Newfoundland in general is famous for smaller, high grade gold deposits. On their own, 100,000 to 200,000 ounce deposits would not justify building new infrastructure. However with Rambler's infrastructure already in place and having the skill set to advance projects, Rambler is in a good position to become a regional consolidator.
Rambler and Maritime Resources signed a Strategic Alliance in 2011, followed by Rambler purchasing 4.5 Million shares in February 2012 to hold 17% equity stake in Maritime Resources. Maritime Resources is a new junior exploration company with primary assets being the Hammerdown gold mine, the Orion gold deposit, and the Lochinvar VMS deposit, all belonging to the Green Bay property portfolio. Maritime has 100% ownership of the Green Bay property near Springdale, Newfoundland, Canada.
The previously mined Hammerdown gold deposit averaged 16 g/t Au in its rich gold bearing veins. A recent independent report stated potential mineralization remaining at the deposit has a non 43-101 compliant estimated range of 1.8M tonnes grading 8.3g/t Au at a possible 1g/t Au cut off to 675,000 tonnes grading 16.6 g/t Au using a possible 7.0 g/t Au cut off. Taking these volumes into account, the possible gold resource ranges from 360,000 to 480,000 ounces.
With Rambler's expertise and great management team, we plan to share technical expertise with Maritime Resources as our first of many projects to assess the opportunity to re-start the Hammerdown mine.