Maritime Resources (TSXV: MAE) has commenced the cleanup process at the recently acquired Pine Cove mill, following the acquisition of all shares of Point Rousse Mining in June 2023. The acquisition included the Pine Cove mill, a facility historically utilized for gold and silver recovery.
The company has already successfully recovered material from the mill, resulting in the pouring of a gold doré bar containing 281.1 ounces of gold and generating approximately C$750,000 in revenue. The remaining fines and residues within the mill will undergo collection and concentration by a specialized contractor. These materials will then be shipped to a refinery for the final recovery of any precious metals.
The generated proceeds from these operations will be allocated towards general working capital purposes, contributing to the overall financial stability of Maritime Resources.
Maritime has undertaken extensive sampling across various areas of the mill property, identifying material in the #2 tailings storage facility with gold grades ranging between 1.1 and 31.1 grams per ton. Further sampling efforts are underway to assess the viability of processing this material through the Pine Cove mill.
Additionally, the tails from the mill include fines from a previous wash plant operation, where waste rock was crushed for sale as aggregates. Recent sampling of this portion revealed a gold grade of 11.4 grams per ton. The company is actively considering the installation of a gravity recovery circuit for this specific material.
While engaged in the cleanup and recovery operations, Maritime Resources maintains its strategic focus on advancing the 100%-owned Hammerdown gold project situated in the Baie Verte district of Newfoundland. This project remains a central element of the company’s objectives and endeavors in the mining sector.
