financing with Dundee Resources Ltd. and Sprott Inc., Maritime is pleased to announce the appointment of three new independent board members to further enhance the team. The new appointees include Mr. John Hayes as Director who will also serve as Chair of the Board, Mr. Garett Macdonald and Mr. Mark Ashcroft as directors of the Company. The new directorships take effect immediately and will work with our existing team as the Company advances the high grade Hammerdown gold project and further develops its Whisker and Orion exploration projects. Brief biographies of the directors are highlighted below.

Mr. John Hayes, M.Sc., MBA, P. Geo - Chair of the Board, Director
John is a professional geologist with over 17 years of industry experience ranging from regional surveys to advanced exploration. In addition, John has many years of capital markets experience. John graduated from Memorial University of Newfoundland with an Honours Bachelor of Science in Geology (1989) and a Master of Science in Geology (1997). He also holds an MBA from Dalhousie University (2003). He is a member (P. Geo.) of the Professional Engineers and Geoscientists of Newfoundland and Labrador. John was a mining analyst and Managing Director for BMO Capital Markets from 2003 until his retirement in April 2014. In his role with BMO, John covered precious and base metal companies globally from exploration to production stages. John joined Osisko Mining Inc in June 2016, where he served as the Senior Vice President of Corporate Development until March 2018.

Mr. Garett Macdonald, MBA, P. Eng. - Director
Garett is a professional mining engineer with extensive experience in project development and mine operations with over 22 years of industry experience. He has managed large technical programs through the concept, feasibility and into construction stages and has senior management and board level experience with several public companies. Most recently as Vice President of Project Development for JDS Energy and Mining, Garett was responsible for leading the Curraghinalt Feasibility Study for Dalradian Resources, a high grade, narrow vein Curraghinalt gold project in Northern Ireland, recently acquired by Orion Mine Finance for $537M. Garett also held roles in mine operations and engineering earlier in his career with senior Canadian mining firms Suncor Energy, and Placer Dome Inc. From 2009 to 2013 he served as Vice President of Operations for Rainy River Resources prior to the $310M sale of Rainy River to New Gold Inc. Garett is currently the President & CEO of Tower Resources and a director of First Cobalt, Aurelius Minerals and Gungnir Resources. He holds a Master of Business Administration degree from Western University's Ivey Business School and a Bachelor of Engineering (Mining) from Laurentian University in Sudbury.

Mr. Mark N.J. Ashcroft, P. Eng. - Director
Mark has been involved in various capacities in the global mining industry and the North American and European debt and equity markets since 1990. Mark is currently the President and Chief Executive Officer and a Director of Aurelius Minerals Inc. Previously, Mark served as President and Chief Executive Officer and a Director of Stonegate Agricom Ltd. from August 2008 to September 2014. From 2007 to 2008, Mark worked at Versant Partners, where he was responsible for successfully developing their mining finance business in sales, trading and corporate finance. Prior to joining Versant Partners, Mark had been employed since 2003 with Toll Cross Securities Inc., a boutique institutional firm in Toronto where he became Managing Director and Head of Investment Banking. From 2001 to 2003, Mark was a member of the Mining and Metals Team at Standard Bank's New York office where he was responsible for providing metals trading and project financing solutions to mid-tier developers and producers in Canada and Latin America. From 1999 to 2000, he was a member of the Mining and Metals Team of Barclays Capital, a leading provider of project finance to the mining industry. From 1996 to 1998, he worked in Mines Technical Services at Inco Limited's Ontario Division, where he qualified as a Professional Engineer in Ontario. various operating roles in North and South Mark holds his Bachelor of Engineering (Mining) from Laurentian University and a Master of Science (Finance, Regulation and Risk Management) from the ISMA Centre of the University of Reading.

Mr. Fulcher, President and CEO commented: "We are extremely pleased to be moving Maritime forward in such a positive way with both the financing for $3.5 million completed by two significant groups in Dundee and Sprott and the additions to our board. The three new members have board expertise in all aspects of the mining and financial industry and come with a proven track record of developing, financing and operating mining projects. With these new board members joining the Maritime team we will continue to diligently advance our 100% owned Green Bay Hammerdown gold project towards production."

The Company would also like to announce that Mr. Alan Williams has resigned as Chairman and Director of the Company effective October 29th, 2018. Alan was one of the original founding directors of the Company in 2007 and became Chairman in 2017, he has remained active both on the board and as the Company's Chairman since then. On behalf of the board and employees of the Company, we thank Alan for his years of dedication and wish him all the best on his future endeavors. Alan will continue to act as an advisor to the Company.

About Maritime Resources Corp:
Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada. The property hosts the past producing Hammerdown gold mine and the nearby Orion gold deposit. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

Based on the scenario presented in the Company's March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.

Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

On behalf of the Board of Directors,

Doug Fulcher
President, CEO


For further information, please call:
Doug Fulcher              Telephone: (604) 336-7322
info@maritimeresourcescorp.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
File: http://www.maritimeresourcescorp.com/i/pdf/news/2018-11-08-nr2-mae.pdf
 760 KB, approx. 2 minutes, 22 seconds at 56.6Kbps
 
#November 08, 2018
Maritime Announces the Closing of the $3.5 million Private Placement

 VANCOUVER, BC - November 8, 2018 Maritime Resources Corp. (MAE-TSX Venture, "Maritime" or the "Company") is pleased to announce that it has closed its non - brokered private placement previously announced on October 11, 2018. The Company has raised $3,502,959 through the issuance of a combination of 25,460,900 Units (the "Units") at a price of $0.11 per Unit and 5,402,000 Flow-Through units (the "FT Units") at a price of $0.13 per FT Unit (the "Offering").

Each Unit consists of one common share and one-half (1/2) of one transferable common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.

Each FT Unit consists of one common flow-through share and one-half (1/2) of one transferable common share purchase warrant ("FT Warrant"). Each whole FT Warrant will entitle the holder to acquire one non-flow-through common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.

All Warrants will include an acceleration clause that, if at any time after 4 months from the closing of the Offering, if the closing price of the Company's common shares on the TSX Venture Exchange is greater than $0.25 for 20 consecutive trading days, then the expiry date for the Warrants and the Warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given.

The Company issued a total of 2,152,791 finder units ("Finder Units") at a price of $0.11 per Finder Unit. Each Finder Unit is comprised of one common share and one-half (1/2) of one non-transferable warrant ("Unit Finder Warrant"). Each whole Unit Finder Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per common share for a period of 24 months expiring November 7, 2020.

The Company also issued 2,152,791 finder warrants exercisable at a price of $0.11 for a period of 24 months expiring November 7, 2020.

All securities issued are subject to a four month hold period expiring March 9, 2019.

Dundee Resources Ltd. purchased $1.77 million of the financing and now, together with its affiliates, owns or controls approximately 18.54% of Maritime Resources on an undiluted basis and 25.28% on a partially diluted basis. As finder, Sprott Capital Partners, a division of Sprott Private Wealth has placed $1.5 million, with Sprott Inc. purchasing $625,000 and together with its affiliates will own 13.25% of Maritime Resources on a partially diluted basis.

Doug Fulcher, President and CEO of Maritime commented, "With the closing of this placement and the significant participation by both Dundee and Sprott as strategic partners we are now in a position to move forward with our goals for the Hammerdown and Whisker Projects. We are continuing to add to our team of professional to further enhance our ability to advance our project in Newfoundland."

Use of Proceeds

The net proceeds from the financing will be used to advance the Company's 100% owned Hammerdown Mine project as well as the Whisker Valley and Orion project in Newfoundland and for general working capital and corporate purposes.

About Maritime Resources Corp:

Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada. The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

Based on the Company's March 2017 PFS, the Hammerdown mine is expected to produce approximately 180,000 ounces over a 5 year life at a cash cost of $558 CDN with an all in cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. Total estimated upfront capital is $35M CDN, and the project has a pre-tax NPV8% = $72M CDN with an IRR of 47% based on a toll milling arrangement at the nearby Nugget Pond Mill. The after tax NPV8% = $44M CDN with an IRR = 35% based on a $1250/oz gold price.

There exist numerous opportunities for improvement, including a significant reduction in planned development and capital costs, as well as increasing the mine life with the conversion of approximately 400,000 ounces of gold in the inferred category adjacent to existing mine development.

Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report filed on SEDAR on July 11, 2013 at www.maritimeresourcescorp.com.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.

On behalf of the Board of Directors,

Doug Fulcher
President, CEO


For further information, please call:
Doug Fulcher              Telephone: (604) 336-7322
info@maritimeresourcescorp.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
File: http://www.maritimeresourcescorp.com/i/pdf/news/2018-11-08-nr1-mae.pdf
 755 KB, approx. 2 minutes, 22 seconds at 56.6Kbps
 
#October 11, 2018
Maritime Announces $3,500,000 Non-Brokered Private Placement

 

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC - October 11, 2018 Maritime Resources Corp. (MAE-TSX Venture, "Maritime” or the “Company”) pleased to announce a non - brokered private placement of up to $3,500,000 through the issuance of a combination of units (the "Units") at a price of $0.11 per Unit and flow-through units (the "FT Units") at a price of $0.13 per FT Unit (the "Offering").

The company is pleased to announce that Dundee Resources Limited and Sprott Inc intend to participate equally for $3.0 million of the $3.5 million financing. Upon completion of the financing which is anticipated to close on or before October 31, 2018, the Company plans to further build out and enhance the existing team of professionals that will assist with the ongoing development and restart of the Hammerdown Gold Mine and the Company.

Each Unit consists of one common share and one-half (1/2) of one transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire one common share of the Company at a price of $0.15 per common share for a period of 24 months following the closing date of the Offering (the “NFT Warrants”).

Each FT Unit consists of one common flow-through share and one half (1/2) of one transferable common share purchase warrant (“FT Warrant”). Each whole FT Warrant will entitle the holder to acquire one non flow-through common share of the Company at a price of $0.15 per common share for a period of 24 months following the closing date of the Offering (the “FT Warrants”).

Warrants will include an acceleration clause that, if at any time after 4 months from the closing of the Offering, if the closing price of the Company’s common shares on the TSX Venture Exchange is greater than $0.25 for 20 consecutive trading days, then the expiry date for the Warrants and the Warrants may, by notice in writing by the Company, be accelerated to 30 days following the date that such notice is given. 

The Company may pay finder’s fees of 7% in cash or units of the gross sales of Units and FT Units and issue 7% broker warrants of the number of Units and FT Units sold in the offering.  The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period.

Doug Fulcher, President and CEO of Maritime commented, "We are very pleased to invite Dundee and Sprott as strategic partners of Maritime Resources upon entering into this financing arrangement. The financing is priced at a premium to market, and we will be adequately funded upon closing, to accomplish our goals for the 2018-19 exploration season as we continue to accelerate and de-risk the Hammerdown Project.  We anticipate significant positive developments to the benefit of all of our shareholders as we further advance the high grade Hammerdown Gold Mine and continue to explore the surrounding areas."

Dundee Securities Ltd, and Sprott Capital Partners, a division of Sprott Private Wealth LP, advised on the financing and look forward to working with the Maritime team to help realize the full potential of its assets.

Use of Proceeds

The net proceeds from the financing will be used to advance the Company's 100% owned Green Bay gold projects in Newfoundland.  In particular, drilling on both the Hammerdown and Whisker projects, dewatering of the existing underground workings, and the continuation of the permitting at Hammerdown in order to register a final EA permit with the Newfoundland Government.

About Maritime Resources Corp:

Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador.  The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance that sits within an overall strike length of 4000 metres. As well the Lochinvar base metals/precious metals deposit sits to the north east end of the Rumbullion deposit.

The Company recently announced a PFS (March 2, 2017) that successfully demonstrated a viable mining operation with low upfront capital and short time line to the start of gold production.   The engineering design optimizes a small foot print within the historical mine area as well as utilizing some of the existing underground infrastructure where possible.  The operation is scheduled to run at a capacity of approximately 400 metric tons per day (‘mtpd’) over a five-year mine life.

The results show positive economics, strong internal rate of return, short payback period and significant cash flow under reasonable commodity price assumptions.  The pre-tax operating cash cost to produce an ounce of gold is $558 CDN with an all-in pre-tax-cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. 

In addition, there remain numerous opportunities for improvement to reduce the planned development and capital costs.  Maritime will continue to evaluate these opportunities with a goal to fully optimize the returns from the mining operation.

The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004 while gold prices averaged $325/oz.  During its operation, a total of 290,180 tonnes of ore were mined and milled, at an average grade of 15.74 g/t Au, recovering a total of 143,000 ounces of gold at an 8 g/t cut-off.  The ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals and Mining Canada Limited, with an average gold recovery of 97.4%.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release.  Further information on the Green Bay Gold Property can be found on our website along with the NI43-101 compliant Technical Report and the Prefeasibility Report filed on SEDAR at www.maritimeresourcescorp.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

On behalf of the Board of Directors,

Doug Fulcher
President, CEO


For further information, please call:
Doug Fulcher         Telephone: (604) 336-7322

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”.  Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company.  Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis.  Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others.  However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.  Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations.  Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection.  Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.  The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

File: http://www.maritimeresourcescorp.com/i/pdf/news/2018-10-11-nr-mae.pdf
 730 KB, approx. 2 minutes, 17 seconds at 56.6Kbps
 
#October 03, 2018
Maritime Purchase Agreement with Inomin Mines gets shareholder approval to Acquire over 3,225 Hectares of Minerals Claim that extends our Hammerdown, Green Bay Property

 VANCOUVER, BC - Maritime Resources Corp. (MAE-TSX Venture, "Maritime" or "the Company") is pleased to announce that Inomin Mines Inc. (MINE-TSX Venture, "Inomin") has received shareholder approval and acceptance from the TSX Venture Exchange to conclude the Option to Purchase Agreement between Maritime and Inomin on the King's Point property.

On May 16, 2018 Maritime entered into an option agreement with Inomin to acquire 100% interest in their King’s Point property located adjacent to the Hammerdown project in Newfoundland, Canada, (see news Release MAE 15-18 on May 16, 2018)   Inomin received a 98.9% approval to proceed with the option agreement at their AGM held on September 6th, 2018.  The claims cover geological extensions to Maritime’s Hammerdown Gold deposit that host a number of high grade gold veins and base metal occurrences.

About the King’s Point Property

The King’s Point property (“King’s Point Property”) is made up of two separate claim blocks consisting of a total of 129 claim units covering over 3,225 hectares.   (see map below)

The northern claim block is located within only 2 km of the Hammerdown Gold Deposit.  This property covers known extensions of the gold bearing formations that host the Hammerdown and Orion deposits including several narrow gold vein intercepts within the Golden Anchor prospect.  These veins are similar to the Hammerdown veins with historic samples assaying up to 6 gm/t gold that have never been followed up.

Additionally, the zinc-silver rich VMS horizon hosting Maritime’s Lochinvar base-precious metal deposit that continues to the northeast over the property boundary onto our new King’s Point Property.  Assay values in some historic drilling have intersected up to 1 metre widths with grades over 10oz/T silver with 2-3% zinc. Further to the northeast, the King’s Point property covers the old Rendell Jackman mine which was mined 1906-1909 and has excellent potential for further copper-gold mineralization.

As well, on the northeast claim block, previous explorers discovered the Beetle Pond Prospect where diamond drilling reported zinc rich semi-massive to massive stringer style mineralization hosted in highly altered felsic volcanics of the Catchers Pond Group. The Catchers Pond Group is host to several “Buchan’s Style” VMS exploration targets, as well as, the Lochinvar zinc rich deposit located on Maritime Resources Mining Lease to the west.

The southern claim block is also underlain by the Catchers Pond Group which is host to several Lochinvar style zinc and copper rich (+/-Ag and Au) prospects.  Previous limited drilling had encountered numerous intersections of narrow massive sulphides and broad base metal rich, stringer style mineralization in large hydrothermal alteration haloes. These have not been tested in detail.

Terms of the Agreement

Under the terms of the agreement Maritime will earn 100% interest in the Inomin property over a 3-year period by spending $600,000 in exploration ($75,000 in year one), make cash payments totaling $300,000 and issue 2.0 million shares of Maritime in accordance with the following schedule:

  • Upon signing pay $25,000 and 500,000 shares;
  • Year one anniversary – $50,000 and 500,000 shares and $75,000 work commitment;
  • Year two anniversary – $100,000 and 500,000 shares and $150,000 work commitment;
  • Year three anniversary – $125,000 and 500,000 shares and $375,000 work commitment;
  • 1.0 % NSR of which 100% can be purchased for $500,000
  • The project also has an underlying NSR of 2.5% of which 1.5% can be purchased for $1,000,000

About Maritime Resources Corp:

Maritime Resources holds 100% of the Green Bay Property, located near Springdale, Newfoundland and Labrador.  The property hosts the past producing Hammerdown gold mine and the Orion gold deposit separated by a 1.5 km distance, as well as the Lochinvar base metals/precious metals deposit. Maritime announced a Prefeasibility Study (March 2nd, 2017) that evaluated the Measured & Indicated NI43-101 mineral resource estimate for the past producing Hammerdown gold deposit. The study was completed by WSP Canada Inc. (“WSP”),an independent third-party engineering firm, with the mandate to evaluate the potential of bringing the past producing gold mine back into commercial production. 

Pre - Feasibility highlights

  • Project Pre-tax net present value (‘NPV8%’) of $71.2 million with an IRR of 46.8% per cent.
  • Project after-tax net present value (‘NPV8%’) of $44.2 million with an internal rate of return (‘IRR’) of 34.8%
  • Net pre-tax cash flow of $104 million, undiscounted. Net after-tax cash flow of $69 million, undiscounted.
  • Mine life for the current plan at Hammerdown is five years, producing approximately 174,000 ounces at an average of approximately 35,000 ounces per year.   Basic assumptions used for the compilation of the PFS:
    • Gold Price of US$ 1,250 per ounce
    • Exchange Rate of 0.8 US$: 1 CA$ (or 1 US$: 1.25 CA$)               
    • Project discount rate of 8%
    • Mill recovery of 97% based on the historic treatment of the ore at the nearby Nugget Pond Gold Mill from 2000 to 2004.
    • Per-tax operating cash cost to produce an ounce of gold is $558 CDN with an all in pre-tax-cost (including capital, sustaining capital and operating cost) of $955 CDN per ounce of gold. 

(All currency is expressed in Canadian dollars ($CA) unless otherwise noted.)

The Hammerdown gold deposit was successfully mined by Richmont Mines between 2000 and 2004 while gold prices averaged $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 at an 8 g/t cut-off.  All of the ore was processed at the Nugget Pond mill, now owned and operated by Rambler Metals and Mining Canada Limited, with an average gold recovery of 97.1%.  Mining terminated in 2004 due to low gold prices with extensive gold mineralization remaining, although uneconomic at that time.

The Orion gold deposit consists of two main vein systems, both of which are open along strike, and down plunge to the northeast.

Bernard H. Kahlert, P.Eng. is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this release. 

On behalf of the Board of Directors

Doug Fulcher
President, CEO

Website: www.maritimeresourcescorp.com



For further information, please call:
Doug Fulcher         Telephone: (604) 336-7322
info@maritimeresourcescorp.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements

Caution Regarding Forward Looking Statements:

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”.  Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company.  Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis.  Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others.  However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.  Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations.  Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection.  Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.  The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.

File: http://www.maritimeresourcescorp.com/i/pdf/news/2018-10-03-nr-mae-8x6udq.pdf
 1096 KB, approx. 3 minutes, 25 seconds at 56.6Kbps
 

Copyright © 2018 by Maritime Resources Corp.   All rights reserved worldwide.
For more information, send questions and comments to
This page was created on Fri Dec 14, 2018 at 2:52:41 AM Pacific Time.