Q3 Report Bullets
1..$7.47 million in cash at Sept 31/24
2...Updated FS by exit Q1 of 2025
3..HD Proven Resources of 106,000 ounces at 5.94 grams per ton
4..HD Resources of 343,000 ounces
5...Significant new zone of mineralization at both HD and Orion...see excerpt below
6..Signed mutually cooperation agreement with Shoreline aggregates
7..significant gold mineralization sitting on top of Talc deposit
My comments.....The much larger milling capacity of the Pine Cove mill...450,000 tons per year , and its expansion in H2 of 2025 ( I assume that the Nuggett Pond mill will be consolidated , adding 250,000 tons ) provides many options of production and mine life within the updated FS in Q1 of 2025.
1 100,000 ounces per year for at least 6 years
2..75,000 ounces per year for 10 years
3..100,000 ounces in the first year ( 106,000 ounces at 5.94 grams
per ton ) and 65,000 ounces for 9 years
5...100,000 ounces for 20 years assuming an acquisition such as Big Ridge and/ or new discoveries within the many undrilled discoveries such as Whistler Valley
100,000 ounces is the mark of a serious gold producer capable of using its market cap heft to acquire / merge with other signifucant producers or acquire deposits of 1 million ounces or more.
Its my firm opinion that Maritime is motivated in that direction, given its 700,000 ton milling capacity late in 2025 which opens up such a scenario , un restricted by milling capacity.
xxxxxx
Condemnation drilling has been conducted at the Hammerdown Gold Project and tested a coincident gold and geophysical trend which extended from the Orion North Zone towards the northeast along a prominent magnetic low trend.
Broad spaced drilling identified a 30.2 m-wide zone of near surface gold mineralization closely resembling the gold mineralization seen in the Main Zone at the Orion deposit and the new Wisteria Zone at the Hammerdown deposit.
Based on positive results, an additional drilling was completed in the fall of 2022 to test for potential, along strike and at depth, of the new mineralization now known as Area 22.
Drill hole DC-22-02 in Area 22 intersected a broad interval of near surface disseminated and vein hosted gold mineralization with 30.2 m grading 0.76 gpt gold (“Au”), including 8.9 m grading 1.74 gpt Au in a new zone.
The hole is located 700 m northeast and along strike of the newly discovered Orion North trend and 300 m south of Hammerdown’s Wisteria Zone on the southern edge of the pit shell.
This discovery opened a new target area trending towards the northeast end of the proposed pit shell.
The gold mineralization at Area 22 is coincident with a prominent magnetic low trend which extends over 1 km to the northeast of the discovery hole and 2 km southwest towards the Orion deposit.
Mineralization is open in all directions and a follow up exploration program is currently being planned.
Exploration to date at Orion focused on additional definition drilling in the deposit’s central corridor to test for possible plunging high-grade mineralized shoots.
Additional infill drilling at Orion verified the continuity and grade of the mineralized zones within the interpreted mineralized shapes as defined by previous drilling.
Orion is a structurally controlled gold deposit with the best grade and thickest zones of mineralization appearing at the convergence of multiple fault structures.
The Company utilized televiewer surveys and information from the 2022 drill program to generate a comprehensive geological model to better understand grade distribution and structural controls on the mineralization.
Whisker Valley Project
The Whisker Valley project is comprised of 33 licenses, 610 claim units and 15,250 hectares and is located 10 km