Rambler Metals and Mining (LON:RMM) (CVE:RAB) said its strategic partner, Maritime Resource, has released its first NI43-101 compliant resource estimate encompassing the entire Green Bay Property group.
Maritime, in which Rambler holds a 17% equity stake, is the sole owner of the Green Bay Property group, which operates in Newfoundland and Labrador, in Canada. Its assets include the revived Hammerdown gold mine and the newly discovered Orion deposit.
The mineral resource for the property is estimated to contain in excess of 400,000 ounces of gold in the measured and indicated category, using a three grams per tonne (g/t) cut-off grade, and in excess of 600,000 ounces in the inferred category, also at a three g/t cut-off grade.
"Rambler's investment in Maritime was partly based on the potential of the Hammerdown gold mine and it's synergies with our own Nugget Pond milling facility, where the ore from Hammerdown was formerly processed between 2000 and 2004," revealed George Ogilvie, president and chief executive officer of Rambler.
"In many ways the Hammerdown Gold Mine resembles the Ming Mine before it was dewatered and brought back into production. The increase in resource ounces on the Orion deposit is also encouraging as it may add new flexibility to the potential of the property group," Ogilvie added.
The Ming copper-gold mine in Baie Verte is wholly-owned by Rambler and was brought back into production by the company in November 2012.
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