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Bullboard - Stock Discussion Forum Maritime Resources Corp V.MAE

Alternate Symbol(s):  MRTMF

Maritime Resources Corp. is a Canada-based gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador. 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... see more

TSXV:MAE - Post Discussion

Maritime Resources Corp > Estimation of Ounces of Stockpiled ore at Point Rousse
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Post by nozzpack on Oct 19, 2024 6:03pm

Estimation of Ounces of Stockpiled ore at Point Rousse

  •  
There were Probable Gold Resources  of 2,615 ounces from the 2021 Pine Cove Stockpile (147,855 tonnes at 0.55 g/t gold) at exit 2021.

I am not aware of any removals since then.

The Deer Cove stockpile contains 390 ounces..see documentation...  for a combined stockpile of about 3000 ounces.

Besides that we have the contribution of gold fines from the modest #2 Tailings facility which accepted tailings discharge for just 2 years  from production of just under 10,000 ounces.

Recovery averaged 88 % which implies a contribution of about 1100 ounces of tailings .

Altogether, about 4000 ounces will be produced by stockpiles now setting on the Point Rousse mill site awaiting resumption of milling operations 

I estimate recoveries of about 90 % which means about 3600 ounces of gold will be produced , beginning later this quarter .

Gross revenues would be about $12 million CAD.
The AISC was $917 US per ounce in the 2022 FS.

That included $75 million for Capex , 200 km of trucking distance versus less than 6 km with the stockpiled gold and a much higher recovery rate of the Updated Pine cove mill.

So, imo the AISC of the stockpile production would be no more than $700  US per ounce .

At $2700 US POG, that implies about $2000  US free cash flows per ounce , which at 3600 ounces 
of production computes to free cash flows of about $7 million US which is just over $9 million CAD.

Add $7500 in free cash from exercise of existing warrants , and $7.5 million from the recent equity raise and  we have about  $24 million in free cash flows already into and coming into our treasury over the next 6 months or so.

Additional to these free cash flows, we have more robust cash flows incoming from the Shoreline wash
plant...about 4000 ounces ..,and more than double that from the reclamation of TSF #1 in 2025.....let's just say 6000 ounces extra combined in the latter two to be conservative ...about $20 million CAD extra in gross revenues and $12 million more in free cash flows, totalling $36 million by exit 2025.

To top it all of, pay as you go ( bootstrapping ) resumption of mining of high grade HD mine begins in mid 2025......more on this is a later post.





 
Comment by colt45acp on Oct 19, 2024 7:02pm
fOLKS YOU MAY FINE THIS ARTICLE OF INTEREST. www.321gold.com. : Gold from major discoveries grows 3 % although recent discoveries remain scarce  SPG tHINK IT BODES WELL FOR  MAE.. jmo Nozz.
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