Maritime Resources Provides a Corporate Update

0:05 Good afternoon. Thank you for joining us today for our live webinar on a corporate update for maritime resources. With us today we have Garrett McDonald, President and CEO for the company, Jeremy Nimi, technical advisor, and myself, Tanya Bredko, head of investor relations. We will have a Q&A session at the end, so please do feel free to submit your questions throughout the presentation. And now I'll turn it over to Garrett.

0:31 Okay, thanks, Tanya. Welcome, everyone, and thanks for joining us today for an update on Maritime Resources. We hope you've had a good summer and we know things are a little different, but we hope you're all healthy and safe. So let's go through a few slides here. This is our corporate presentation. We wanted to provide this. This is a good update on our activities right now, what we plan to do in the next few months. We've got a lot of exciting things happening in Maritime, so I think you'll be pretty interested with this.

1:03 Okay, so here we go. So the opening slide here shows the Hammerdown Gold Project, and I always spend a bit of time on this slide because it shows a lot. You know, this is a historic mine site. It was a high-grade gold mine operated in the early 2000s with an average rate of 15 grams. Now it was operated by Richmond Mines as an underground mine for around 4 years. And one of the key things to note is that it ran with a cutoff grade between 8 to 9 grams per ton, which is very high. So it operated in a different environment, a different period of time than we are in now. Gold prices at that time ranged from $250 to $400 per ounce. So totally different scenario or situation than we're in now.

1:48 So this is the way the site looks now. You can see the hammer down, small open pit right here, and there's an underground portal to the north. In the background is the town of Kings Point. So we have good road access. We have good infrastructure available, skilled local workforce. It's really is a really a nice setup for restarting this operation, which is our main priority. So we'll go through a few slides here, the cautionary statement for you to read as you wish. So our key takeaways, kind of the things that we like people to remember about this company. And as I mentioned, the key asset for us is the Hammerdown Gold Project, right in Newfoundland and Labrador, we're located up in the northeast part of the island.

2:36 This was an old mine that was operated by Richmont. It closed in 2004, so really not that old, mainly due to low gold prices and a fault that they intersected at the very bottom of the mine, but still very shallow. Over the last while in the last year and a half or so, we developed a new plan for Hammerdown. It came out in February of 2020 this year with a new PA study. So basically we went back and looked at the resource. We saw there was a potential there for an open pit to go underground afterwards. And we came up with a plan really that it has a high grade starter mine around 70,000 ounces per year for the first 5 years, but a 1.1 year payback, low capital costs of only $57M and at 16.50 per ounce, gives us a really nice after tax economic result of just over 200M NPV and an 81% IRR. So that's pretty unique.

3:38 It doesn't have to be the biggest mine to start with, but this is a good starter mine that will get us up and running and into cash flow quickly. We followed that PEA study up with an agreement with Rambler Metals and Mining, their local company in the Bayward area. They're operating a copper mine at the moment, but they have the Nugget Pond Gold plant, which was the original gold plant used to process ore from Hammerdown back in the days it was running. So this gold circuit is idle. So the agreement we have with Rambler provides some time for us to evaluate this plant for use for Hammerdown again. It's a proven plant. It's a pretty standard CIP Gold Circuit, high recoveries traditionally with hammer down or of over 97%. We've then this summer submitted our project registration with the province.

4:29 So this kicks off permitting for the project, Very strong local and provincial support for mining. It really is one of the best jurisdictions to work in. The only one I've seen that actually envisions 5 new mines by the year 2030. So really lucky to be working in Newfoundland and Labrador. On the resource side, we see a lot of potential as well to expand the resource that we have at Hammerdown. It sits within a 5 kilometer trend, which has really seen very little exploration over the years. Jeremy Nimi is our technical advisor on exploration. He's with me here now, and we'll turn it over to him in a few minutes, and he can tell you about our exploration programs and our, you know, kind of our plans for the next few months. We also have a new discovery at a project called Whisker Valley, not too far away from Hammerdown, only 10 kilometers away, but we're seeing high-grade veins very similar to Hammerdown showing up. So it's a very early-stage project, but showing signs of life already.

5:28 We're in the middle of a drill program right now. We have over 10,000 meters completed already. 2 drills at Hammerdown and Orion, the other project near Hammerdown. We've just added a third drill at the Whisker Valley project. So this 10,000 meter program was really designed as an infill and grade control test program, And you can see some of the results that we're getting there. It's pretty typical of hammer down, high grade, narrow vein, gold project, and we're seeing silver grades as they now too. So that's the summary of where we're at. As a corporate structure, this is how we look at now. We just did a financing about a month ago. It was an $8.7 million bought deal. We're currently sitting around a market cap of around 50 million with 10 million in working capital. So we're very good shape financially.

6:20 We have some warrants coming due here in November, the rest over in April of 2021. Our major shareholders are listed there, really strong support from our major shareholders, Dundee Goodman Merchant Partners, Sprott Capital and Sprott Asset Management, and 1832 and EDE Asset Management. George Topping from Industrial Alliance has a buy target of 25 cents on the company. And, and that's about it for the corporate structure. As I mentioned, you know, with 10 million working capital, we're in really good shape to do everything that we need to do. On the management and board, we've added a couple people recently, with Jeremy as our technical advisor, Tony joining us in head of investor relations.

7:07 Eric Tremblay is also an advisor for us, he's the CEO of Dalradian Resources. I think that's an important thing to mention. Dalradian and Hammerdown are very similar geologically, So we think we can draw some good lessons learned from Douridian's project and apply them to Hammerdown. On the board side, John Hayes is our chairman, Mark Ashcroft and Peter Mercer are our directors. So a good, well-rounded team of people that have done this before, good skills in exploration, project development and finance. So we'll be adding to this team as we grow, but for now it's a good group. So we're located up here in the Bayward area, just near Springdale in the town of Kings Point. Very easy to get to, it's about an hour flight or 2 hour flight to Deer Lake from Toronto.

7:56 Then our 1 hour drive, we're actually standing at the mine site there at Hammerdown. A little closer in look of our properties, you can see Hammerdown and the Orion project down here, very close to Springdale, right off the highway, so we're very close to infrastructure. Springdale is around 3 or 4000 people, King's Point, you know around 1000 people, so we actually have everything we need in the area to conduct our business. So it's great to have suppliers, labor available, infrastructure power is only a kilometer away from the mine. Over to the north is Whisker Valley, that's our other exploration project. And as far as hauling up to one of the 2 mills, we have, there's 2 process plants in the area, our neighbours to the north are Anaconda Mining. Now they're in operation, they're running the Point Rouse Mine and the Pine Cove Mill.

8:50 Rambler Metals and Mining is a copper producer and they're operating the main mine to the north and hauling ore to the Nugget Pond plant for processing. So it really is a great mining district. Like I said, there's everything here that we need from people to equipment, to services, supplies, everything is here. So it's really fantastic. So let's talk about Hammerdown for a few minutes. As I mentioned, this is a former high-grade underground gold mine. Richemont was here for 4 years and they operated this mine with a cut-off grade of over 8 grams, about 8.5 grams per ton, during a time when gold was $300 to $400 an ounce. So we're certainly looking at a different gold price now, which makes things a lot more interesting for us.

9:37 The life of mine production that came out of Hammerdown, for relatively small mine, it produced quite a bit of gold at an average rate of just under 16 grams per ton. Gold recoveries were very good, 97.5%. Nice clean ore, quartz veins with pyrite. It recovers well and really doesn't have any nasty stuff in the ore, no arsenic or mercury. So the way we look at Hammerdown and Orion today with gold prices over 1900 an ounce certainly draws in some of the lower grade material that was left behind by Richmont back in the day when they operated. So our new approach really is to combine open pit and underground mining here with pre-concentration technology or ore sorting.

10:26 And that really helps us remove the waste rock that comes in as dilution when we mine these veins before it's put on a truck, hauled to the mill and processed. So that saves us a lot of operating costs and actually lowers the cutoff grade slightly. As I mentioned with local processing infrastructure in the area, strong support for mining. So we think this is the right combination of factors that could get this mine off and running again with the restart of Hammerdown. In this image here you see the Hammerdown open pit and over to the right is the underground portal. So the underground workings here are currently flooded. We don't have any plans to dewater the mine at the moment. We can do all of our work from surface and drill from there.

11:13 So when we did the PEA study, This is a rendering of what the mine plan will look like. So we're looking a little bit towards the east, I think, or sorry, to the west, actually. Highway 391 is the road that heads down into King's Point to the right. All the other roads that you see here are already in place. So the infrastructure is really well set up. We would have 2 deposits operating roughly at the same time. The Hammerdown deposit here as you can see with 2.09 million tons of 4.57 grams. It's a combination of the PEA open pit and underground mine plan for Hammerdown. The other deposit is about a kilometer and a half away. It's called Orion. This is a deposit that was never mined before. Hammerdown was mined, but Orion was not.

12:00 2.3 million tons of 3.5 grams, roughly. A little bit lower grade deposit than Hammerdown, but also open at depth and a long strike. In between the 2 mines, we'd have a waste dump. Our geochemistry work so far has shown that that waste rock is non-acid generating, which is good. So we plan to put that between the 2 mines

12:21 and the ore from both deposits will be sent to a kind of a central crushing or sorting facility there, you see the sorting plant. So in general, we would have 1400 tons a day from the 2 deposits coming to the plant, who go through the crusher, who will get sorted with the sorting plant. half of it roughly would then return back into the mines as backfill, with the other half going to the process plant.

12:48 So in our PEA study, this is a production schedule year by year. In the first few years, the grades are quite high. And what you see on this graph here is the milled grade. So this is the grade going through the plant after it's been sorted. So on average around 7.8 grams is the life of mine average through the mill. In the first few years, it's a bit higher because the grades are higher in the open pit at Hammerdown and we can get close to 9 grams per ton through the plant for the first 5 years, giving us roughly an average of 70,000 ounces per year. We take advantage of the fact that the Nugget Pond Gold Plant is there, Talings Pond is constructed and permitted, that allows us to keep the capital costs down with only $57 million of initial capital.

13:34 It's a good way to get started. I think we'll continue to grow from there. Maybe eventually have our own process plan at Hammerdown if the resource increases. But for now, this is the way we intend to start and that's what we're planning for. So at $1,500 per ounce, you can see a little sensitivity there on gold price economics, very leveraged to gold price and a nice IRR due to the fact that we have a very low capital cost. So in terms of the project, project schedule and the milestones, this is our plan really until hammer down is in production. We've been tracking very well to this in the first half of 2020. This year, we've completed our resource update, issued the PEA study, carried on with a suite of technical studies to support further feasibility work, submitted our permit application and completed our infield and grade control drilling. There's a little bit more to do there, but it's nearly completed.

14:33 In the second half of this year, we'll be focused on catching up the remaining environmental studies on the Orion deposit, updating the resource again later this year, and then kicking off our feasibility study and continuing with project permitting. Throughout 2021 is really when we get into the rest of the feasibility work and project permitting, which we'd like to have completed around this time next year, and then into construction and operations, looking at a first half of 2020 startup for Hammerdown. So we're on track with what we've planned to do so far and it's looking really good. And I think now we're going to... Here's some of our recent infill drill results. And We put this in here just to show you where we've been drilling, where we see very good continuity here in the veins. This is a plan view of Hammerdown.

15:28 Right in the core of the pit, This is where we did some infill drilling on the grade control program, really to give us more information, a very close based drill pattern to make sure we understand the variability of the grade between the veins. So we were getting results, you know, kind of typical of what we'd see at Hammerdown with, you know, 0.5 ounce to an ounce material over, you know, 1m to 2m widths. And that's fairly typical of what you'll find at Hammerdown. In some cases, they'll be a bit narrower or wider, but that's the nature of generally of narrow vane systems with the pinch and swell. So our focus really here has been to convert as much inferred ounces over to M&I before the feasibility study and to test our grade control program, which is just about completed now.

16:21 So I'm going to turn it over to Jeremy. He'll give you an update on our exploration plans for the year and some of the things we've been noticing at both projects. Go ahead, Jeremy. Yeah, thanks, Garrett. Yeah, so I think it's pretty exciting on the exploration front. We have what I would call hammer down brownfields exploration. There's a number of targets we have really close by to the Hammerdown deposit and some growth potential even within the pit itself of zones that were not drilled sufficiently for the previous resource that we're in this case following up and defining better. And then of course Garrett mentioned Whisker which is just off the highway just a few kilometers away on the way up to the mill, actually.

17:09 And that we had a lot of interesting results from last year. And then we put it on the side as we advanced Hammerdown towards this production decision. And we're just getting going again at Whisker with initially some fields sampling and mapping work, but now drilling as well. This is a mag map of airborne mag that we flew last year of the area around Hammerdown. There's a lot going on but basically there's a fold that the kind of at the end of the fold where these stars are. I'm just gonna put my, I like to draw. So turn this on here.

17:55 Up in there is where Hammerdown is sitting.

18:01 Yeah, there's lots going on. And I think we are in the early days of really understanding the full potential of this area. I think there's going to be a lot more to come. The land package was held by a number of different groups in the past, and we've consolidated that. So that opens up a lot of opportunity for us. And once we've done this next round of resource work at Hammerdown and pushing towards permitting, we can really start to think about what else and develop a more robust resource pipeline for just to give us some longevity of mining life in the area. This is a long section, and this is an actual long section of Hammerdown and then Orion beside it. And you see there's a gap between those 2.

18:47 That's one of the areas we're exploring right now. We're doing some drilling in between the Orion and Hammerdown deposit. Definitely some area, you know, an area of potential. There's a dashed line that cuts across this whole image 250 meters below surface. You see there's very little work below. Orion does extend below. Hammerdown is somewhat constrained by this Captain Nemo fault. But we've already started to see some indications of mineralization down in the footwell on the other side of that fault. So lots of potential at depth, which is what you see in Canadian gold camps. You know, 250 meters is scratching the surface if you go to any of the other gold camps in our country. So it's really lots to do.

19:33 But pretty encouraging all along strike as well. And Len Lockenbar is an area that we, there's a base metal zone there, but there's gold associated with the base metals and in the hanging wall there's some more narrow-gate Gold mineralization, very similar to the northeast end of Hammerdown. It's just sitting off our deposit.

20:00 This is a cross-section through Hammerdown. Showing the CN, the Capnimo fault, which truncates the mineralization that we have so far in the pit. One of the things we're looking at doing is trying to identify the deformation zone that hosts the mineralization at Hammerdown. So we're popping some deeper holes, getting below the fault in areas that have not scratched there yet, and seeing if we can't identify this deformation zone. Obviously a huge impact if we can find that on the other side of the fault because it would likely be open for quite a ways at depth, so lots of potential for growth. But there's also quite a bit of interesting lower hanging fruit even in and around the pit and in the underground workings that in the past weren't really followed up. Again, the cutoff grade was considerably higher back when the price of gold was much lower and Richemont was operating here, so there's a lot of material that becomes a lot more interesting when you contemplate an open pit versus an underground mine only.

21:06 So there's some great things to look at. But really, this deformation zone would be sensational to find and give us a lot of big time growth if we can find it. This is just a Google Earth image showing where the 2 properties are, the 3 actually, Orion, Hammerdown and Whisker. So you can see that road that Garrett mentioned off to Kings Point on the right hand side, and then the main highway 410 off to on the left hand side. So we access Whistler off that 410 highway. Everything's pretty close to 1 another. And these 3 spots I think represent,

21:47 you know, our resource pipeline. And I think Whisker is going to dovetail nicely into a resource pipeline for us as we start to drill there. Orion's already there. I think there's lots of room to grow. Hammerdown and then even this new zone off to the north east of Hammerdown, I shouldn't say new, new to us, the gold zone, Lockenbar.

22:11 Here's a drone image, this is actually from the other day that we took. So this shows some trenching. It's something called the Gold Pit. You can see there's quite a bit of, this is at the Whiskere Valley, there's quite a bit of infrastructure in this area. It's all been forested in the past. And so we access the property with these roads. This gold pit was there before we took the property. Obviously the name gold pit is a pretty encouraging thing. So we're trenching there right now and finding interesting gold veins, which we think are the extension of the Gary Vane system. I'm not sure if any of the people are listening have been out to site, but the Gary vein system is a pretty extensive trenching network that we have uncovered.

22:57 The trenches of course give us the opportunity to stand on top of the veins, map them, really understand their geometry and where they're going, sample them of course to understand how much gold we have, but start to understand what's going on here because this is all obviously impacted by the structural geology. So better to map it than to just be trying to figure out what's going on through drill holes or geophysics. So trenching has been a really powerful tool in our exploration toolkit here.

23:28 Another view, this is kind of looking the opposite direction. So here we are. You can see the excavator and covering this trench and covering beans at surface and outcrop. Part of the reason we're looking in this area around this gold pit is we've had a lot of float. Last year, we reported a a bunch of very angular. Look like it didn't travel too far, quartz veins with high gold and silver values but also some high base metals too, copper and lead and zinc. So it's pretty interesting. They look a lot like what Hammerdown looks like in geometry, so they're similar in scale and dimension,

24:05 possibly a little bit longer in in strike length. That still remains to be seen exactly. But but really encouraging how how wide we're seeing these these veins exposed the surface now over a kilometer. So last year we extended the Gary system towards the gold pit. It was a couple hundred meters. Now we've done a really big step. And you see in the middle there, that's an area that,

24:30 you know, there might be something even bigger happening. And that's something that we are investigating right now is what's the engine behind this system? What's the engine behind these high-grade gold veins that we see at surface?

24:43 Are there multiple orientations of veins? And is there a bigger plumbing network and a bigger deposit lurking about? We think there is. There's a lot of evidence for something bigger nearby and a lot of mineralization that surface so it's super encouraging. This is a close-up of standing inside the Gary Vane system. On the left hand side, this is the Gary Vane. So you can see, obviously we can get in there and really map this thing out, but getting some really nice grades, 9 grams over almost 2 meters and 6 grams over a meter and a half. And then a little bit further along that same vein system is the bend, where you know we have 13 grams over 31 meters, this is along the strike of the vein itself.

25:32 So really good indications that there's a good starting point. I think we're going to drill more of this vein system and all at the same time look for something bigger. So, oh, it's you. Yeah, thanks, Jeremy. That's great. Good summary of our aspiration. So this is our last slide, and we just want to thank people for tuning in to hear our story. Maritime is, I think, a pretty unique company with over 10 million of working capital and no debt. We control a very large land package in a great jurisdiction. And I can't say enough about Newfoundland and Labrador. It's a great place to work. And we're Fortunate that we have multiple zones of high-grade gold, silver, and copper.

26:19 A lot of exploration upside here. And a very attractive high-grade starter project that 70,000 ounces a year to start in 2022. Extremely leveraged the gold price with some very good economics for a small company. Great local infrastructure, local communities are very supportive and a local skilled workforce, which is fantastic to have. And with our exploration program throughout the year, we're going to have 3 drills basically turning non-stop till the end of the year, testing a number of targets now at Hammerdown, Orion, Lockenbar and Whisker Valley, really branching out from the infill program that we've just completed to more pure exploration, searching for the next deposit to put into our pipeline.

27:05 A couple images there on the screen for our portal and some of the local kids from the school coming up to plant some trees and. It's been good, so I think that's it for me, Tonya. Yeah we do have some questions that have come in. Our first question is, what is the total cost per meter for drilling? Go ahead, Jeremy. Hi, I don't have the exact number in front of me at this moment, but we're relatively low. This area has local drilling companies down the road in Springdale. We're below 150 for sure. Our drilling cost is below 100. We are taking a different approach with the infill drilling and we're sampling a lot more of the core, so it's bumped up our cost a little bit because we're defining the mineralization a little bit tighter.

27:56 But we're on the doorstep of where the drilling company is, literally around the corner, and our costs are really low. We think we're pretty comparable to the Abitibi and other parts. We're drilling pretty shallow holes, so pretty low numbers. Okay, our next question is regarding Nugget Pond. What would be the deal with Nugget Pond mill? Will we buy it, lease it, or just haul material through it? All options are on the table at the moment. So we're still talking to Rambler about that. The agreement we had and signed in March gives us a year to evaluate and come up with an agreement to do one of those 3 things, actually.

28:43 So we're looking at all options right now. Next question, at depth, are there saltwater issues? I don't think so, Jeremy. Never heard about that. No, I don't believe there were pretty far from the coast actually to be impacted by the ocean. So, no. Have we started financing talks for the project? It's a bit early. We would probably get into that early next year, I would think, when we're off and running on the feasibility study. Now that's kind of the key thing that will trigger project financing discussions. I've already had interest, of course, from several groups interested in providing the financing. So I think that's a good sign.

29:35 But in terms of actually getting into financing talks, no, not yet. That'll happen early in the next year. Which is actually a segue to the next question, which is What is our plan to raise $52 million to develop the mine when the market cap is $36 million? I think it's a little higher than that. And how will we grow the market cap so the financing is achievable? Yeah, no, I think it's a good question. Well, yeah, our market cap is around $50 million at the moment. We have 10 million in cash. There's a couple options that we have available for financing. I think this will all kind of look a little different once we have the additional exploration drilling completed, more of the feasibility study underway and actually in the new year, start to see some results on that.

30:24 And then we would look at what financing scenario makes sense for us for that capital cost. Okay, and regarding silver, are we discovering any silver that can add into the resource for credits? Yeah, we are actually. We're starting to, well, we just started recently, assaying for Silver on all of our drilling at Hammerdown and I've seen some high-grade results coming in. It's funny that it wasn't assayed really for Silver in the past, but we do see some grades coming in. When at $30 an ounce for silver, it will contribute something as a by-product credit, so it's not 0. And to be honest, every little bit helps. There's more work to do there, and we'll just continue sampling for silver as we drill.

31:14 But it is encouraging to see, and it will add some value to the project for sure. Okay, and a question for you Jeremy, when speaking on the Whisker Valley area, is there any correlation in geography between Hammerdown and Whisker Faults and are these main exposed at certain points that are grabbing samples from these things? Yeah, they're in different formations and the geology generally doesn't run towards Whisker from Hammerdown. It's more towards the northeast. However, the veins do point directly from Whisker towards Hammerdown. So there's a structural setting there that needs to be investigated further. We are engaging with some specialists in this and we're looking at Whisker a lot closer.

32:08 We looked at only part of Whisker today. There's, you know, the Whisker Valley in and around these trenches is really interesting. The property is quite a bit larger than that. There's half a dozen pockets on the Whisker property than Maritime's Whisker property that are really interesting. So there's a lot going on at Whisker. There's a big fault, the middle arm fault that cuts through the property that heads up and around towards Kings Point, north of Kings Point. So generally the geology is going more northeast than towards Hammerdown, but you definitely can't rule anything out. The structural setting is again, that more East-West and heading that way.

32:56 So I think we're still somewhat in the early days, but really exciting. And I think they're gonna see this, There's multiple directions of vein sets of whisker. Something we've talked a lot as a team. We're going to confirm. And yeah, it's early days. So. Okay. Are we looking at any bulk sample opportunities to prove up the resource? All right, Tonya, can you repeat that one? Are we looking at any bulk sample opportunities to prove up the resource? I would say certainly, yeah, I mean, we're last year, actually, we did a bulk sample for further ore sorting and metallurgical test work in the range of 3 to 4 metric tons from a number of different veins and drill core. We plan to do that again as part of the feasibility study, but if actually we won't be going underground to do that.

34:03 We can get everything we need from surface and from drill core to get enough material for our test work. Okay, and a question on management shares. How many shares does management own? I don't know off the top of my head. I think overall in terms of, you know, the percentage of the outstanding shares and management alone would be maybe 1 to 2% overall. I think all of our team has participated in the last 3 financings, ourselves personally. So yeah, we're, we're definitely invested, and certainly participate on the next round as well, if there are any. And then A question that I hear quite a bit, when are we going to release the results of the deep holes at Tammerdown?

34:56 We have assays, as I say, we have assays in the lab and because we drilled a lot of relatively shallow holes, we were doing these, we call them grade control holes, but really it's tight space drilling to define the variography for the next resource in the guts of the hammering on deposit. We filled the lab up and then we have a number of other holes that we're doing longer infill and then we have some exploration holes. And so we have quite a bit of information in the lab. So I would say in the coming weeks we'll start to see some of our exploration results come out. We're getting, we're just kind of constantly getting results and so it's going to be a constant stream of results for quite a while, I would think.

35:48 Yeah, I think we're trying to release them on a monthly basis or every 3 to 4 weeks, I think is what we've seen so far. Any issues with the permitting process so far? I can answer that. No, not so far at all. It's actually been gone very well. So we expect to hear back from the government fairly soon on their decision on the project registration. And we're still very actively talking to the local communities and we will have more information on that very shortly. And similar topic, do we anticipate an environmental impact statement will be required? Well, that'll be determined by the government. I don't know.

36:33 I think it's a fairly straightforward project to consider. When we look at, you know, it is a former operation, sending ore to a mill and tailings pond that are already in place. And that I think will help get it permitted. We've done a lot of environmental test work, baseline studies, geochemistry, water. We submitted a very comprehensive package when we submitted our project registration. So I guess the answer is we're going to have to wait and see. It's in the government's hands now to determine what they need to do. And 1 for Jeremy from the existing building, the increase in depth. No, so the grades are pretty high right from surface all the way down.

37:25 So basically you're looking for the higher grade pockets within the individual veins, so looking for shoots and obviously if we locate high grade shoots we want to keep following these things at depth, but they're not necessarily just at depth. We have trenches with really high grades, multi-ounce grades, red surface. So it's not a depth thing. It has more to do with where you are in the particular veins. And it's not 1 vein here. We have, I think we had 50 veins modeled in the last resource. It's a whole multitude of stacked Honish-Lund veins. And I think there's going to be more in the next resource. We knew that there was a whole pile of veins that didn't quite make it into the last resource because we didn't have enough drilling. So On the back end of this drilling, I think we'll have more.

38:19 No, we don't see a gradation or an increase towards a depth. It's kind of the same animal from surface all the way down. It's the same behaviour. And will our mine be owner or contract mining? We'll look at both options when the time comes. In the PEA study, we assumed for the most part it was contract operated. We'll look at that when the time comes to build and choose the best option for the company. Is there any joint venture or interest from any major company? There's no joint venture in place formally. We have had lots of interest and we'll always be happy to talk to anybody if it adds value for Maritime.

39:11 And this might be the last question. Any idea of the footprint size of the whisker veining and size of land held in the area? Yeah, the footprint so far is, the veining is across Drake about a kilometer. And That's quite recently that we've been pulling that up, expanding that. We suspect that there's parallel veins based on topography and drainage and mineralization that we've encountered at surface that keeps going north and south. In the Whisker Valley in itself, the area of interest that I have is a couple of kilometers by a kilometer, so it's pretty large. And then the Whisker claims themselves – I just had to cheat and open up an old presentation – It's 216 square kilometers.

40:04 So I think we just added a little bit more, but over 200 square kilometers. So it's a huge area. And there's, again, there's other pockets that we really like in and around the area we're focused on, but it's such a big area we have to focus and we have to be systematic in our approach and advance things to drilling and then push it forward to a resource. And there's other places on the Whistler property that we will go to next, but where we are now is the best one for now. Okay, thanks guys. I think that wraps up all of the questions. I just want to say thanks to the team at 6 for organizing this. On the screen now you can see our contact information, so feel free if you have any follow-up questions to reach out to us through the website or through the info box.

40:56 And I think that wraps it up. So thank you very much and everybody have a good afternoon. Bye guys. Have a good afternoon. Yep. Bye, guys.