Coyote Copper Mines Inc. press release
Maritime Resources adds processing plant as company looks to de-risk NFLD and Labrador assets
TSXV - TSX Venture Exchange · Canada · Project Development
(NewsDirect)
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.
Contact Details
Proactive Investors
+1 604-688-8158
na-editorial@proactiveinvestors.com
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Earlier from Coyote Copper Mines Inc.
- Maritime Resources Provides Update on Newfoundland and Labrador Gold Projects
- Maritime Announces Closing of the Final Tranche of Its Non-Brokered Private Placement of Units
- Maritime Announces the Closing of the Acquisition of Point Rousse Mining from Signal Gold, US$5.0M Brokered Private Placement of Notes and Warrants and C$1.735M Non-Brokered Private Placement of Units
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