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500 000 oz/y Hammerdown a ‘great starter mine’, says Maritime CEO

Friday, August 26th, 2022

Canadian company Maritime Resources has completed a feasibility study for its Hammerdown gold project, in the Baie Verte mining district, supporting a technically straightforward, brownfield openpit mine and gold processing operation with low capital costs and rapid payback.

Hammerdown is a “great starter mine” for Maritime, CEO Garett Macdonald said this week, reporting that it would produce 500 000 oz/y at an all-in sustaining cost of $912/oz and yield free cash flow of C$41.4-million a year.

The project has an aftertax net present value, using a 5% discount, of C$102.8-million and an internal rate of return of 48.1%, with a payback of 1.7 years.

The initial capital costs, including contingency, are estimated at C$75-million and life-of-mine sustaining capital cost at C$4.9-million.

“The completion of the Hammerdown gold project feasibility study is a positive step forward for the company and positions Hammerdown as one of the highest return, highest grade openpit development projects located in a top tier jurisdiction with tremendous exploration upside,” said Macdonald.

Permitting is well advanced with the project released from provincial environmental assessment in 2021. Future mineral processing is planned through the existing gold circuit at the Nugget Pond mining facility.

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