Prospect Ridge Resources Discovers New High-Grade Showings on the Holy Grail Property West of the Copper Ridge Zone

Prospect Ridge Resources Discovers New High-Grade Showings on the Holy Grail Property West of the Copper Ridge Zone


Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce many new discoveries on the Holy Grail property. High-grade samples were obtained just west of our Knauss Creek property in the vicinity of the Copper Ridge zone and Leon’s Legacy showings. Other high-grade results on the western limb of the property are located on Mount Garland and the Wesach mountain. The fully owned Holy Grail property, starts approximately 10 km north of Terrace, British Columbia.

The last few days of the 2023 prospecting program gave us a surprise when the field team decided to step out of Copper Ridge and go on the Holy Grail property side. This led to the discovery of two new showings named Golden Bowl and Temple located approximately 1.5 km to the west and 2.5 km to the northwest respectively. On the western limb of the property, the summer of 2023 results are outlining two clusters of samples returned high-grade results, one on Mount Garland and one on the Wesach mountain (Figure 1).

Highlights from outcrop samples:

Golden Bowl

  • 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.4% Pb and 0.17% Zn (W500082)
  • 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369)

Temple

  • 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697)
  • 0.18 g/t Au, 94 g/t Ag and 4.6% Cu (W500698)
  • 0.08 g/t Au, 22 g/t Ag and 5.9% Cu (W500696)

Mount Garland

  • 7.9% Cu, 634 g/t Ag and 0.7% Zn (W387642, erratic block)
  • 5.1% Cu, 0.11 g/t Au, 14 g/t Ag and (W489403)
  • 2.2% Cu and 98 g/t Ag (W489406)
  • 2.1% Cu, 61 g/t Ag and 0.23% Zn (W489408)

Wesach mountain

  • 5.43 g/t Au, 9 g/t Ag, 0.22% Pb and 0.47% Zn (W501823)
  • 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn (W502285)

Prospect Ridge CEO Michael Iverson commented, “I’m thrilled with these new discoveries. Our exploration efforts have unveiled remarkable finds throughout the 2023 summer underscoring the richness of our land package and the skills of our field team. These new showings on the Holy Grail are confirming the extraordinary geological potential in the Terrace area south of the Golden Triangle.”

Prospect Ridge President Yan Ducharme added, “The Golden Bowl and Temple new discoveries are adding pieces to the puzzle connecting previously discovered Copper Ridge and Leon’s Legacy. These polymetallic veins stand as a testament to the barely tapped potential of this underexplored land package, hinting numerous future discoveries to be unearthed. All the mountains of the western reaches of the Holy grail have delivered high-grade showings often within a cluster of lower grade rocks. Summer 2024 will see us initiate the first drill holes on the Copper Ridge zone and we will pick up prospection where we left off.”

Eastern part of Holy Grail

Prospection approximately 1.5 km west of the Copper Ridge zone, in a topographic bowl, led to the discovery of a quartz vein containing 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.44% Pb and 0.17% Zn (W500082). Forty meters from it, another vein with 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369) was sampled. More mineralized veins were sampled at the bottom of the bowl, while two erratic blocks and a vein were sampled on the flank of it. The veins of this Golden Bowl showing are hosted in an intrusion.

Approximately 2.5 km northwest of the Copper Ridge zone and 1 km south of the Leon’s Legacy, 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697) was obtained on a quartz vein. Within 50 meters, two other samples gave 0.08 g/t Au, 22 g/t Ag and 5.92% Cu (W500696) and 0.18 g/t Au, 94 g/t Ag and 4.55% Cu (W500698). More mineralized samples were taken in the vicinity and are part of the Temple showing.

Western part of Holy Grail

The northern flank of Mount Garland is easily accessible by logging roads. The prospecting works led to the sampling of many quartz veins with chalcopyrite and malachite which contains mainly copper and silver, but also occasional gold and zinc occurrences. The best results were obtained from an erratic block, taken on a talus, which yield 7.91% Cu and 634 g/t Ag (W387642). Other in situ veins were sampled and gave 5.07% Cu, 0.11 g/t Au, 14 g/t Ag (W489403), 2.20% Cu, 98 g/t Ag (W489406) and 2.09% Cu, 61 g/t Ag (W489408). These samples are part of a cluster covering an area of 3.5 km by 1.5 km of mineralized veins and blocks. The alpine part of Mount Garland has not been prospected yet.

Location map with new showings.

Figure 1: Location map with new showings.

Best new values obtained on the Holy Grail during the summer 2023 field program.

Figure 2: Best new values obtained on the Holy Grail during the summer 2023 field program.

Prospecting on the southern side of the Wesach mountain, uphill of the Wesach Creek, led to the discovery of many quartz veins bearing gold, silver, lead and zinc. Sample W501823 contains 5.43 g/t Au, 8.5 g/t Ag, 0.22% Pb and 0.47% Zn and sample W502285 contains 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn. A cluster of mineralized samples covers an area of 400 m by 400 m. Some sampled erratic blocks returned copper, gold and silver values. The source has yet to be found.

Sample

Easting1

Northing1

Au (g/t)

Ag (g/t)

Cu (%)

Pb (%)

Zn (%)

AuEq g/t2

Golden Bowl

W386366

537645

6070688

0.526

23.8

0.686

0.008

0.002

1.784

W386368

537655

6070699

0.089

5.1

0.336

0.001

0.003

0.626

W386369

537643

6070822

8.350

63.2

0.438

3.500

0.345

11.100

W4894713

537202

6070540

0.704

2.3

0.004

0.146

0.029

0.800

W4894723

537273

6070565

0.018

5.1

0.385

0.001

0.007

0.625

W489473

537274

6070607

1.130

0.8

0.016

0.147

0.005

1.216

W497153

537570

6070674

1.940

1.6

0.002

0.001

0.005

1.964

W500081

537650

6070693

0.022

7.5

0.421

0.000

0.005

0.708

W500082

537628

6070782

9.990

183

1.810

7.440

0.173

17.442

Temple

W489476

536364

6072676

0.026

2.2

0.107

0.000

0.006

0.206

W4894773

536329

6072483

0.346

3.4

0.413

0.000

0.001

0.970

W500695

536538

6072489

0.247

13.7

0.753

0.001

0.011

1.479

W500696

536549

6072472

0.080

22

5.920

0.001

0.008

8.693

W500697

536549

6072470

8.160

137

14.800

0.010

0.008

30.682

W500698

536586

6072438

0.180

94.1

4.550

0.002

0.008

7.734

Golden Bowl and Temple area

W386365

536699

6071100

0.336

5.3

0.013

0.002

0.000

0.419

W489470

536759

6071107

0.696

7.4

0.001

0.004

0.000

0.788

W496077

535736

6073154

0.002

0.3

0.070

0.000

0.008

0.107

W496079

536149

6073403

0.037

1.7

0.158

0.000

0.007

0.283

W500651

536677

6071905

0.002

1.9

0.031

0.120

0.008

0.114

W500652

536663

6071893

0.258

45.1

0.005

1.520

0.002

1.347

W500657

536574

6071821

0.016

6.8

0.057

0.026

0.000

0.188

W500658

536661

6071839

0.089

17.1

0.021

0.008

0.003

0.329

Mount Garland

W3876423

520095

6066782

0.037

634

7.910

0.083

0.703

19.153

W387643

520155

6066561

0.008

4.3

0.079

0.002

0.008

0.175

W3876443

520004

6066702

0.027

3.4

0.140

0.000

0.007

0.268

W387645

520050

6066573

0.002

1.6

0.079

0.000

0.007

0.135

W489394

521080

6067474

0.002

3.4

0.091

0.000

0.001

0.172

W4893953

521268

6066970

0.002

4.7

0.182

0.001

0.015

0.322

W4893963

521266

6066972

0.017

0.8

0.067

0.000

0.002

0.122

W489397

520566

6067623

0.087

13

1.140

0.000

0.007

1.854

W489398

520557

6067625

0.073

5.8

0.294

0.000

0.002

0.558

W489399

521361

6066538

0.013

4.2

0.117

0.001

0.007

0.232

W489400

521390

6066436

0.009

14.6

0.673

0.000

0.002

1.135

W4894023

521647

6066024

0.025

3.7

0.196

0.000

0.007

0.349

W489403

521717

6065912

0.112

13.9

5.070

0.000

0.011

7.430

W489405

522375

6067175

0.002

4.3

0.055

0.011

0.015

0.141

W489406

522612

6066938

0.011

98.4

2.200

0.035

0.053

4.334

W489407

522667

6066898

0.005

40

0.305

0.013

0.303

1.042

W489408

522725

6066802

0.035

60.6

2.090

0.051

0.232

3.822

W496060

520312

6067914

0.006

2.3

0.134

0.000

0.003

0.224

W496061

520318

6067908

0.002

8.6

0.191

0.000

0.002

0.376

W496064

519201

6067566

0.108

2.7

0.124

0.000

0.002

0.316

W5000533

522163

6067074

0.008

55.1

0.011

0.032

0.010

0.705

W500055

520461

6067513

0.026

5.3

0.004

0.021

0.012

0.108

W500635

520166

6067722

0.002

31.1

0.358

0.019

0.052

0.910

W5022773

521175

6066358

0.002

7.8

0.001

0.009

0.000

0.101

W502278

521097

6066216

0.002

1.8

0.105

0.001

0.009

0.176

W5022793

521088

6066208

0.002

2.3

0.135

0.001

0.010

0.224

W5022813

521040

6066269

0.005

4.5

0.320

0.000

0.006

0.513

W502283

521121

6066020

0.006

4.3

0.334

0.005

0.005

0.532

W502284

521110

6065993

0.006

2.0

0.076

0.003

0.002

0.139

Wesach mountain

W3847943

519537

6076197

0.009

4.8

0.254

0.002

0.002

0.427

W387610

519186

6076179

0.008

9.6

0.002

0.602

0.208

0.420

W387611

519185

6076186

0.043

14.1

0.002

0.573

0.145

0.475

W387613

519182

6076193

0.031

20

0.003

1.155

0.375

0.831

W387614

519253

6076226

0.360

36.5

0.033

1.760

0.478

1.655

W387615

519260

6076230

0.169

69.7

0.007

4.380

0.998

2.955

W387617

518206

6075523

0.622

2.9

0.011

0.115

0.147

0.771

W489359

519204

6076204

0.011

4.2

0.005

0.202

1.210

0.614

W489360

519186

6076204

0.073

19.6

0.003

1.150

0.568

0.942

W4894093

518304

6075043

0.107

10.8

0.291

0.001

0.020

0.656

W4894113

519368

6075852

0.481

48.6

0.289

1.970

0.061

2.194

W5006073

519194

6076234

0.079

1.8

0.261

0.002

0.005

0.471

W501809

519180

6075923

0.040

7.4

0.001

0.426

0.080

0.312

W501823

518209

6075519

5.430

8.5

0.014

0.223

0.465

5.813

W502285

519190

6075944

1.130

102

0.009

3.270

2.570

4.534

W502287

519249

6075965

0.088

0.5

0.017

0.003

0.010

0.123

W502288

519238

6075961

0.028

1.2

0.020

0.027

0.064

0.105

W502289

519300

6075960

0.019

5.0

0.003

0.351

0.006

0.210

W502292

519217

6075941

1.860

1.0

0.071

0.000

0.005

1.974

W5022933

519270

6075964

0.052

4.5

0.004

0.247

0.262

0.302

W502294

519283

6075967

0.019

6.8

0.025

0.413

0.259

0.383

Table 1: Best Results from the Holy Grail surface sampling of summer 2023.

1: Coordinates in meters UTM Nad83 Zone 9N

2: Gold equivalents were calculated with a gold price of $1,750/oz, silver at $21/oz, copper at $3.60/lbs, lead at $0.90/lbs and zinc at $1.00/lbs.

3: Erratic block.

Cautionary statements

Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.

Quality control

Rock samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1000g metallic screening (Au-SCR24) at ALS Canada in Terrace, British Columbia. The samples were also assayed for 35 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream.

Qualified Person

All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme, P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written by Yan Ducharme.

About the Holy Grail property

The fully owned Holy Grail starts approximately 10 kilometres north of the town of Terrace in the Province of British Columbia, Canada. It is easily accessible by the Transcanadian highway, the Nisga’a highway and a network of logging roads. It covers about 700 square kilometres and is contiguous to our fully owned Knauss Creek property.

Several gold, silver, copper, lead and zinc occurrences were discovered in the past. Almost all the creeks draining the property were exploited at some point and alluvial gold was recovered.

During the 2023 field season, the Company continued exploring this huge land package which contains many showings of interest.

The southern tip of the Golden Triangle is located immediately northwest of the PRR properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines of this area are also underlying the Knauss Creek and Holy Grail properties.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold, silver and copper exploration. Prospect Ridge’s management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties, near the town of Terrace BC, to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.

Contact Information

Prospect Ridge Resources Corp.

Mike Iverson

Email: mike.iverson@prospectridgeresources.com

Telephone: 604-351-3351

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as intends” or anticipates”, or variations of such words and phrases or statements that certain actions, events or results may”, could”, should”, would” or occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company’s use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

PRR:CC
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PROSPECT RIDGE RESOURCES ADJOURNS ANNUAL GENERAL MEETING

PROSPECT RIDGE RESOURCES ADJOURNS ANNUAL GENERAL MEETING

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) announces that it has adjourned its annual general meeting (for more information, see news release dated December 12, 2024 ), to reconvene on Friday, December 20, 2024 at 11:30 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver British Columbia.  Proxies will continue to be accepted until 48 hours prior to the commencement of the adjourned meeting.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge ' s management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as " intends " or " anticipates" , or variations of such words and phrases or statements that certain actions, events or results " may", " could ", " should ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-resources-adjourns-annual-general-meeting-302331800.html

SOURCE Prospect Ridge Resources Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/13/c2016.html

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PROSPECT RIDGE RESOURCES CONFIRMS ARRANGEMENTS RELATING TO ANNUAL GENERAL MEETING

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) wishes to update shareholders on the impact of the strike by the Canadian Union of Postal Workers on the Company's ability to comply with its obligations to deliver to shareholders its financial statements and related disclosure and proxy-related materials in respect of the Company's Annual General Meeting (the " Meeting ") of shareholders scheduled to be held on Friday, December 13, 2024 at 11:00 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver, British Columbia .

As a result of the strike, and pursuant to CSA Coordinated Blanket Order 51-931 Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike (the "Blanket Order"), the Company is advising shareholders that:

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Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the results of its drilling campaign at the Copper Ridge Zone (" Copper Ridge ") of its wholly-owned Knauss Creek property located approximately 35 kilometres (km) northeast of Terrace, British Columbia .

Drill Program Highlights

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PROSPECT RIDGE ANNOUNCES SUCCESSFUL COMPLETION OF COPPER RIDGE DRILL PROGRAM AT KNAUSS CREEK PROJECT

Prospect Ridge Resources Corp . (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the successful completion of its inaugural drilling program at the Copper Ridge zone within the Knauss Creek property, located south of the Golden Triangle, near Terrace, British Columbia . These are the first drill holes in a newly identified target. The data collected from these first-ever drill holes will help inform the next steps in the Company's exploration program at Knauss Creek.

Knauss Creek Project Update

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Couloir Capital is Pleased to Announce it has Initiated Research Coverage on Prospect Ridge Resources

Couloir Capital is Pleased to Announce it has Initiated Research Coverage on Prospect Ridge Resources

Couloir Capital is pleased to announce it has initiated research coverage Prospect Ridge Resources Corp. (CNX: PRR) ("PRR," or "Company"). The new report by Couloir's Senior Mining Analyst, Ron Wortel, MBA, P.Eng. Q.P., is titled "Extending the Golden Triangle with High-Grade Discoveries."

Report excerpt: "Prospect Ridge Resource Corporation is a Canadian-based public junior exploration company. The Company is exploring gold-silver-copper-rich mineralization on its Knauss Creek and Holy Grail projects south of the Golden Triangle region of BC. The Company is financed to conduct its initial +2,000 m drilling program on its highest priority target, Copper Ridge. They raised over $5.2 million earlier in 2024, a positive indication of support for their management team and the projects."

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Lode Gold Resources Inc. (TSXV: LOD,OTC:LODFF) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce that it has now closed its previously announced non-brokered private placement offering for $1.0 million (the "Offering"). In three tranches, the Company raised total gross proceeds of $1,513,768 through the issuance of 8,409,825 units of the Company ("Unit") at a price of $0.18 per Unit, (see related Company news first tranche, second tranche, and final tranche).

Each Unit consists of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant shall entitle the holder to purchase one Common Share at an exercise price of $0.35 per share for a period of 36 months following the date of closing. The Company may accelerate the Warrant expiry date if the Company's shares trade at $0.65 or more for a period of 10 days, including days where no trading occurs.

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New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer

New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer

(All amounts expressed in Canadian dollars unless stated otherwise)

New Found Gold Corp . (TSXV: NFG) (NYSE-A: NFGC) (" New Found Gold ") and Maritime Resources Corp. (TSXV: MAE,OTC:MRTMD) (" Maritime " and collectively with New Found Gold, the " Companies ") are pleased to announce that the Companies have entered into a definitive agreement (the " Arrangement Agreement "), pursuant to which New Found Gold has agreed to acquire all of the issued and outstanding common shares of Maritime that it does not already own (the " Transaction ") by way of a plan of arrangement (the " Arrangement ").

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New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer

New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer

(All amounts expressed in Canadian dollars unless stated otherwise)

New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold") and Maritime Resources Corp. (TSXV: MAE,OTC:MRTMD) ("Maritime" and collectively with New Found Gold, the "Companies") are pleased to announce that the Companies have entered into a definitive agreement (the "Arrangement Agreement"), pursuant to which New Found Gold has agreed to acquire all of the issued and outstanding common shares of Maritime that it does not already own (the "Transaction") by way of a plan of arrangement (the "Arrangement").

New Found Gold and Maritime will host a joint conference call and webcast to discuss the Transaction commencing at 10 am Eastern Time on Friday, September 5, 2025. Details for the conference call and webcast are included at the end of this news release.

The Transaction will create a multi-asset near-term gold producer in a tier 1 jurisdiction with significant regional synergies across its portfolio. Both New Found Gold's Queensway Gold Project ("Queensway" or the "Project") and Maritime's Hammerdown Gold Project ("Hammerdown") are located in central Newfoundland, Canada. New Found Gold delivered a positive preliminary economic assessment ("PEA") for Queensway in July 2025 and is targeting Phase I production from a low capital-intensive high-grade core in 20271. Hammerdown, located 180 kilometres ("km") northwest of Queensway, is targeted to ramp up to full production in early 2026. The combined entity is expected to create significant operational synergies through available infrastructure, including the Pine Cove Mill ("Pine Cove") and the Nugget Pond Hydrometallurgical Gold Plant ("Nugget Pond HGP"), and anticipated cash flow from Hammerdown once in full production to support Queensway's development (Figure 1).

Keith Boyle, CEO and Director of New Found Gold stated: "From day one, the focus of our new board and management team has been to rapidly advance to cash flow and transform New Found Gold from an exploration company to a gold producer. This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year. The synergies obtained by this combination derisks Queensway, providing access to a milling facility and near-term cash flow to support Phase I development, setting the stage for Queensway to commence production in 2027. We look forward to the successful completion of this transaction and providing production guidance in due course."

Garrett Macdonald, President, CEO and Director of Maritime stated: "This transaction provides Maritime shareholders with a near-term premium offer and a longer-term opportunity to be part of a much larger Canadian gold story. Bringing the two company's assets together will unlock operational synergies, generating cash flow by utilizing both Maritime gold plants to fund future growth at Hammerdown, Queensway, and aggressive exploration across all land holdings. This transaction recognizes the significant efforts of Maritime's team to bring Hammerdown online and provides an excellent outcome for Maritime shareholders."

Under the terms of the Arrangement Agreement, each holder of the common shares of Maritime (each, a "Maritime Share") will receive 0.75 of a New Found Gold common share (each whole share, a "New Found Gold Share") in exchange for each Maritime Share (the "Exchange Ratio") at the effective time of the Transaction. New Found Gold currently owns approximately 0.1% of the Maritime Shares. At closing of the Transaction, existing New Found Gold and Maritime shareholders will own approximately 69% and 31%, respectively, of the pro forma company on a fully-diluted in-the-money basis.

The Exchange Ratio implies a premium of 32% based on the 20-day VWAP of Maritime Shares on the TSX Venture Exchange as at September 4, 2025, the last trading day before announcement of the Transaction, and a premium of 56% to the closing price of Maritime Shares on July 30, 2025, the last trading day prior to entry into a letter of intent between the parties in respect of the Transaction. The implied equity value of the Transaction is approximately $292 million on a fully-diluted in-the-money basis.

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Figure 1. Queensway, Hammerdown, Pine Cove and Nugget Pond HGP location map

To view an enhanced version of this graphic, please visit:
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Strategic Rationale for New Found Gold

  • Addition of Hammerdown, a high-grade, near-term producing gold project in central Newfoundland: Hammerdown is anticipated to ramp up to full production in early 2026, with mineralized stockpiles currently being processed at Pine Cove; the 2022 Feasibility Study for Hammerdown highlights 50,000 ounces ("oz") of annual gold production at an all-in sustaining cost ("AISC")2 of US$912/oz Au
  • Hammerdown cash flow to support Queensway development: Near-term expected cash flow from Hammerdown is expected to fund a material portion of the capex for Queensway
  • Creation of an emerging Canadian gold producer: Hammerdown production targeted for 2026 and Queensway Phase 1 production targeted for 2027
  • Significant operational synergies given proximity of assets: New Found Gold is expected to benefit from Maritime's existing infrastructure, including Pine Cove and Nugget Pond HGP, securing the offsite processing facilities for Queensway as envisioned in the Queensway PEA
  • Significant re-rate potential: Significant re-valuation opportunity due to the addition of near-term production and cash flow, the unlocking of significant operational synergies, and increased scale and capital markets presence.

Benefits to Maritime Shareholders

  • Immediate and significant premium to Maritime shareholders: 32% on a 20-day VWAP basis as at September 4, 2025, and a premium of 56% to the closing price of Maritime Shares on July 30, 2025, the last trading day prior to entry into a letter of intent between the parties in respect of the Transaction
  • Exposure to two high-quality Canadian assets in a Tier 1 jurisdiction: Maritime shareholders retain exposure to Hammerdown while gaining exposure to New Found Gold's high-grade, low capex Queensway in central Newfoundland, with initial production targeted for 2027
  • Significant re-valuation opportunity to provide further upside for Maritime shareholders: Hammerdown production targeted for 2026 and Queensway Phase 1 production targeted for 2027, while also benefitting from the unlocking of significant operational synergies including a highly experienced and successful exploration team
  • Improved Visibility and Trading Liquidity: New Found Gold is a well-known, advanced exploration company listed on both the TSX Venture Exchange (NFG) and NYSE American (NFGC) and its shares are highly liquid (volumes of ~$4 million per day over the last six months on Canadian and U.S. exchanges).

About Hammerdown

Hammerdown is a 100% Maritime-owned high grade, open pit gold project located in the Baie Verte District of central Newfoundland, approximately 5 km southwest of the town of King's Point and 15 km northwest of the town of Springdale in Newfoundland and Labrador, Canada. Hammerdown is a former underground mine operated by Richmont Mines Inc. from 2000 to 2004, averaging 15.7 grams of gold per tonne ("g/t Au") and producing 143,000 oz of gold at a cut off grade of 8.2 g/t Au. Hammerdown contains proven and probable mineral reserves of 1.9 Mt at a grade of 4.46 g/t Au, for 272,000 oz contained gold. In 2022, Maritime released a feasibility study for Hammerdown, highlighting 50,000 oz of annual production, a $251M net present value ("NPV") at a base case US$2,500 per ounce of gold ("oz Au") and an AISC of US$912/oz Au. In 2023, Maritime purchased the Point Rousse project for $4M, which included Pine Cove, which is expected to provide significant capital cost and time savings for the development of Hammerdown. Additional detail regarding Hammerdown is provided below. Hammerdown and Pine Cove are fully permitted, with feed from Hammerdown being processed at Pine Cove starting in the fall of 2025, and the objective of ramping up to full production in early 2026.

About Queensway

New Found Gold's 100% owned Queensway is located in Newfoundland and Labrador, Canada. approximately 15 km west of Gander and nearby the town of Appleton.

New Found Gold has completed an initial mineral resource estimate ("MRE") and PEA at Queensway (see New Found Gold news releases dated March 24, 2025 and July 21, 2025). Highlights of the PEA include:

  • Solid low-cost production profile from year one via a phased mine plan:
    • Phase 1: Low Initial capital cost of $155 million, builds average annual gold production of 69.3koz Au at an AISC of US$1,282/oz Au in Years 1 to 4 planned to fund Phase 2.
    • Phase 2: Growth capital of $442 million, builds average annual gold production of 172.2koz Au at an AISC of US$1,090/oz Au in Years 5 to 9, paid back in less than one year.
  • Early revenue potential: Initial gold production targeted for 2027 pending regulatory approval.
  • Significant leverage to gold price: After-tax NPV5%increases to $1.45 billion from $743 million and internal rate of return ("IRR") increases to 197% from 56.3% when gold price raised to US$3,300/oz Au from base case of US$2,500/oz Au.
  • Total production: 1.5 Moz Au over a 15-year life of mine ("LOM") at an average total cash cost of US$1,085/oz Au and an AISC of US$1,256/oz Au.
  • Exploration upside: Significant resource expansion potential, both near-MRE and camp scale over 110 km strike extent

Additional details regarding Queensway and the results of the PEA are contained in the technical report on the PEA, which is available on SEDAR+ under New Found Gold's profile.

Transaction Summary

Under the terms of the Transaction, New Found Gold will acquire all the issued and outstanding Maritime Shares and Maritime shareholders will receive 0.75 of a New Found Gold Share for each existing Maritime Share held. All outstanding Maritime stock options will be canceled and exchanged for New Found Gold options exercisable for New Found Gold Shares and all outstanding Maritime warrants will become exercisable for New Found Gold Shares, with the number of New Found Gold Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio.

The Transaction will be carried out by way of a court-approved Arrangement under the Business Corporations Act (British Columbia) and a resolution to approve the Transaction will be submitted to Maritime shareholders and holders of Maritime stock options at an annual general and special meeting of shareholders expected to be held in late October 2025 (the "Special Meeting"). The Transaction will require approval by (i) 66 2/3% of the votes cast by Maritime shareholders, (ii) 66 2/3% of the votes cast by Maritime shareholders and holders of options voting together as a single class, and (iii) if required, a simple majority that excludes those not entitled to vote in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. Each of the directors and senior officers of Maritime, Dundee Resources Limited, Eric Sprott and SCP Resource Partners representing in aggregate approximately 49% of the issued and outstanding Maritime Shares, have entered into voting and support agreements with New Found Gold and have agreed to vote in favour of the Transaction at the Special Meeting in accordance with those agreements. New Found Gold shareholder approval is not required.

In addition to Maritime shareholder and court approval, the Transaction is also subject the satisfaction of certain other closing conditions customary for a transaction of this nature, including receipt of customary stock exchange approvals. The Transaction is expected to be completed in the fourth quarter of 2025. The Maritime Shares are expected to be delisted from the TSXV promptly after closing of the Transaction.

The Arrangement Agreement, which is dated September 4, 2025, includes representations, warranties, covenants, indemnities, termination rights and other provisions customary for a transaction of this nature. In particular, the Arrangement Agreement provides for customary deal protections, including a non-solicitation covenant on the part of Maritime, subject to customary "fiduciary out" rights, and a right for New Found Gold to match any Superior Proposal (as defined in the Arrangement Agreement). The Arrangement Agreement includes a termination fee of C$13 million, payable by Maritime, under certain circumstances (including if the Arrangement Agreement is terminated in connection with Maritime pursuing a Superior Proposal). The Arrangement Agreement also includes reciprocal expense reimbursement obligations requiring a payment of C$2 million if the agreement is terminated because of a breach or if the Maritime shareholders do not approve the Transaction.

There are currently 243,027,933 New Found Gold Shares issued and outstanding. Based on the number of common shares of each of the Companies currently issued and outstanding, there would be 335,932,796 New Found Gold Shares issued and outstanding upon closing of the Transaction.

Board Approvals and Recommendations

The board of directors of Maritime (the "Maritime Board"), in consultation with its senior management and financial and legal advisors, unanimously determined that the Transaction is in the best interests of Maritime and fair to Maritime shareholders, unanimously approved the Transaction and recommends that Maritime shareholders vote in favour of the Transaction at the Special Meeting.

Upon closing of the Transaction, it is anticipated that a director of Maritime will join the New Found Gold board.

SCP Resource Finance and Canaccord Genuity Corp. have each provided an opinion to the Maritime Board, stating that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Maritime shareholders pursuant to the Transaction is fair, from a financial point of view, to Maritime shareholders.

Further details regarding the terms of the Transaction are set out in the Arrangement Agreement, which will be publicly filed by New Found Gold and Maritime under their respective profiles on SEDAR+ at www.sedarplus.ca. Additional information regarding the terms of the Arrangement Agreement, the background to the Transaction, the rationale for the recommendations made by the Maritime Board and how Maritime shareholders can participate in and vote at the Special Meeting to be held to consider the Transaction will be provided in the management information circular for the Special Meeting which will also be filed at www.sedarplus.ca. Maritime shareholders are urged to read these and other relevant materials when they become available.

Advisors and Counsel

BMO Capital Markets is acting as financial advisor to New Found Gold and has also provided New Found Gold with a fairness opinion in connection with the Transaction. Blake, Cassels & Graydon LLP is acting as legal counsel to New Found Gold.

SCP Resource Finance is acting as financial advisor to Maritime in connection with the Transaction. Osler, Hoskin & Harcourt LLP is acting as legal counsel to Maritime. The Maritime Board engaged Canaccord Genuity Corp. to provide an independent fairness opinion in respect of the Transaction. Paradigm Capital Inc. acted as special advisor to the Maritime Board.

Conference Call

New Found Gold and Maritime will host a conference call to discuss the Transaction on Friday, September 5, 2025, at 7AM PT / 10 AM ET. Participants may join the conference call via webcast or through the following dial-in numbers.

A replay of the conference call and webcast will be posted on the New Found Gold website at www.newfoundgold.ca and the Maritime website at www.maritimegold.com when available.

Technical Report and Qualified Person

Keith Boyle, P.Eng., Chief Executive Officer of New Found Gold, a Qualified Person as defined in National Instrument 43-101, has approved the scientific and technical information related to New Found Gold contained in this news release.

Garrett Macdonald, P.Eng., President, Chief Executive Officer, and Director of Maritime, a Qualified Person as defined in National Instrument 43-101, has approved the scientific and technical information related to Maritime contained in this news release.

The disclosure regarding the Hammerdown Proven and Probable mineral reserves contained in this news release is supported by Maritime's technical report titled "Feasibility Study Technical Report Hammerdown Gold Project" dated effective August 15, 2022, with a report date of October 6, 2022 prepared by JDS Energy & Mining Inc. (the "Hammerdown Technical Report"). Keith Boyle, P.Eng., Chief Executive Officer of New Found Gold and a Qualified Person as defined in National Instrument 43-101 has reviewed the Hammerdown Technical Report on behalf of New Found Gold and to the best of New Found Gold's knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the Hammerdown Proven and Probable mineral reserves inaccurate or misleading.

About New Found Gold Corp.

New Found Gold is a well-financed advanced-stage exploration company that holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

New Found Gold has completed an initial MRE and PEA at Queensway (for additional information see New Found Gold news releases dated March 24, 2025 and July 21, 2025 on the Company's website at https://newfoundgold.ca/news-releases).

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential over a 110 km strike extent along two prospective fault zones.

New Found Gold has a new management team in place, a solid shareholder base, which includes an approximately 23.1% holding by Eric Sprott, and is focused on growth and value creation at Queensway.

About Maritime Resources Corp.

Maritime is a gold exploration and development company focused on advancing Hammerdown in the Baie Verte District of Newfoundland and Labrador, a Tier 1 jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property, which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond HGP gold circuit.

Contact

For further information on New Found Gold, please visit New Found Gold's website and contact us through our investor inquiry form or contact:

Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 910-4653
Email: contact@newfoundgold.ca

For further information on Maritime, please visit Maritime's website and contact us through our investor inquiry form or contact:

Garett Macdonald, MBA, P.Eng.
President and CEO
Phone: +1 (416) 365-5321
Email: info@maritimegold.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement

The PEA is preliminary in nature, it included inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized.

Non-GAAP Financial Measures

The Companies have included certain non-GAAP financial measures in this news release, including AISC, cash cost and cash cost per ounce and free cash flow. These financial measures are not defined under IFRS and should not be considered in isolation. The Companies believe that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Companies. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

All-in Sustaining Cost

All-in sustaining cost ("AISC") is a non-GAAP financial measure calculated based on guidance published by the World Gold Council ("WGC"). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Companies may not be comparable to similar measures presented by other issuers. The Companies believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Companies.

Cash Costs and Cash Cost per Ounce

Cash Costs are reflective of the cost of production. Cash Costs reported in the Feasibility Study include mining costs, processing and water treatment costs, general and administrative costs of the mine, refining and transportation costs, silver revenue credits and royalties. Cash Costs per Ounce is calculated as Cash Costs divided by payable gold ounces.

Free Cash Flow

Free Cash Flows are revenues net of operating costs, royalties, working capital adjustments, capital expenditures and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company's ability to generate cash flows from the project.

Hammerdown Technical Information

Details regarding the Hammerdown Project are included in the "Feasibility Study Technical Report, Hammerdown Gold Project, Newfoundland" prepared by JDS Energy & Mining Inc., with an effective date of August 15, 2022.

Hammerdown Feasibility Study

Study Results

Item Units Total
Mine life years 5
Ore tonnes kt 1,895
Waste tonnes Mt 38.5
Strip ratio waste:ore 20.3
ROM ore production tpd 1,200
ROM gold grade Au gpt 4.46
Sorting plant waste rejection % 40.0
Sorting plant gold recovery % 95.0
Mill throughput tpd 700
Mill head grade after sorting Au gpt 6.76
Tonnes milled Kt 1,189
Mill gold recovery % 95.5
Gold produced oz 247,346
Avg. annual production oz 50,000
Mining cost $/t mined 4.49
Mineral processing $/t milled 48.06
Trucking from sorting plant to mill $/t milled 25.50
General & Administrative $/t milled 12.04
Cash costs1,4 US$/oz 897
AISC per ounce gold1,4 US$/oz 912
Total initial capital3 $M 75.0
Total sustaining capital $M 4.9
Avg. annual free cash flow $M 41.4
After-tax NPV(5%)4 $M 102.8
After-tax IRR4 % 48.1
Payback period2 years 1.7

 

  1. Refer to "Non-GAAP Financial Measures" below.
  2. Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining capital costs and is calculated from the start of production.
  3. Excludes initial working capital requirements.
  4. $0.77 US$/C$ exchange rate.

Operating and Capital Costs

Capital costs have a basis of estimate at Class 3 (FEL3) with a stated -15%/+30% accuracy (after the Association for the Advancement of Cost Engineering International) and are stated in Q2 2022 Canadian dollars.

Capital cost contingency has been allocated on scopes of work. The combined contingency for all scopes of work is equivalent to 20% of direct costs, excluding mining equipment and pre-stripping. More than 82% of equipment costs, bulk materials and labour rates are estimated with budget quotes from vendors. The remaining 18% of costs are estimated from consultant databases on precedent projects, or from factoring such items as freight and construction indirect costs from supply pricing.

Mine equipment is assumed to be acquired through a combination of leasing for most production and support equipment, rentals for pioneering drills, and purchase of some support equipment.

The initial capital cost, including contingency, is estimated at $75.0M and net LOM sustaining capital cost is estimated at $4.9M, net of closure costs and salvage values for major equipment, for a total capital cost of $80.0M.

Capital Costs

Item Units Total
Mining $M 10.6
Site development $M 4.7
Mineral processing $M 24.7
Water management $M 0.6
On-site infrastructure $M 5.9
Project indirect costs $M 17.3
Owner's costs $M 4.0
Subtotal $M 67.9
Contingency $M 7.2
Total initial capital $M 75.0
Sustaining capital $M 11.0
Closure $M 3.5
Salvage $M 9.6
Total net sustaining capital $M 4.9
Total capital $M 80.0

 

Mine operating costs, including pre-stripping, are estimated at $4.31/t moved with a strip ratio of 20.3 (waste:ore) over the LOM.

Processing and tailings storage related costs are estimated at $48.06/t processed. General and administration costs are estimated at $12.04/t processed. Diesel costs are estimated at $1.53 per litre and power at $0.085 per kWh (net charge for generated power).

Overall LOM Cash Costs are estimated at US$897 per payable ounce of gold. The LOM All-In Sustaining Costs are estimated at US$912 per payable ounce of gold.

Operating Costs

Item Units Total
ROM tonnes kt 1,895
Tonnes milled kt 1,189
Payable gold produced oz 247,346
Mining costs $/t mined 4.49
Trucking $/t milled 25.50
Mineral processing $/t milled 48.06
G&A $/t milled 12.04
Total $/t milled 234.45
Refining, royalties $M 9.3
On-site operating costs $M 278.7
Net sustaining capital $M 4.9
All in sustaining costs US$/oz 912

 

Project Economics

At the base case gold price (US$1,750 per ounce Au and a $0.77 US$/C$ exchange rate), the Project generates an after-tax NPV5% of $102.8M and an after-tax IRR of 48.1%. Payback on initial capital is 1.7 years. LOM after-tax FCF is estimated at $129.7M on an undiscounted basis. Average after-tax FCF while mining Hammerdown is estimated at $41.4M per annum.

Gold Price Sensitivity

Gold price (US$/oz) Units $1,600 $1,750 $1,900
NPV(5%) $M 77.7 102.8 128.4
IRR % 38.0 48.1 58.4
Payback Years 2.3 1.7 1.3
Total undiscounted FCF $M 101.2 129.7 158.9
Avg. annual FCF $M 35.7 41.1 47.2

 

Mineral Resources and Mineral Reserves

The MRE for the Hammerdown deposit has been updated and was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and outlined below. The updated MRE is based on a gold price of US$1,800 per ounce. Mineral Resources are inclusive of Mineral Reserves reported in this document. The updated MRE for the Hammerdown deposit is based on 595 surface diamond drill holes and 192 underground diamond drill holes for a total of 72,808 metres of drilling and 80 trenches and channels for a total of 266 m of sampling. The MRE for the satellite Orion deposit, located 2.3 km southwest of the Hammerdown deposit, remains unchanged.

Mineral Resource Estimate - Hammerdown, June 30, 2022


Tonnes Grade Contained 
Gold
Category (kt) Au gpt (koz)
Open Pit Resources


Measured 698 5.47 123
Indicated 2,146 3.00 207
Total Measured & Indicated 2,845 3.61 330
Total Inferred 302 1.31 13
Underground Resources


Measured 1 7.05 -
Indicated 54 5.10 9
Total Measured & Indicated 55 5.10 9
Total Inferred 66 4.00 9

 

Notes:

  1. Mineral Resource Estimate completed by Pierre Landry, P.Geo., of SLR Consulting (Canada) Ltd. (SLR), an independent qualified person ("QP"), as defined by NI 43-101.
  2. Effective date: June 30, 2022. All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions, as required under NI 43-101.
  3. Open Pit Mineral Resources are inclusive of Mineral Reserves
  4. Open Pit Mineral Resources are estimated at a cut-off grade of 0.50 g/t Au.
  5. Open Pit Mineral Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m.
  6. Mineral Resources are estimated using a long-term gold price of US$1,800 per ounce, and a US$/C$ exchange rate of 0.75.
  7. Bulk density is 2.84 t/m3 for rock and 1.90 t/m3 for mined out areas.
  8. Underground Mineral Resources are estimated at a cut-off grade of 2.00 g/t Au.
  9. Underground Resources are reported at a block cut-off from whole blocks measuring 2.5 m x 1.0 m x 2.5 m and have been subject to additional reporting shapes to remove isolated blocks.
  10. Numbers may not add due to rounding.
  11. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101.
  12. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  13. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.

The Mineral Reserve estimate for Hammerdown is based on an open pit mine plan and production schedule outlined in the Feasibility Study. Table 6 presents the Mineral Reserve estimate for the Hammerdown Project. Proven and Probable Mineral Reserves amount to 1.895 million tonnes at 4.45 g/t Au, containing 272,000 gold ounces. The Mineral Reserve estimate is based on the economic assumptions in Note 3 below.

Mineral Reserve Estimate - Hammerdown, August 15, 2022


Tonnes Diluted 
Grade
Contained 
Gold
Zone & Class (kt) (Au gpt) (koz)
Proven


Vein 556 5.94 106
Wisteria - - -
Total Proven 556 5.94 106
Probable


Vein 1,134 4.19 153
Wisteria 206 1.99 13
Total Probable 1,340 3.85 166
Total Proven and Probable 1,895 4.46 272

 

Notes:

  1. Mineral Reserve Estimate completed by Tysen Hantelmann of JDS Energy & Mining ("JDS"), an independent QP as defined by NI 43-101.
  2. Effective date; August 15, 2022. All Mineral Reserves have been estimated in accordance with CIM definitions required under NI 43-101.
  3. Mineral Reserves are estimated at a gold cut-off of 0.73 g/t for Veins and 1.06 g/t for Wisteria Zone based on: gold price of US$1,650/oz; exchange rate of $0.77 US$:C$; combined transport, treatment, payables and royalties of US$25/oz; an overall metallurgical recovery (including ore sorting) of 90.25% for Veins and 85.5% for Wisteria; and an overall processing operating cost of C$45/t ore mined for Veins and C$62/t ore mined for Wisteria.
  4. The final FS pit design contains an additional 94 kt of Inferred resources above the economic cut-off grade at an average grade of 1.62 g/t Au. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that any part of the Inferred Resources could be converted into Mineral Reserves.
  5. Tonnages are rounded to the nearest 1,000 t, gold grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold is reported as thousands of troy ounces.

Forward-Looking Information

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to completion of the Transaction by way of the Arrangement and the anticipated timing thereof; assessments of and expectations for the combined entity after completion of the Arrangement; pro forma ownership of the combined entity; the anticipated premium for Maritime shareholders; assessments of and expectations for Hammerdown; assessments of and expectations for Queensway; expectations regarding the existing infrastructure of Maritime; expectations regarding the significant re-evaluation potential; benefits to Maritime shareholders; results of the feasibility study for Hammerdown and the interpretation of such results; future plans for Hammerdown and Pine Cove and the timing thereof; results of the Queensway PEA and interpretation of such results; the Special Meeting and the anticipated timing thereof; the satisfaction of closing conditions, including receipt of customary stock exchange approvals; the delisting of the Maritime Shares on the TSXV and the anticipated timing thereof; the composition of the New Found Gold board following completion of the Arrangement; the assessment of the merits of the Transaction; the timing of the filing of the management information circular for the Special Meeting on SEDAR+ and future conference calls and press releases by each of the Companies. Although the Companies believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Companies caution that forward-looking statements are based on the beliefs, estimates and opinions of the Companies' management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Companies undertake no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: the risk that the Transaction will not be approved by the Maritime Shareholders; the failure to, in a timely manner, or at all, obtain the required court approval for the Transaction, the failure of the Companies to otherwise satisfy the requisite conditions to complete the Transaction, the possibility that the Arrangement Agreement may be terminated by one or both of the Companies; the effect of the announcement of the Transaction on each of the Companies' strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that could prevent or hinder the completion of the Transaction; other customary risks associated with transactions of this nature; assumptions in respect of current and future market conditions; risks associated with the Companies' ability to complete their planned studies and programs and the results and timing thereof; possible accidents and other risks associated with mineral exploration operations; the risk that the Companies will encounter unanticipated geological factors; risks associated with the interpretation of exploration, drilling and assay results; the possibility that the Companies may not be able to secure permitting and other governmental clearances necessary to carry out the stated exploration plans; the risk that the Companies will not be able to raise sufficient funds to carry out their business plans; and the risk of political uncertainties and regulatory or legal changes that might interfere with the Companies' business and prospects. The reader is urged to refer to New Found Gold's Annual Information Form and each of the Companies' Management's discussion and Analysis, all of which are made publicly available through the respective Companies' profiles on the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

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Sranan Gold Files Technical Report for the Tapanahony Gold Project in Suriname

Sranan Gold Files Technical Report for the Tapanahony Gold Project in Suriname

Sranan Gold Corp. (CSE: SRAN) (FSE: P84) (Tradegate: P84) ("Sranan" or the "Company") announces that it has filed a technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects for the Tapanahony Gold Project in Suriname. The report is titled "Technical Report - Tapanahony Project Silipanwini District, Eastern Suriname." The technical report is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.sranangold.com.

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Apollo Increases Measured and Indicated Silver Resource Estimate at Calico Project

Apollo Increases Measured and Indicated Silver Resource Estimate at Calico Project

Apollo Silver Corp. (" Apollo " or the " Company ") (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce the results of an updated independent Mineral Resource estimate ("MRE") for its Calico Silver Project ("Calico" or the "Calico Project") located in San Bernardino County, California. Total silver ("Ag") Measured & Indicated ("M&I") tonnes at the Waterloo property have increased by 61% to a total of 55 million tonnes ("Mt") at a grade of 71 grams per tonne ("gt') Ag for a total content of 125 million troy ounces ("Moz"). This represents a 14% increase in Ag ounces compared to the previous MRE (dated March 6, 2023). In addition to updating the gold resource at Waterloo, inaugural barite ("BaSO4") and zinc ("Zn") resources have been included in both the Indicated and Inferred categories.

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