Announcement Date: 2022-08-23
Announcement Type: Feasibility Study
Announcement Code: NI43-101
Company name: Maritime Resources Corp.
Project name: Hammerdown
Location: Canada
Commodities: Gold
Highlight: Feasibility Study result incl. Post Tax NPV (5%) of USD $102.8M & IRR of 48.1%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: TORONTO, ON (August 23, 2022) – Maritime Resources Corp. (TSX.V: MAE) (“Maritime” or the “Company”) is pleased to announce feasibility study (the “Feasibility Study”) results for the 100% owned Hammerdown Gold Project (“Hammerdown” or the “Project”) in the Baie Verte mining district of Newfoundland and Labrador, Canada. The Feasibility Study supports a technically straightforward, brownfields open pit mine and gold processing operation benefiting from low capital investment and rapid payback. The attractive financial return profile enables the Company to pursue mine life extensions, and follow-up on exciting exploration opportunities within Maritime’s 400 km2 land package in the Baie Verte mining district. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars. Garett Macdonald, President and CEO, commented, “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. We view Hammerdown as a great starter mine for the Company with an average of 50,000 ounces of annual gold production and $41.4M of annual free cash flow (“FCF”). Permitting is well advanced with the Project released from provincial Environmental Assessment in 2021. Future mineral processing
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