Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Maritime Resources (TSXV: MAE) has completed an NI 43-101-compliant mineral resources estimate for its 100% owned Lac Pelletier gold project in Rouyn Noranda, Quebec, incorporating approximately 66,000 metres (455 holes) of drilling information.
The property was acquired in 2021 from Rambler Metals and Mining, along with the Nugget Pond gold circuit in Newfoundland and Labrador, and a number of additional gold assets and royalty interests.
The Lac Pelletier mineral resource comprises 41,300 measured tonnes grading 3.99 g/t gold for 5,300 oz., 639,900 indicated tonnes grading 4.09 g/t gold for 84,100 oz. and 1.1 million inferred tonnes grading 3.89 g/t gold for 137,600 oz.
The 2022 resource, according to Maritime, demonstrates an “extensive gold resource” suited for potential underground mining, with “considerable exploration upside” along strike and at depth.
“Lac Pelletier is a unique asset located in the heart of the Abitibi mining district, with several operating mines and development projects within driving distance,” Garett Macdonald, Maritime CEO said in a media statement. “The project benefits from over 85,000 metres of surface and underground drilling, 2,500 metres of ramp access and underground development plus the completion of three separate bulk sampling programs that demonstrated the geological and grade continuities and gold recoveries of 96% at a nearby mill.”
According to Macdonald, the current deposit at Lac Pelletier has been defined to 250 metres below surface, with strong potential for expansion along strike and at depth. The 1,200-metre deep former Stadacona mine lies 1 kilometre to the east.
“Further exploration upside potential exists within a nickel-copper-PGM zone found on the edge of a gabbro intrusion located on the west side of the project, where previous drilling intersected extensive nickel and copper sulphides with associated palladium and platinum over wide intervals,” he added.
The company’s main exploration focus has been the maritime provinces. It recently reported high gold grades of up to 150.38 g/t from regional drilling at the Green Bay exploration project, located in the Baie Verte mining district of Newfoundland and Labrador.
The Green Bay property is host to the historic Hammerdown gold mine and the Orion gold deposit along with the Lochinvar zinc/silver-rich VMS deposit, all of which are held under individual mining leases.
