Exciting NEWS….HD Ore Now Being Processed at Pine Cove Much as I earlier speculated , early wall push backs would be to meld higher grade HD ore with low grade stockpiles while grade control continues for the entire HD pit.......many months of drilling assays coming our way along with a SCP Re rating higher..
..and mill upgrades already underway for test mining to start perhaps late July ( my call )
..note that Producers trade at 3 times that of Explorer and we are just in the very early stages of being recognized by the market as a Profucer
GLTA
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From the June 18 Research update by SCP
Today’s grade control drilling at Hammerdown’s Wisteria zone, at the southern end of the planned open pit, revealed a high-grade north-south vein system, distinct from the broader disseminated mineralization previously modeled.
Standout results include 3.5m @ 53.9 gpt Au (channel sample) and impressive 8.0m @ 42.2g/t in drilling below (within 13.9m @ 24.5g/t), with the structure open at depth.
These grades suggest potential for rapid ounce accretion, even with limited strike, and very simply could enhance starter pit economics, with clarity expected in an updated technical report this fall.
Excitingly, our discussions with management highlight civil works have kicked off at site with recent haulage of the Hammerdown historic ore now being transported to the Pine Cove mill for processing.
This will inform early mill performance of Hammerdown style ore (vs Point Rousse historically) and free up mine waste rock for site construction that should reduce costs.
Mill upgrades are underway to support a 3Q25 first blast and targeted 1Q26 steady- state production.
For now, we maintain our BUY rating and, accounting for the recent 10-for-1 share consolidation, update our price target to C$2.40/sh (from C$0.24/sh pre-consolidation), based on 0.8xNAV5%-3000.
Looking ahead, a key catalyst is the updated technical report and LOM plan due 3Q25, incorporating recent drilling and actual site costs.
With the stock up >15% on today’s news and trading at just 0.40x SCPe P/NAV, a catalyst-rich path to near-term FCF offers potential for re-rating, while today’s results highlight upside to our modelled NAVPS.
Figure 1. (A) Hammerdown plan view incl. today’s sampling/drilling areas and (B) cross-section 548907
Source: Maritime Resources
Shallow high-grade surprise at Hammerdown with 13.9m @ 24.5g/t;
Civil construction advancing
Today, and following the grade control program completed this year, Maritime announces additional grade control drilling targeting a new orientation in gold trends south of the historic workings.
This north- south zone begins at surface and lies within the planned pit.
Channel sampling and 6 DDH (292m) were completed highlighting 3.5m @ 53.9g/t from 12.5m and 3.5m @ 31.2g/t from 6.5m within the channel samples and 13.9m @ 24.5g/t (incl. 8.0m @ 42.2g/t) from 11.1m and 13.5m @ 7.2g/t (inc