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MARITIME RES CORP ORD - MRTMF STOCK NEWS

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Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) is a 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 in the Green Bay Property, including the former Hammerdown gold mine and the Orion gold project. With mineral processing assets that include the Pine Cove mill and the Nugget Pond gold circuit, Maritime is strategically positioned to capitalize on the high-grade gold deposits in the region.

Recently, Maritime received approval for the Closure and Development plans for the Hammerdown Gold Project, showcasing its commitment to sustainable mining practices. The Company's CEO, Garett Macdonald, expressed optimism about the strong environmental attributes of the Project and its potential for attractive returns. With proven and probable mineral reserves of 272,000 oz gold and after-tax economics indicating a solid NPV and internal rate of return, Maritime is poised for significant growth and value creation.

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Maritime Resources Corp. (MRTMF) has announced significant drill results from its Hammerdown Gold Project in Newfoundland and Labrador. Key findings include 41.6 grams per tonne (gpt) gold over 6.3 metres, including 127.5 gpt gold over 2.0 metres in drill hole HDGC-24-038, and 11.1 gpt gold over 13.1 metres in hole HDGC-24-006.

The grade control drill program, executed by Springdale Forest Resources, has completed 151 holes totaling 4,705 metres out of a planned 7,675 metres across 268 holes. The drilling confirms high-grade gold mineralization near surface and validates the location of historic underground workings. The company's Pine Cove processing plant is being recommissioned and will begin processing existing stockpiled material in the coming weeks.

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Maritime Resources Corp (TSXV: MAE, OTC: MRTMF) has announced the sale of its Lac Pelletier gold project to Emperor Metals Inc. (CSE: AUOZ). The transaction involves Maritime selling 25 mineral claims and a mining lease in exchange for 12.5 million shares of Emperor, representing approximately 10.06% ownership stake.

The Lac Pelletier project is strategically located 9 km east of Agnico Eagle Mines' Wasamac gold project near Rouyn Noranda and 33 km south of Emperor's Duquesne West gold project in Québec. The deal, announced on January 7, 2025, is expected to close before March 31, 2025, subject to customary closing conditions. The shares received will be subject to a four-month and one-day hold period.

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Maritime Resources Corp. (MRTMF) has initiated crushing operations at its Pine Cove gold processing facility in Newfoundland and Labrador, which has been on care and maintenance since March 2023. The company plans to process 85,000-115,000 tonnes of mineralized stockpiles grading 1.1 grams per tonne gold, expecting to recover 3,000 to 4,000 ounces of gold during re-commissioning.

The Pine Cove mill, rated for 1,300 tonnes per day of process throughput, is undergoing repairs and upgrades targeting a January 2025 restart. The facility has hired 26 staff members and is completing maintenance work on various systems including filter presses, tailings pump box, and leach tanks. Contract crushing has begun with Guy J. Bailey to prepare stockpiled material before winter.

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Maritime Resources has announced significant results from surface sampling at the Hammerdown Gold Project in Newfoundland and Labrador. The shallow trenching program revealed high-grade gold mineralization, with five veins across two trenching areas averaging 56 gpt Gold over 0.3m. Notable results include the O-Vein, which averaged 49 gpt Au over 0.4m across a 45m strike length, and the Rumbullion Veins (R1, R2, R2A) returning grades of 59.9, 112, and 55.4 gpt Au respectively. The sampling supports detailed mine planning work for the project, which has completed major permitting and access to the existing Pine Cove mill facility.

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Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) has initiated refurbishment work at its Pine Cove mill in Newfoundland and Labrador. The company acquired the Point Rousse Project in 2023, including the Pine Cove gold processing plant and tailings storage facility. Key highlights include:

  • Appointment of Dwight Goudie as Pine Cove Mill Manager
  • Ongoing excavation and stockpiling of mineralized material
  • Commencement of mechanical and electrical inspections
  • Sourcing of reagents and recruitment of key personnel
  • Discharge of 2 million cubic metres of water from the tailings storage facility

The company aims to process mineralized stockpile inventory, providing cash flow for the development of its Hammerdown Gold Project. Maritime has identified approximately 85,000-115,000 tonnes of stockpiled and tailings material grading about 1.1 grams per tonne gold, potentially containing 3,000 to 4,000 ounces of gold.

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Maritime Resources Corp. (TSXV: MRTMF) has announced a change in its Board leadership. Allen Palmiere, an existing board member, has been appointed as the new Chairman of the Board. John Hayes has stepped down as Chairman but will remain on the Board. This change is aimed at supporting the company's transition towards development, with a focus on near-term cash flow from the Hammerdown Gold Project in Newfoundland and Labrador.

The company recently closed an $8 million rights offering, backed by its largest shareholder, Dundee , which increased its ownership to approximately 43%. This investment is seen as an endorsement of Maritime's potential. The company believes that Allen Palmiere's 35 years of management experience in the mining industry will be beneficial at this stage of development.

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Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) has announced positive results from an ongoing metallurgical test program for its Hammerdown Gold Project in Newfoundland and Labrador. The program, designed to confirm and optimize gold recovery data through the company's Pine Cove mill, has shown impressive results:

  • 98.0% gold recovery through the flotation process
  • 98.1% gold recovery through optimized gold leach extractions of the reground concentrate
  • 96.1% overall gold recovery prior to the Merrill Crowe process

The test work was conducted on a composite sample with an average grade of 4.0 gpt Au. With gold prices over US$2,400 and all major permitting completed, Maritime is evaluating a restart of the Pine Cove mill to process existing stockpiles and prepare for Hammerdown's development.

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Maritime Resources Corp. (TSXV: MAE, OTC Pink: MRTMF) has announced an upcoming vote at its annual general and special meeting on August 8, 2024, seeking shareholder approval for a potential consolidation of its common shares.

The proposed consolidation would be on a basis of up to ten pre-consolidation shares for one post-consolidation share. The current number of issued and outstanding common shares is 595,716,319, which would be reduced to approximately 59,571,631 if the consolidation proceeds at the maximum ratio.

This consolidation aims to optimize the company's capital structure and broaden its investor base. The shares would continue trading under the symbol 'MAE' on the TSX Venture Exchange. The consolidation is pending approval from shareholders and the TSX Venture Exchange.

Further details are available in the company's management information circular dated July 10, 2024, on SEDAR+.

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Maritime Resources Corp. (TSXV: MAE) (OTC Pink: MRTMF) announced the grant of 5,450,000 stock options to its employees, consultants, directors, and officers. This decision follows the Company's annual compensation review and adheres to the Stock Option Plan approved by shareholders on November 30, 2023. The plan permits issuing options up to 10% of the Company's rolling issued and outstanding common shares. Currently, the total outstanding options represent approximately 3.5% of the issued shares. The options have an exercise price of $0.06 and are exercisable for five years. Concurrently, 3,250,000 options expired on June 18, 2024.

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Maritime Resources Corp. (TSXV: MAE, OTC Pink: MRTMF) has provided updates on its Hammerdown Gold Project and activities at the Pine Cove mill, located in Newfoundland and Labrador. Key developments include engineering optimization for the Pine Cove mill, completion of gold cleanup, and major project permitting. Auramet International has been appointed as the project financing advisor. Maritime has identified approximately 85,000-115,000 tonnes of stockpiled material at Point Rousse, grading about 1.1 grams per tonne gold. The Hammerdown Project boasts proven and probable reserves of 272,000 ounces of gold at 4.46 grams per tonne. The 2022 Technical Report indicates after-tax NPV of $215 million with an IRR of 91% at a gold price of $2,300/oz. Inspections and sampling are ongoing to confirm metallurgical recoveries and optimize milling operations.

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FAQ

What is the current stock price of MARITIME RES ORD (MRTMF)?

The current stock price of MARITIME RES ORD (MRTMF) is $0.065 as of January 28, 2025.

What is the market cap of MARITIME RES ORD (MRTMF)?

The market cap of MARITIME RES ORD (MRTMF) is approximately 33.7M.

What is Maritime Resources Corp. focused on?

Maritime is a gold exploration and development company concentrated on advancing the Hammerdown Gold Project in Newfoundland and Labrador.

What are some of Maritime's key assets?

The Company holds a 100% interest in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. They also own the Pine Cove mill and the Nugget Pond gold circuit.

What recent achievement has Maritime celebrated?

Maritime recently received approval for the Closure and Development plans for the Hammerdown Gold Project, a significant milestone signifying the Project's strong environmental attributes and potential for attractive returns.

Who is the CEO of Maritime Resources Corp.?

Garett Macdonald serves as the President and CEO of Maritime Resources Corp, leading the Company's strategic vision and operational activities.

Where can I find more information about Maritime Resources Corp.?

For more details about Maritime Resources Corp, including the 2022 Technical Report and other important documents, visit the Company's website at www.maritimeresourcescorp.com.
MARITIME RES CORP ORD

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33.66M
463.09M
43.96%
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