Mayfair Gold Accelerates Regional Exploration at Fenn-Gib Gold Project

Rhea-AI Summary

Mayfair Gold Corp. (MFGCF) has announced an acceleration of its regional exploration program at the Fenn-Gib gold project in Northeast Ontario. Key developments include the completion of high-resolution airborne magnetic surveys and structural geological interpretations. The company plans to initiate a 7,000m drill program in January at the North Block, targeting areas with promising mineralization. Additionally, a 3,000m drill program is planned for the South Block in early 2022. The Fenn-Gib deposit currently hosts an Indicated Resource of 2.08 million ounces of gold.

Positive

• Plans for a 7,000m drill program at the North Block targeting high mineralization zones.
• Indicated resource at Fenn-Gib stands at 2.08 million ounces with expansion plans aiming for over 3 million ounces.

Negative

• None.

• High resolution airborne MAG completed
• Structural geology interpretation of MAG data completed
• North Block field reconnaissance completed
• 7,000m North Block regional drill program
• 3,000m South Block regional drill program
  

VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced plans for the acceleration of the regional exploration program at its flagship 100%-controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario. The regional exploration program is focused on both the Fenn-Gib North Block (32.55 square kilometers), which straddles the Pipestone Fault mineralized corridor, and the South Block (14.72 km²), which straddles the Destor-Porcupine Fault.

The Fenn-Gib deposit (“Fenn-Gib”), located on the North Block, currently hosts a pit-constrained Indicated Resource of 2.08M ounces with disseminated gold mineralization striking east-west on the Pipestone Fault over 1.25 kilometers and up to 300 meters (m) wide. An 80,000m infill and expansion drill program is currently underway to fully define the mineralization at the Fenn-Gib deposit, with a target of plus 3 million ounces.

Mayfair Gold President and CEO Patrick Evans commented: “Immediately after acquiring Fenn-Gib less than a year ago, planning commenced for regional exploration beyond the Fenn-Gib deposit. Last April, we completed the first ever heli-borne high-resolution triaxial MAG survey at 75-meter spaced flight lines over both the North and South Blocks. SRK Consulting completed a regional-scale structural geology interpretation of the aeromagnetic data to assist with understanding the structural geological architecture and its associated controls on gold mineralization to guide further exploration. A comprehensive follow-up surface exploration program commenced on the North Block last June. Based on the very encouraging results from these programs, plans are now underway for a 7,000m drill program commencing at the priority North Block Horseshoe target in mid-January.”

The South Block program will commence with line cutting at between 50- and 100-meter line spacings across the full 6-kilometer strike along the Destor-Porcupine Fault. Line cutting will be at 50-meter spacings in priority target areas identified from the MAG survey and structural analyses. This will be followed up with a ground geophysics program across the entire South Block to identify drill targets. A maiden 3,000m drill program is planned for early 2022. The Destor-Porcupine fault and its splays are host to McEwan Mining’s producing Black Fox gold mine located approximately 7 kilometers to the north-west of Mayfair’s South Block, and Moneta Gold’s reported multi-million ounce gold resource on the Tower Gold Project shares a common property boundary to the east of Mayfair’s South Block.

Further results from the regional exploration program will be reported as they are received.

About Mayfair

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: patrick@mayfairgold.ca
Phone: (416) 670-5114
Web: 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 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

What are the recent developments at Mayfair Gold Corp. (MFGCF)?

Mayfair Gold Corp. announced an acceleration of its regional exploration program, including high-resolution magnetic surveys and new drill programs.

What is the size of the drill programs planned by Mayfair Gold Corp. (MFGCF)?

The company plans a 7,000m drill program for North Block and a 3,000m drill program for South Block.

What is the current resource estimate for the Fenn-Gib gold deposit?

The Fenn-Gib gold deposit currently hosts an Indicated Resource of 2.08 million ounces.

Where is Mayfair Gold Corp. (MFGCF) focusing its exploration efforts?

The exploration efforts are concentrated in the Fenn-Gib gold project located in the Timmins region of Northeast Ontario.

When will the drill programs for Mayfair Gold Corp. (MFGCF) commence?

The 7,000m drill program at the North Block is set to commence in mid-January, while the 3,000m drill program for the South Block is planned for early 2022.