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Maritime Resources recovered 96 percent of the contained gold at its Orion gold deposit in Newfoundland, using a coarse grind and convention bulk sulfide flotation process.
Maritime Resources Corp (TSXV:MAE) is developing the Green Bay property in central Newfoundland, and appears to be making good progress, with two important pieces of news released in the last few months.
The first was the completion of its 2013 field program, where the company achieved positive results from both surface trenching and water sampling. Assays of 42.54 grams per tonne (g/t) gold over 0.4 meters and 64.08 g/t over 0.2 meters were returned from two of the channels.
Yesterday, Maritime came forward with more good news, this time regarding the results of metallurgical tests on its Orion gold deposit located near Springdale, Newfoundland. According to Maritime, 96 percent of the contained gold was recovered using a coarse grind and convention bulk sulfide flotation process. This is significant because it opens up options for the company, says President and CEO Eric Norton:
“Being able to achieve a 96% recovery of gold, while reducing the overall tonnes of material to be transported or requiring further treatment to only 5% of the original mass, opens up a number of options for the potential development of the Orion deposit,” Norton explained.
“The Company could produce a concentrate on site that would be suitable for sale to a smelter, toll treat the concentrate through a local mill, or build a small processing plant on site to produce Dore metal ourselves. The coarse grind and fast flotation kinetics would indicate that the sizing of equipment for an on-site plant would be very small.”
A technical report released in July indicated the Orion gold deposit contains 1.096 million tonnes of mineralization grading 4.47 grams per tonne measured and indicated, and 1.288 million tonnes inferred grading 5.44 g/t.
The Green Bay property is estimated to contain over 400,000 measured and indicated ounces of gold, and over 600,000 ounces inferred, with a cutoff grade of 3 grams per tonne, according to an initial resource estimate, also completed in July.
Green Bay contains the Hammerdown gold deposit, mined by Richmont Mines (TSX:RIC) in the early 2000′s. In four years of mining, the operation recovered 143,000 ounces of gold, with the ore being processed at the Nugget Pond mill, now owned by Rambler Metals (TSXV:RAB).
Maritime Resources closed up 1.79 percent on Thursday, at $0.28 per share.
Securities Disclosure: I, Andrew Topf, hold no investment interest in any of the companies mentioned.
Editorial Disclosure: Maritime Resources Corp is a client of the Investing News Network. This article is not paid-for content.
