Maritime Resources Corp V.MAE

Alternate Symbol(s): MRTMF

Metals & Mining Gold

Maritime Resources Corp. is a Canada-based gold exploration and development company. The Company is focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. The Company holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. It also controls over 439 square kilometers (km2) of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by the Company in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit. The Point Rousse Project covers an area of approximately 54 km2. The Company also owns the Lac Pelletier gold project in Rouyn Noranda, Quebec. Its wholly owned subsidiary is 2823988 Ontario Corp.

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Maritime Resources Corp

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Post by nozzpackon Jan 18, 2024 1:46pm

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Post# 35834112

Why Firefly’s Ming Mine Will Need MAE VMS High Grades

30.2Mt at 1.81% copper, 0.4g/t gold and 2.7g/t silver for 811,000 tonnes CuEq

The Green Bay copper-gold project is located in the Baie Verte district of north-east Newfoundland, Canada. The province of Newfoundland and Labrador has been recognised as a top four global mining investment jurisdiction in the 2022 Fraser Institute Annual Survey of Mining Companies.

The project consists of multiple assets headlined by the Ming underground mine.

Ming Underground Mine

The Ming deposit is a high-grade copper-gold Volcanogenic Massive Sulphide (VMS) deposit located ~9km east of the township of Baie Verte.

The Ming deposit was originally mined between 1972 and 1982, before mining resumed in 2012. Historical production totalled 6.7Mt at 2.0% for 134,000t of copper.

The current resource at Ming is 30.2Mt at 1.81% copper, 0.4g/t gold and 2.7g/t silver for 811,000 tonnes CuEq.

The mine consists of an operating decline accessible to 950m below surface, and an existing 650m-deep shaft. This functional infrastructure provides a significant platform for FireFly Metals to rapidly increase the resource for minimal capital outlay.

Strategy

The Company has a clear strategy to:

Rapidly grow the resource at Ming through investment in drilling; and
Demonstrate the size and scale of a globally significant high-grade copper-gold asset.

FireFly Metals sees opportunity to create shareholder value by rapidly expanding the already impressive resource at the Ming underground mine through investment in drilling. The existing underground infrastructure will fast-track work with drill positions immediately accessible.

Key targets for immediate resource growth include, but are not limited to:

VMS Extensions: Down plunge drilling demonstrates the continuity of the high-grade VMS with intersections including 22.1m @ 4,5% Cu, 15.0m @ 5.3% Cu and 28.0m @ 3.3% Cu (all approximately true width).

IMG_Ming_Longsection_Drilling-1-500x305 (1)

Long section of the Ming Mine showing key growth targets and planned drill platforms

Lower Footwall Lower Extensions: In 2017 a surface hole was completed to test continuity of the LFWZ at depth. This returned an intersection of 102m @ 1.7% Cu 460m down plunge of the existing resource.

Upper extent of the Lower Footwall Zone: No drilling has intersected the projected up-plunge extension of the LFWZ to surface. Hole RMUG07-06 demonstrates that the LFWZ may extend to surface, with an intersection of 17.9m @ 1.95% Cu.

Other Exploration Targets: Limited drilling has been undertaken at depth and laterally to the existing deposit. Holes at depth, including 4.5m @ 3.0% Cu have not been followed up and vast areas remain untested.

Geophysics: The Company sees the potential for large-scale discoveries, particularly through the application of modern geophysical techniques that have yet to be utilised by previous operators.