Maritime Resources (TSXV: MAE) has executed its first gold pour at the Hammerdown project in northwest Newfoundland, marking the mine’s first gold production since 2004. The pour consists of stockpiled material processed at the nearby Pine Cove mill, which has recently resumed operations after two years of care and maintenance. This milestone follows extensive construction and commissioning efforts at the site located near Baie Verte.
In related developments, New Found Gold (TSXV: NFG; NYSE-A: NFGC) is set to acquire Maritime in a C$292 million ($212 million) deal aimed at combining the Hammerdown project with New Found’s Queensway project, which is expected to begin production in 2027. Maritime’s shares rose 5.6% to C$2.25 on Wednesday afternoon, resulting in a market capitalization of C$258.8 million ($184.8 million).
The Hammerdown project has proven and probable reserves of 1.9 million tonnes with a grade of 4.46 grams gold per tonne, amounting to 272,000 contained ounces. Full production is expected to ramp up by early next year, aiming for an annual output of 50,000 ounces at an all-in sustaining cost of $912 per ounce.
