Maritime posts first drill results after avoiding hostile takeover

Maritime Resources (TSXV: MAE; US-OTC: MRTMF) has tabled the final results from its 1,733 metre 2018 drill campaign at its Hammerdown gold deposit, part of its Green Bay property in Newfoundland.

The 31-hole program targeted an area just south of the project’s historical open pit mine to better define several unmined quartz/sulfide vein systems the company initially outlined in its 2017 trenching program, and to test for near-surface mineralization. The company says results from the drill campaign may go into a new mineral resource.

Highlights from the campaign include 27.2 grams gold per tonne over 1.44 metres from 12.2 metres downhole, as well as 10.95 grams gold over 1.2 metres from 68.5 metres downhole.

The program both intersected known vein systems and new, lower grade zones. The company says the new sheared felsic volcanic and quartz feldspar porphyry zones are close enough to surface to have open pit mining potential.

Richmont Mines formerly owned the Hammerdown gold deposit, where it mined 290,180 tonnes at 15.74 grams gold to produce 143,000 oz. gold.

Earlier this year, Maritime was subject to a hostile takeover attempt by Anaconda Mining. After a five-month pursuit, Anaconda withdrew its bid when Maritime closed a $1.5 million private placement in early July.

Anaconda called the placement a “defensive tactic.”

Shares of Maritime are currently trading at 8¢ with a 52-week range of 7¢ to 14¢. The company has an $8 million market capitalization.