Mayfair Gold Completes Fenn-Gib Geotechnical and Hydrogeology Field Campaign
July 05 2023 - 1:14PM
Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V: MFG; OTCQB:
MFGCF) is pleased to announce the successful completion of
the geotechnical and hydrogeology field campaigns in support of the
planned Fenn-Gib pre-feasibility study. Mayfair’s 100% controlled
Fenn-Gib Project, located in the Timmins region of Northeast
Ontario, hosts a NI 43-101 open-pit constrained Indicated mineral
resource estimate of 3.38 million ounces (Moz) gold (Au) at a grade
of 0.93 grams per tonne (g/t) Au, and an Inferred mineral resource
of 0.16Moz Au at 0.85 g/t Au (see the “About Mayfair” section
below). The near-surface Fenn-Gib gold mineralization is broadly
disseminated striking east-west on the Pipestone Fault over more
than 1.5 kilometers (km) and is over 500 meters (m) wide at the
west end.
Mayfair Gold President and CEO Patrick Evans
commented: “Mayfair’s recently reported pit-constrained resource
update assumed a 50-degree pit slope angle. The potential exists to
significantly increase the Fenn-Gib resource ounces by increasing
the open-pit wall slope angle above 50 degrees. Analysis of the
data from the field program is now underway, and the results are
expected during the current quarter.”
Table 1 demonstrates the Fenn-Gib Zone open-pit
constrained resource sensitivity comparison by open-pit wall slope
angle.
Table 1.
Fenn-Gib Open-Pit Constrained Resource Sensitivity by Pit Wall
Slope Angle Comparison at a 0.4 g/t Au Cut-Off Grade
Pit-Constrained Resources @ 0.40 g/t Au Cut-Off
Grade |
Pit Slope (degrees) |
Resource Category |
Tonnage (T X 1000) |
Gold Grade (g/t) |
Gold Ounces (oz) |
45 |
Indicated |
108,398 |
0.93 |
3,252,000 |
|
Inferred |
5,381 |
0.85 |
147,000 |
50 |
Indicated |
113,688 |
0.93 |
3,383,000 |
|
Inferred |
5,724 |
0.85 |
157,000 |
55 |
Indicated |
127,494 |
0.91 |
3,731,000 |
|
Inferred |
12,273 |
0.84 |
333,000 |
Note: see Mayfair Gold news release June 14, 2023 |
Mayfair Gold is also
pleased to report that resource drilling on the higher-grade
Footwall Zone, located approximately 100m to the north of the
Fenn-Gib deposit, continues to make encouraging progress. The
program is supported by two drill rigs. Based on results to date,
Mayfair expects to report a maiden underground Footwall Zone
resource in early 2024. In anticipation of that, a downhole
televiewer survey has been completed on three Footwall Zone drill
holes to support modeling of a potential crown pillar.
About Mayfair
Mayfair Gold is a
Canadian mineral exploration company focused on advancing the 100%
controlled Fenn-Gib gold project in the Timmins region of Northern
Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and
currently hosts an updated NI 43-101 resource estimate with an
effective date of April 6. 2023 of a total Indicated Resource of
113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au
and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at
a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: Tim
Maunula, P. Geo., of T. Maunula & Associates Consulting Inc.,
who is deemed a qualified person as defined by NI 43-101). The
Fenn-Gib deposit has a strike length of over 1.5km with widths
ranging over 500m. The gold mineralized zones remain open at depth
and along strike to the east and west. Recently completed
metallurgical tests confirm that the Fen-Gib deposit can deliver
robust gold recoveries of up to 94%.
For further information
contact:
Patrick Evans, President and CEOEmail:
patrick@mayfairgold.caPhone: (480) 747-3032Web:
www.mayfairgold.ca
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
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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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