Maritime closes purchase of Nugget Pond gold circuit
April 13, 2021
As
Maritime Resources (TSXV: MAE) completes a feasibility study for the past-producing Hammerdown gold project in Newfoundland and Labrador, the company has closed the purchase of the Nugget Pond gold circuit from
Rambler Metals and Mining (AIM: RMM). This mill facility includes a carbon-in-pulp circuit, also lies in the Baie Verte district and is 140 km by highway from Hammerdown. Nugget Pond was built by Richmont Mines in 1995, last operated as a gold plant in 2012 and previously processed Hammerdown ore.
Maritime and Rambler originally entered into a letter of intent in December 2020, which outlined the terms of Maritime’s acquisition of the Nugget Pond facility, as well as Canadian exploration properties and royalties. Consideration includes Maritime assuming liabilities associated with the assets purchased, a US$2-million cash payment and the issue of 3.6 million Maritime shares, which are worth $500,000.