Maritime Resources Corp V.MAE

Toll milling MOU with NFG..Q1 info

[nozzpack]

Info documented in the Q1 / 24 Report of NFG


The plan is to have the MRE ( Maiden Resource Estimate ) commissioned by August 2024.

This might be necessary for mining if financing is required by NFG....which it isn't ...but nice to know when it might be available .

NFG hired a Chief Resource Development Officer ( CDO ) in 2022 to plan for QW mining, so it looks like he is on track with the MRE

It seems likely it was the CDO Who  arranged NFG exclusive  rights to the Pine Cove Mill just a few days after Maritine acquired the Point Rousse assets.

Almost certainly it was the CDO Who also commissioned the mettalurgucal study to make sure that QWN ore was compatible with the processing capability of the Pine Cove mill.........it fits perfectly according to our CEO

We also now  know that the Seismics survey shows structures compatible with uphole drilling signatures  as far down as 2.5 km.


Now, with the strong probability that shallow surface open pits can be mined and high graded, knowing that those resources will be easily and more than replaced by gold lodes deeper than 250 m, there is every reason for the CDO  to advise commissioning of early mining of Keats..
 

There is of course the option to bulk sample One of the QW open pits.

These bulk samples are normally done as a early confirmation of MRE expected grades

Such bulk samples can be quite large..70,000 tons or more..and requires much less permiting.

I presume that the CDO has submitted all permits for QW fmining or bulk sampling but cannot confirm that.

So, that's where we stand as far as My research can find out about the status of the Tolling MOU.

Its mere formal signing will be a big bench mark for our share price..

[shiftyone]

Commissioned I believe means to begin the process by selecting someone to do the MRE.  It could be much later than that before we see an MRE. NFG stated in the past the toll mining/milling decision would be made in Q2.  Hopefully it is not dependant on an MRE.

[nozzpack]

That's the current timeline. An MRE is nice to have buy only essential when mining is being funded by debt. NFG has nearly $60 million in cash and can fund its early mining without the caveat restraints of  debt owners. They have their own algorithmic based geological models for progressive resource calculation. The Keats trench has already been stripped, is criss crossec by many high

[shiftyone]

It would be so nice to take over Signal. But it's hard when you have to assume all of their debt as well.

[shiftyone]

If we offered them one share of mae for each share they have of sgnl, i don't think that would go over very well with sgnl holders.  but do they have a better option?  is bankfuptcy a better option?   they had a bunch of people in their data room apparently after they announced themselves for sale.  and i know a big decision takes time.  the lookers would have

[shiftyone]

ps.. buying out signal at one share of mae for one share of sgnl could only work if Maritime had a partner that was willing to cover the debt Sgnl has.  And that would mean Maritime giving up a a big chunk of their company.   But they would also own Goldboro.  It could be a win win.