VANCOUVER, British Columbia, Jan. 04, 2022 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to provide a review of the Company’s first year of operations at the 100%-controlled Fenn-Gib gold project (“Fenn-Gib”) in the Timmins region of Ontario and also outline plans for 2022.
Mayfair Gold acquired Fenn-Gib one year ago on December 31, 2020. Fenn-Gib currently hosts an Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t gold (“Au”) (see the “About Mayfair” section below.) Mayfair’s vision is to grow the Fenn-Gib resource to +3M ounces through the current 80,000-meter (m) infill and expansion drill program.
Mayfair’s President and CEO Patrick Evans noted: “In late 2020, we purchased Kirkland Lake’s exploration office in Matheson, Ontario, located approx. 20 kilometers west of Fenn-Gib. With a full crew of geologists and technicians on staff at closing, we hit the ground running with the first drill rig turning within three weeks. By mid-2021, we had four drill rigs turning and made excellent progress throughout the year.”
By late December 2021, when drilling paused for the Christmas break, a total of 54,741m had been drilled in 89 holes. Drilling is scheduled to resume on January 10, 2022, and the 80,000m program is expected to be completed by Q2 2022, with a resource update scheduled for Q3 2022.
Concurrent with the drill program, Mayfair resumed metallurgical testing of Fenn-Gib mineralization in 2021. The program is being managed by Ausenco Engineering Canada Inc. (“Ausenco”) and samples are currently being tested at SGS Lakefield. The final results of the flowsheet trade off study are expected in Q2 2022. Through this program, Mayfair is seeking to maximize gold recoveries, minimize projected capital and operating costs, and expedite permitting.
Following completion of the 80,000m drill program and metallurgical test campaign, Mayfair is planning a preliminary economic assessment (“PEA”) for the Fenn-Gib deposit. The PEA will be prepared by Ausenco and is expected to be completed by Q4 2022.
In the quest to discover additional deposits at the 4,800-hectare Fenn-Gib project, Mayfair flew the first ever high-resolution triaxial MAG survey at 75m spaced flight lines over both the North and South Blocks at Fenn-Gib in April 2021. Based on very encouraging results, a regional exploration program has been designed to test priority gold targets. Ground geophysics on the North Block will commence shortly, followed by a 7,000m Phase 1 regional drill program. At the South Block, line cutting will also commence shortly to allow access for ground geophysics in preparation for a 3,000m Phase 1 drill program.
Mr. Evans commented: “Outside the current deposit, Fenn-Gib has never seen methodical regional exploration using modern technology. Compelling targets have been identified on the North Block, which straddles the gold-bearing Pipestone fault. The South Block straddles the prolific Porcupine-Destor Fault and is on trend with producing and past-producing mines to the northwest and east. Compelling exploration targets have also been identified on the South Block. While our vision is to grow the current deposit to plus 3M ounces, we believe prospects for the discovery of additional deposits on both the North and South Blocks are very good.”
On December 13, 2021, Mayfair closed a $4.64M flow-through financing. Combined with cash in treasury, the Company’s current 2022 plan is fully funded.
Mayfair is a Canadian mineral exploration company focused on advancing the 100% owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset. An updated open-pit constrained NI 43-101 resource estimate (February 5, 2021) reported a total Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t Au and an Inferred Resource of 3.8M tonnes containing 75,000 ounces at a grade of 0.618 g/t Au. The deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold mineralized zones remain open at depth and along strike to the east and west.
For further information contact:
Patrick Evans, President and CEO
Email: [email protected]
Phone: (480) 747-3032
Qualified Person Statement
Mayfair Gold’s disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to Mayfair’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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