They are attempting to take over an existing 1a-31 exploration permit, originally issued to Heartland Treasure Quest. Heartland started surveying, found what they believe to be a treasure wreck (likely a 1715 vessel) but Heartland tried to get a salvage permit without first finishing the survey, state said no and their investors backed out because they didn't want to pay to survey the whole area when they already had a good wreck to work. The site has set stagnant since then. Seafarer is attempting to take over the 1a-31 EXPLORATION permit....once they get that, they must finish the survey, file the reports, file for the Dig and Identify addendum, identify all targets found during sonar, THEN apply for a SALVAGE contract. Some on the investment forums would lead you to believe that gold will be on the decks very soon, not hardly in my opinion as they still have many steps to complete before even applying for a salvage permit.
you must survey and turn in targets. Apply for dredge permit, dredge to identify what the mag and sonar targets were (time consuming) and THEN apply for a salvage lease, followed by the actual salvaging. My opinion it's a 3 year process start to finish for most people.
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