Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Maritime Resources Corp. of Toronto says 2019 will be a critical year for the company. It plans to advance its Hammerdown gold project in the hope of making a production decision by year-end.
The past-producing Hammerdown gold mine, Orion gold deposit, and Lochinvar base and precious metals deposit make up Maritime’s Green Bay property near Springdale.
Activities this year will include project engineering, additional exploration, and studies in support of environment and permitting activities.
Last year, the company sent a Hammerdown metallurgical sample to the Steinert laboratory in Kentucky where the sample was tested for its amenability to ore sorting technology. An independent consultant was hired to conduct a technical review of the now idled Nugget Pond processing plant. It may be possible to add a dedicated grinding circuit and isolate the base mental circuit that is currently being used by Rambler Metals.
Activities this year will include project engineering, additional exploration, and studies in support of environment and permitting activities.
The Hammerdown deposit contains measured and indicated resources of 925,670 tonnes grading 10.6 g/t gold for 315,535 oz. of gold and inferred resources of 1.6 million tonnes grading 7.53 g/t for 377,000 oz.
This story first appeared in the Canadian Mining Journal.
