The proceeds will be used for general working capital purposes.
Maritime has been sampling various areas of the mill property and identified material in the #2 tailings storage facility grading between 1.1 and 31.1 g/t gold. Further sampling will determine the suitability of processing this material through the Pine Cove mill.
The tails also contain fines from a previous wash plant operation when waste rock was crushed for sale as aggregates. Recent sampling of this portion returned a grade of 11.4 g/t gold. Consideration is being given to installing a gravity recovery circuit for this material.
Maritime is focused on advancing the 100%-owned Hammerdown gold project in the Baie Verte district of Newfoundland.
