ORIGINAL: Maritime Resources Initiates Gold Recovery Program at the Pine Cove Mill
2024-01-15 07:02 ET - News Release
Toronto, Ontario--(Newsfile Corp. - January 15, 2024) - Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) ("Maritime" or the "Company") is pleased to report it has initiated a precious metals clean up program at the Company's newly acquired Pine Cove mill complex, located in the Baie Verte mining district, approximately 20 km from the town of Baie Verte, Newfoundland and Labrador.
Maritime's mill employees have recovered and poured a gold dor bar containing 281.1 ounces of gold generating approximately C$750,000 of revenue.
Over the next few months the remaining fines and residues throughout the mill will be collected and concentrated by a specialized contractor for shipment to a refinery for final recovery of any precious metals. The proceeds will be used for general working capital purposes.
Maritime is conducting additional sampling throughout the property and has identified gold mineralization contained in in the TSF #2 tailings pond (Figure 2, Table 1) where material grading between 1.19 grams per tonne ("gpt") and 31.1 gpt gold was identified. Further sampling is underway to define the extent of this material and determine the potential for processing through the Pine Cove mill.
The material stored in this pond includes fines collected from the wash plant operated by Shoreline Aggregates Inc. which processes mine waste rock from the Pine Cove mine into aggregates for shipment to international customers.
Recent sampling of the wash plant fines confirmed the presence of high-grade gold assaying 11.4 gpt.
Maritime and Shoreline are investigating the installation of a gravity recovery circuit to the wash plant to collect any gold on a more permanent basis.
"This was a tremendous effort by the team at Pine Cove to find hidden value in our assets and pour Maritime's first ever gold dor bar," comments Garett Macdonald, President and CEO
. "The Pine Cove mill complex is a unique and strategic asset given its location and mineral processing infrastructure. We are excited to see it bring value to the Company so soon after completing the acquisition and continue to evaluate several near-mill opportunities, including the Hammerdown and Stog'er Tight deposits, to start generating cash flow as quickly as possible with the least amount of capital."
Figure 1. Gold dor bar containing 281.1 ounces of gold
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Figure 2. Sample locations in TSF#2
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Table 1. Sample results
| Tailings Sample Results (TSF2) - Pine Cove Mine Site |
| Sample ID | Easting | Northing | Au ppm |
| TSF2-01 | 295761 | 5536363 | 2.57 |
| 767227 | 295629 | 5536418 | 0.24 |
| 767228 | 295673 | 5536376 | 0.23 |
| 767229 | 295714 | 5536343 | 0.09 |
| 767230 | 295747 | 5536361 | 2.63 |
| 767231 | 295763 | 5536379 | 1.19 |
| 767232 | 295785 | 5536403 | 2.43 |
| 767233 | 295783 | 5536406 | 31.07 |
| SLS-01 | Shoreline Aggregates Wash Plant | 11.49 |
| (Coordinate System - NAD83 / MTM Zone 2) | |
Qualified Person
Exploration activities at the Hammerdown Gold Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.
Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. Samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are c