- Maritime Resources (MAE) reports a positive feasibility study for Hammerdown Gold Project with 48.1 per cent IRR
- The feasibility study supports a technically straightforward, brownfields open pit mine and gold processing operation
- A total of 38.5 million tonnes of non-acid generating waste rock will also be produced and stored in a waste rock stockpile to the south of the open pit
- Current mineral resources within the Orion deposit have not been considered part of the Hammerdown study
- Maritime Resources (MAE) is trading at C$0.05 at 12:27 pm EST
Maritime Resources (MAE) has received a new feasibility study for its Hammerdown Gold Project in the Baie Verte mining district.
The feasibility study supports a technically straightforward, brownfields open pit mine and gold processing operation benefiting from low capital investment and rapid payback.
Garett Macdonald, President and CEO, commented on the news.
“The completion of the Hammerdown Gold Project Feasibility Study is a positive step forward for the company and positions Hammerdown as one of the highest return, highest grade open pit development projects located in a top tier jurisdiction with tremendous exploration upside.”
“Our next drill program will focus on this area, targeting shallow open-pit mineralization with the potential to be brought into the mine plan in the future,” added Macdonald.
The Hammerdown mine is designed as a conventional truck and shovel open pit operation with one year of pre-production stripping and five years of subsequent mining.
Current mineral resources within the Orion deposit have not been considered part of the Hammerdown study.
A total of 1.895 million tonnes of ROM ore is scheduled to be mined from the Hammerdown pit with a diluted grade averaging 4.46 gpt Au.
38.5 million tonnes of non-acid waste rock will also be produced and stored in a waste rock stockpile south of the open pit.
The open pit has been designed to maximize the project rate of return. Pit slope optimization has been undertaken based on geotechnical data collected between 2019 and 2021.
Hammerdown’s open pit development consists of three phases of pushbacks with overburden thickness averaging under 2-metres.
A fleet of 4-m3 hydraulic excavators will handle ore loading and hauling with a 7-m3 front-end loader as backup and 38-tonne payload articulated haul trucks.
The feasibility study’s approach to mineral processing includes a crushing and ore sorting stage at the Hammerdown mine site to remove dilution and concentrate the ROM ore into a high-grade feed product for the mill.
This product would be hauled 140 km to the Nugget Pond mill for final mineral processing, including grinding, thickening, carbon in pulp leaching, refining to doré bars, and tailings disposal.
At the Nugget Pond mill, the sorted product from Hammerdown is planned to be processed at a rate of 700 tpd.
Reclaim feeders will transfer the fine ore to the grinding circuit, consisting of a 10.5′ x 21′ x 1,000 hp ball mill and a 450 hp vertical grinding mill to achieve a final P80 grind size of 50 microns.
Mine equipment is assumed to be acquired through leasing for most production and support equipment, rentals for pioneering drills, and purchase of some support equipment.
The Hammerdown Feasibility Study contemplates ground-breaking for site construction in Q1 2023, with a total 12-month construction period and the first gold production in Q1 2024.
For the remainder of 2022, Maritime plans to immediately engage a financial advisor to assist with securing the financing package for the Hammerdown Gold Project.
The company has received interest from numerous capital providers regarding participation in the financing process. The company anticipates concluding the construction capital financing process in Q1 2023.
As for the exploration drilling near Hammerdown, it is planning for the year to come and is expected to focus on the Orion.
Maritime holds a 100 per cent interest- directly and subject to option agreements entitling it to earn 100 per cent ownership- in the Green Bay Property.
Maritime Resources (MAE) is trading at C$0.05 at 12:27 pm EST.
