Reserves & Resources

Mineral Reserves

Au, g/t
Contained Metal
Au, Koz
Proven Reserves (undiluted, unrecovered)118,60015.1757.8
Probable Reserves (undiluted, unrecovered)320,60011.79121.5
Total Proven and Probable Reserve (undiluted, unrecovered)439,20012.70179.4
Dilution (all sources)261,40000
Reserve (diluted and recovered)700,6007.96179.4

Mineral Reserve Estimate Notes:

  1. Tonnages and grades shown reflect inclusion of all sources of dilution and by combining longitudinal retreat with near 60% dilution provides a 100% mining recovery.
  2. All figures are rounded to reflect the accuracy of the estimate; numbers may not total due to this rounding. The CAN$1,481 NSR for the reserve material was calculated using an all-in costs of $138 per tonne of ore milled for longhole mining and $153 per tonne of ore milled for cut and fill mining.
  3. The ore reserves are based on:
    • A forecast long-term metal price of US$1,250 per ounce for gold;
    • A long-term USD/CDN FX rate of 1:0.80;
    • A process recovery of 97%; and
    • Other royalty and refining factors.

Mineral Resources

('000 oz)
MeasuredHammerdown / Rumbulliion / Muddy ShagAll372,17012.09144.7
 Measured Total 372,17012.09144.7
IndicatedHammerdown / Rumbulliion / Muddy ShagAll553,5009.60170.9
  All Orion total1,096,5004.47157.6
 Indicated Total-1,650,0006.19328.5
 Measured and Indicated TotalALL2,022,1707.28473.2
InferredHammerdown / Rumbulliion / Muddy ShagAll1,557,0007.53376.8
  All Orion1,288,0005.44225.1
 Inferred TotalALL2,845,0006.58601.9

Mineral Resource Estimate Notes:

  1. CIM definition standards were followed for the resource estimate.
  2. The 2016 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
  3. A cut-off grade of 3.0 g/t Au over 1.2 metres was used for reporting resources with capping of gold grades at 125 g/t at Hammerdown and 50 g/t at Orion.
  4. A Specific Gravity of 2.84 was applied.
  5. Numbers may not add exactly due to rounding.
  6. Mineral resources, which are not mineral reserves, have not demonstrated economic viability.
  7. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
  8. Resources are inclusive of reserves.

The Resource Estimate was prepared by Todd McCracken, P. Geo. of Tetra Tech, Sudbury, ON. Mr. McCracken is a qualified person and independent of the Company, as defined by section 1.5 of NI 43-101. The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Kriging method of grade interpolation. The mineral resources were estimated using a block model with parent blocks of 5 metres X 5 metres X 5 metres split three times into sub-blocks. The geological model including mineralized intercepts were generated by Maritime personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures have been reviewed by Tetra Tech

© 2020 Maritime Resources Corp.
All rights reserved.

Subscribe to our Email List