Atlantic Canada gold junior Maritime Resources Corp. (TSX-V: MAE) (OTC: MRTMF) started a gold cleanup project Monday at the Pine Cove mill complex it acquired last June.
Following Maritime’s first gold pour, producing a 281-gram doré bar, the miner will now spend the next few months collecting any remaining fines and residues throughout the mill. They will then be sent to a refinery for final recovery of any precious metals.
“We are excited to see Pine Cove bring value to the company so soon after completing the acquisition and continue to evaluate several near-mill opportunities,” Garett Macdonald, President and CEO of the company, said. Maritime generated C$750,000 from the gold bar.
The mill was obtained through the company’s acquisition of Point Rousse Mining last year.
Maritime’s primary focus is the Hammerdown gold project, also located in Newfoundland’s Baie Verte district.
The company’s first gold doré bar. Photo credit: Maritime Resources
Read more: Calibre Mining sets gold production record in 2023, reports 52% cash balance increase
Read more: Calibre Mining’s merger with Marathon Gold deemed ‘tremendous opportunity’
Newfoundland, a promising gold prospect
The province has been experiencing a high rate of gold mining activity recently and has yielded some exceptional drill results.
New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) intercepted 26 g/t gold over 7.65 metres last week at its flagship Queensway project near the town of Gander. The company reported an even higher grade core sample the previous month, yielding 43 g/t Au in an 11.6-metre interval.
Consistent high-grade intercepts from the site have prompted some to consider Queensway as being one of the province’s best gold discoveries in decades.
Other junior explorers like Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) and Gold Hunter Resources Inc. (CSE: HUNT) have been capitalizing on Newfoundland’s gold resources too.
Exploits recently announced that it had started drilling the highly prospective Bullseye target near Gander as well. Gold Hunter closed a C$720,000 private placement last November from the Canadian billionaire investor Eric Sprott and other investors.
Meanwhile, Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) and Marathon Gold Corp. (TSX: MOZ) expect to close their merger by the end of the month. The combined influential company, primarily owned by Calibre, will be advancing Atlantic Canada’s top gold mine.
Calibre received shareholder approval for the merger on Tuesday.
Newfoundland’s Valentine gold project is expected to produce 195,000 ounces of gold annually for 12 years. Marathon has already completed 50 per cent of the necessary construction at the site. To view a report from local media on the merger click here.
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