January 22, 2018 ~ Maritime Resources Corp. announced more results today from a trenching and channel sampling program at its Whisker Valley Project.
Whisker is located about 10 kilometres north of Maritime’s Hammerdown gold mine. (See map, above.)
The announced results come from the company’s ‘Jackson Vein’, which is located between the Ben and Gary Veins. (Shown in photo, below.)
The company reports “significant visible gold within the vein system”.
The Jackson Vein was exposed in a trenching program carried out this past fall. Maritime stated Jackson has been mapped over a total strike length of 82 metres, returning a weighted average grade of 13.66 g/t gold. More results will be released over the next few weeks.
More trenching will be done there in the spring after completion of a planned drill program to start in February.
Maritime also released positive results from Whisker in December 2017. Maritime optioned the Whisker property early in 2017. The company will earn 100% interest in the Whisker property over a 5-year period and will spend $1.65 million in exploration there.
Notably, Maritime Resources has been busy in the last year scooping up interest in this area. On October 25th 2017, Maritime announced it optioned yet more property: the El Strato Property which sits relatively near Baie Verte road, on the west side of the Whisker Hill Project.
Maritime also reported on December 13, 2017 that it concluded an option agreement for a 100% interest in the Strugglers Pond property. The property is also located in the Whisker Valley area.
Maritime has stated Whisker Hill and El Strato contain high grade gold veins which could “significantly add high grade material to expand the Hammerdown resource with a common operating base”.
The two projects are about 10 kilometres from each other and are said to be connected by a backcountry access road.
Maritime announced early in 2017 that a study successfully showed that the Hammerdown site, located off King’s Point road, could be a viable gold mining operation with a short time line to production start.
In November 2017, waste rock was removed and the mine entrance was opened so that the underground infrastructure would be accessible for evaluation.
On December 15, 2017 Maritime 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 company said proceeds from this financing effort will go to general working capital and to move the Hammerdown Mine and Whisker Valley projects forward.
Hammerdown mine is anticipated to reopen within 2 years. Hammerdown development plans include trucking gold ore the 140 kms to Rambler’s Nugget Pond milling facility, located on the Baie Verte peninsula. The facility can process both gold and copper bearing ore types.
Maritime Resources announced in early December 2017 that it appointed a Project Manager to oversee “the exploration and development to bring the Hammerdown Gold Mine Project back to production.” Larry Pilgrim, P. Geo, a King’s Point resident, will oversee exploration of the Hammerdown mine site as it moves into a preproduction phase. He will also oversee Whisker Valley. Larry Pilgrim was the Senior Geologist for Richmont Mines during the development of the Hammerdown gold mine in 2000. He worked there until the mine closed in 2004.
Water samples from the site have reportedly shown clean water with neutral pH and no elevated contaminants. The mine will be dewatered this year.