Issue link: http://resourceworld.uberflip.com/i/990287
40 www.resourceworld.com J U N E / J U L Y 2 0 1 8 company is working towards a resource calculation. Marathon Gold Corp. [MOZ-TSX; MGDPF-OTC] recently released a positive PEA on its 100%-owned Valentine Lake Gold Camp in central Newfoundland. The PEA envisages the gold deposits would be mined by open pit methods and gold recovery by a combination of a milling cir - cuit and heap leaching. The PEA stated that average annual pro- duction would be 188,500 oz/year starting in 2022. After-Tax NPV (5%) is CDN $466 million with an After-Tax IRR of 25% and an After-Tax payback period of 2.8 years. Preproduction capital is $483 million. Life- of-Mine average All-In Sustaining Costs are $756/oz. Mine life would be 11 years with a throughput of 7,500 tpd (mill) and 9,000 tpd (heap leach). The project hosts four, near-surface, mainly pit-shell constrained deposits with measured and indicated resources totaling 2,137,400 oz gold at 1,99 g/t and inferred resources of 1,104,700 oz at 1.99 g/t gold. Phillip Walford, President and CEO, said there are "opportunities to enhance the mine plan and economics of the proj - ect as well as extend mine life" as there are other known gold-bearing zones that have not been drilled off, including a large underground resource. Walford told Resource World that the company will now work toward preparing a Pre-Feasibility Study and then on to a Feasibility Study. All 14 winter 2018 Sprite Zone bog drill holes (VL-18-257 to VL-18-667) intersected en echelon stacked, southwest-dipping QTP-gold veining in an extensive alteration halo. This newly discovered mineraliza - tion beneath the Sprite Zone bog has added another two kilometres to the strike length of the mineralized corridor at the Valentine gold camp and provides an excellent target for additional resource development. Latest drill results include 8.36 g/t gold over 6.00 metres, 7.12 g/t gold over 4.0 metres and 1.12 g/t over 40 metres. Earlier assays include 14.68 g/t gold over 8.0 metres and 4.11 g/t gold over 7.00 metres. Maritime Resources Corp. [MAE- TSXV] was recently the target of a hostile takeover offer from Anaconda Mining Inc. [ANX-TSX; ANXGD-OTC]. Maritime has requested that its shareholders not tender their shares as the company consid - ers the offer inadequate. Maritime holds 100% of the Green Bay property which hosts the past producing Hammerdown gold mine, the Orion gold deposit and the Lochinvar base-precious metals deposit in Newfoundland. Anaconda owns the Point Rousse Project (comprised of the Pine Cove open pit mine and Stog'er Tight Mine) north - ern Baie Verte Peninsula, north-central Newfoundland. The company has several exploration and advanced projects includ- ing the Goldboro, Great Northern and Tilt Cove. Also, see Inomin data. Morien Resources Corp. [MOX-TSXV; APMCF-OTC] holds royalty interests in two, long life, tidewater-accessed projects in Nova Scotia. The Donkin Coal Mine began production in Q1 2017 and the Black Point aggregate project was permit - ted in Q2 2016 and is progressing toward a development decision. New Millennium Iron Corp. [NML- TSX; NWLNF-OTC] is now at the development stage at its seven, long-life NI 43-101 compliant taconite properties in the Labrador Trough straddling the Labrador- Québec border. NML's largest shareholder and strategic partner is Tata Steel. The company's project areas are connected via a well-established, heavy-haul rail net - work to the Port of Sept-Îles, Québec. New Millennium also has a minority interest in a direct shipping ore project that produces and ships sinter fines. Osisko Metals Inc. [OM-TSXV; BWMXF-OTC; 0B5-FSE] reported addi - tional results from its drill program on the Gilmour South Project 40 km south- west of Bathurst, N.B. Drill hole GS-18-19 intersected 13.76% zinc, 3.39% lead, 0.23% copper and 50.81 g/t silver over 11.00 metres within the targeted mas- sive sulphide trend that now clearly links MARITIMES