December 15, 2017 ~ Maritime Resources today announced a non-brokered private placement (sale of common shares) in order to raise up to $2,000,000.
In September Maritime announced it raised just over $1,000 000, in the same manner.
The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four month hold period.
The company says proceeds from this newest financing effort will go to general working capital and to move the Hammerdown Mine and Whisker Valley projects forward. The work will include drilling on both Hammerdown and Whisker areas, expected to begin this winter.
Work to obtain the necessary permits will continue for the Hammerdown project, as well as further engineering study to look at “optimizing the opportunities”.
A 2000 metre drilling program is planned at the Hammerdown mine area and a 1000 metre drill program is being planned for the Whisker Valley project area. The high grade gold assays that from a Whisker trenching program this fall means a follow up drill program will be carried out there.
Maritime is looking closely at the past-producing Hammerdown Mine, located near King’s Point, with an eye to re-opening it within 2 years. Hammerdown mine’s entrance has been opened and a project manager has been appointed. Water samples from the site showed clean water with neutral pH and no elevated contaminants. The mine will be dewatered in 2018. High grade gold was was also recovered in surface trenching at the Hammerdown site this year.
[Image at top is a Maritime Resources photo.]