Gold Resources on Which Current FS will be based
In the 2022 FS, HD had 330,000 ounces in M &I at an average grade of 3.31 grams per ton of which 272,000 ounces were Reserves with an average grade of 4.46 grams per ton .
The Orion deposit contains measured and indicated resources of 1,096,500 tonnes grading 4.47 gpt for 157,600 ounces of gold and inferred resources of 1,288,000 tonnes grading 5.44 gpt for 225,300 ounces.
Total good Resources for Orion is 383,000 ounces at an average grade of 5.05 grams per ton .
Given that Reserves converted over 80% of M & I into Economic category , about 315,000 of Orions ounces should be converted to Reserves with a grade of about 5.3 grams per ton .
Stoger Tight will add another 40,000 ounces or so to Reserves, for a Total Gold Reserves of about 630,000 ounces in 2024.
To this will be added new resources as a consequence of successful drilling in 2021 and 2022 plus new drilling in 2024.
I arbitrarily add 70,000 ounces of new reserves added to the 2024 FS, for total Reserves of mineable gold at about 700,000 ounces at a grade perhaps unchanged from the 2022 level of 4.46 grams per ton.
With such a long mine life...9 years..there will be plenty of time to cash flow fund and drill define hundreds of more ounces among the dozen or so advanced projects within Maritime's project pantry.
So a mine life of 15 or more years might be envisioned for Maritime's eventual gold production on the Baie Verte Peninsula at an average annual production in the 70,000 ounce range.
As is almost always the case, the first 3-4 years of mining will be high graded perhaps up to 100,000 ounces per year.
Marathon's VL FS is a good example of this.