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Key Points:
- Maritime Resources has started refurbishment work at the Pine Cove mill, following a successful C$8 million rights offering.
- The company is implementing a comprehensive upgrade program for the mill’s electrical and mechanical systems, ensuring safety and efficiency for a smooth startup.
- Maritime has begun stockpiling mineralized material in preparation for restarting operations, estimating that 85,000 to 115,000 tonnes of material could yield approximately 3,000 to 4,000 ounces of gold.
Maritime Resources (TSX-V: MAE) has officially commenced refurbishment work at the Pine Cove mill, part of the Point Rousse Project in Newfoundland and Labrador’s Baie Verte mining district. This move marks a significant step for the company after it acquired the project in 2023. The Pine Cove gold processing plant, which operated until the first quarter of 2023, has been in a care and maintenance program since. Maritime is now working swiftly to bring the mill back to full operational capacity.
The company’s CEO, Garett Macdonald, noted that following the successful closing of a C$8 million ($8.61 million) rights offering in September 2024, Maritime Resources is well-positioned to recommission the Pine Cove mill. The company has launched a comprehensive program aimed at upgrading and inspecting all of the processing plant’s electrical and mechanical systems. These upgrades will ensure a safe and efficient startup once the plant is ready to resume operations.
Macdonald emphasized the urgency of the work, stating, “With the recent financing secured, we are moving quickly to re-commission the Pine Cove mill and return it to operating condition.” The focus of the refurbishment is on ensuring the safety and readiness of the plant’s infrastructure.
In addition to the technical upgrades, Maritime Resources is also in the process of recruiting key personnel to manage the plant’s operations. As part of this effort, industry veteran Dwight Goudie has been appointed as the Pine Cove Mill Manager, bringing his extensive experience to the team.
The company’s care and maintenance team is working closely with industry consultants and local contractors to complete the necessary upgrades. Over the next two months, Maritime expects to finalize the refurbishment process, with the goal of bringing the mill back online later this year. Efforts are also underway to secure the necessary reagents and minor equipment to support the recommencement of gold processing operations.
Maritime has already begun stockpiling mineralized material in preparation for the mill’s restart. Material from the processing plant and mill yard is being stockpiled near the facility, with additional sampling being carried out in the area. Furthermore, the company has excavated gold-bearing material from Tailings Storage Facility #2 (TSF2) and transported it to the stockpile yard.
The company has identified an estimated 85,000 to 115,000 tonnes of stockpiled and tailings material, grading approximately 1.1 grams per tonne of gold. This could yield an estimated 3,000 to 4,000 ounces of contained gold. However, Maritime cautions that these estimates are conceptual in nature, as there has been insufficient exploration to define a mineral resource. The grades were estimated based on assay results from 677 collected samples, and they align with grades processed by previous operators.
