Maritime Hires CAE Mining to Determine Gold Resource
August 31 2011 - 9:00AM
Marketwired
Maritime Resources Corp. (TSX VENTURE: MAE) reports that it has
contracted with CAE Mining Canada Inc. (formerly The Datamine
Group) of Sudbury, Ontario to assist with determining the remaining
resources at the formerly producing Hammerdown Mine at Springdale,
Newfoundland. CAE Mining will assemble available drill and mining
records into a 3D digital model, including previously mined areas,
to yield a block model and estimate of the potential resources that
were not recovered by mining. The possible resource to be
determined at Hammerdown would be in addition to the inferred
resource at Maritime's nearby Orion deposit, as stated in the
Technical Report dated July 19, 2010.
The multi-vein Hammerdown gold mine was operated by Richmont
Mining from 2000 until April, 2004 during which the gold price
averaged about $300/oz. 315,000 tonnes of ore were extracted, at an
average grade of 16.1 g/t Au, yielding 157,000 ounces of gold. The
Hammerdown deposit is relatively shallow at less than 250 m in
depth and was mined underground using cut-and-fill methods from
ramp access. There was also a shallow open pit surface operation.
The ore was trucked to, and processed at, the Nugget Pond mill, now
active and owned by Rambler Metals. Following closure of the mine,
Maritime Resources acquired the property and mining records. Recent
examination of these records indicates potential mineralization
remaining in a number of the Hammerdown and Rumbullion veins, as
well as the adjacent Muddy Shag gold zone which requires further
infill drilling.
CAE Mining will load the drill hole data base into their Studio3
software to create a three dimensional model of the deposit. A
block model will be created to enclose all of the veins of the
orebody, followed by digitization and modelling of the mined out
areas at the time of closure. Using this model, an estimate of
possible resources remaining in each vein of the Hammerdown deposit
can be produced, along with identification of potential
targets.
The Hammerdown mine is located less than one kilometre from a
paved highway and electrical power line in an active mining
district of central Newfoundland. Experienced miners live within
commuting distance of the mine. As previously reported (see News
Release dated June 1, 2011) Maritime has entered into an
Exploration and Development Alliance with Rambler Metals and Mining
(AIM: RMM)(TSX VENTURE: RAB) in which they will share technical
expertise with the goal of advancing Maritime's properties toward
production as quickly as possible. Eric Norton, President of
Maritime states: "We look forward to working with CAE Mining to
identify the possible resource at Hammerdown. This is the first
step in evaluating the feasibility of re-starting this mine, which
must be done considering the current price of gold relative to that
at the time of closure."
The Green Bay gold property, including the Hammerdown and Orion
deposits, is held jointly by Maritime Resources (50%) and Commander
Resources (50%). Maritime is the Operator. Under the terms of the
Option Agreement, Maritime has the right to earn an additional 50%
by issuing 5 million shares of Maritime to Commander.
Maritime Resources would like to acknowledge the support of the
Government of Newfoundland and Labrador in the form of financial
assistance of the 2011 drilling campaign by the Junior Exploration
Assistance Program.
Bernard Kahlert, P.Eng. is the Qualified Person as defined by
National Instrument 43-101 and has reviewed and approved the
technical disclosure contained in this release.
On Behalf of the Board of Directors,
Eric W. Norton, President & CEO
Statements in this press release, other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, may include
forward-looking statements. Forward-looking statements are based on
numerous assumptions and are subject to all of the risks and
uncertainties inherent in resource exploration and development. As
a result, actual results may vary materially from those described
in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Maritime Resources Corp. Cathy DiVito Investor
Relations (604) 484-7111
Maritime Resources (TSXV:MAE)
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