Toronto, Ontario–(Newsfile Corp. – Might 10, 2021) – Maritime Sources Corp. (TSXV: MAE) (“Maritime” or the “Firm”) is happy to announce that the Newfoundland and Labrador Environmental Evaluation Division has launched the Hammerdown Gold Undertaking (“Hammerdown” or the “Undertaking”) from Environmental Evaluation. Hammerdown is positioned within the Baie Verte mining district close to the cities of King’s Level and Springdale.
The proposed Undertaking consists of the development, operation, decommissioning and remediation of an open pit and underground gold mine, an on-site crushing and sorting plant and related infrastructure positioned on the footprint of a brownfield mine website. Remaining mineral processing to gold dore would happen offsite on the Nugget Pond gold circuit, roughly 140 km by freeway from the Hammerdown undertaking website. Maritime not too long ago introduced the acquisition of the gold circuit from Rambler Metals and Mining Canada (see press release dated April 13, 2021).
“The discharge of Hammerdown from Environmental Evaluation is a major regulatory milestone for Maritime and our shareholders,” commented Garett Macdonald, Maritime’s President and Chief Government Officer. “The Firm has made important progress over the previous two years defining a beautiful gold undertaking in a prime tier jurisdiction the place we are able to leverage a brownfield mine website, native processing infrastructure and sorting know-how to scale back the environmental footprint of a proposed new improvement. We want to thank our staff, shareholders, native communities and the varied authorities businesses for his or her work and participation all through the Environmental Evaluation course of. We stay dedicated to growing this undertaking responsibly, respecting the surroundings and making a constructive affect on our surrounding communities,” continued Mr. Macdonald.
The Firm registered its proposed gold mine undertaking with the provincial Environmental Evaluation Division on July 8, 2020, and submitted an Environmental Preview Report on March 11, 2021, satisfying a regulatory request for extra data. The discharge from provincial environmental evaluation will permit the Firm to proceed with acquiring the mandatory permits and approvals required to assist future improvement. Each the registration doc and the environmental preview report may be discovered on the Authorities of Newfoundland and Labrador web site https://www.gov.nl.ca/ecc/projects/project-2091/.
About Maritime Sources Corp.
Maritime holds a 100% curiosity, immediately and topic to choice agreements entitling it to earn 100% possession, within the Inexperienced Bay Property, together with the previous Hammerdown gold mine and the Orion gold undertaking plus the Whisker Valley exploration undertaking, all positioned within the Baie Verte Mining District close to the city of King’s Level, Newfoundland and Labrador. The Hammerdown Gold Undertaking is characterised by near-vertical, slim mesothermal quartz veins containing gold related to pyrite. Hammerdown was final operated by Richmont Mines between 2000-2004.
On Behalf of the Board:
Garett Macdonald, MBA, P.Eng.
President and CEO
For additional data, please contact:
Tania Barreto, CPIR
Head of Investor Relations
1900-110 Yonge Road, Toronto, ON M5C 1T4
416-365-5323
www.maritimeresourcescorp.com
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Warning Relating to Ahead-Trying Statements:
Sure of the statements made and knowledge contained herein is “forward-looking data” inside the that means of Nationwide Instrument 51-102 – Steady Disclosure Obligations. Ahead-looking statements are sometimes recognized by phrases akin to “will”, “might”, “ought to”, “anticipate”, “expects”, “intends”, “signifies” “plans” and comparable expressions. Ahead-looking statements embrace statements in regards to the potential to extend mineral useful resource and mineral reserve estimates, the Firm’s resolution to restart the Undertaking, the Firm’s plans relating to depth extension of the deposit at Hammerdown, the Firm’s plans relating to finishing further infill and grade management testing inside the PEA mine plan, the Firm’s plans relating to drilling targets beforehand recognized, the anticipated timing of receiving permits and approvals for building and improvement of Hammerdown, and the Firm’s resolution to amass new mineral property pursuits and belongings together with the Nugget Pond gold circuit and different enterprise alternatives, amongst different issues, which contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm, or trade outcomes, to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking data. All forward-looking statements and forward-looking data are primarily based on cheap assumptions which have been made by the Firm in good religion as on the date of such data. Such assumptions embrace, with out limitation, the value of and anticipated prices of restoration of, base steel concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of varied equipment and gear, using ore sorting know-how will produce constructive outcomes, the provision of personnel, equipment and gear at estimated costs, mineral restoration charges, and others. Ahead-looking data is topic to a wide range of dangers and uncertainties which might trigger precise occasions or outcomes to vary from these mirrored within the forward-looking data, together with, with out limitation, the power of the Firm to proceed to have the ability to entry the capital markets for the funding crucial to amass, keep and advance exploration properties or enterprise alternatives; world monetary situations, together with market response to the coronavirus outbreak; competitors inside the trade to amass properties of benefit or new enterprise alternatives, and competitors from different corporations possessing larger technical and monetary assets; difficulties in advancing in the direction of a improvement resolution at Hammerdown and executing exploration applications at its Newfoundland and Labrador properties on the Firm’s proposed schedules and inside its price estimates, whether or not as a result of climate situations, availability or interruption of energy provide, mechanical gear efficiency issues, pure disasters or pandemics within the areas the place it operates; more and more stringent environmental rules and different allowing restrictions or sustaining title or different components associated to exploring of its properties, akin to the provision of important provides and companies; components past the capability of the Firm to anticipate and management, such because the marketability of mineral merchandise produced from the Firm’s properties; uncertainty as as to whether the acquisition of belongings and new mineral property pursuits together with the Nugget Pond gold circuit can be accomplished within the method at the moment contemplated by the events; uncertainty as as to whether mineral assets will ever be transformed into mineral reserves as soon as financial concerns are utilized; uncertainty as as to whether inferred mineral assets can be transformed to the measured and indicated classes via additional drilling, or into mineral reserves, as soon as financial concerns are utilized; authorities rules regarding well being, security and the surroundings, and the dimensions and scope of royalties and taxes on manufacturing; and the provision of skilled contractors {and professional} workers to carry out work in a aggressive surroundings and the ensuing antagonistic impression on prices and efficiency and different dangers and uncertainties, together with these described in every MD&A of monetary situation and outcomes of operations. As well as, forward-looking data is predicated on varied assumptions together with, with out limitation, assumptions related to exploration outcomes and prices and the provision of supplies and expert labour. Ought to a number of of those dangers and uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes might range materially from these described in forward-looking statements. Accordingly, readers are suggested to not place undue reliance on forward-looking data. Besides as required below relevant securities laws, Maritime undertakes no obligation to publicly replace or revise forward-looking data, whether or not because of new data, future occasions or in any other case.
Neither TSX Enterprise Alternate (“TSX-V”) nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX-V) accepts duty for the adequacy or accuracy of this launch.