Mayfair Gold Expands Fenn-Gib Drill Program to 80,000 meters

Rhea-AI Summary

Mayfair Gold Corp. announced an expansion of its drill program at the Fenn-Gib gold project in Ontario. The ongoing Phase 1 program has completed 49,700m of the targeted 50,000m across 78 holes, showing continued gold mineralization. A Phase 2 program will add 30,000m, utilizing three drill rigs, with completion expected by Q2 2022. Mayfair is also conducting metallurgical testing with results anticipated soon. The current resource estimate stands at 2.08M ounces of gold, with plans for an updated resource report by Q3 2022 and a preliminary economic assessment by Q4 2022.

Positive

• Completion of 49,700m in Phase 1 drill program, indicating strong gold mineralization.
• Expansion of drill program by 30,000m to fully delineate resource potential.
• Plans for updated NI 43-101 mineral resource report expected by Q3 2022.
• Metallurgical testing progressing on schedule, enhancing project viability.

Negative

• None.

• Phase 1 drill program: 50,000m
• +49,700m completed in 78 holes
• Phase 2 drill program: 30,000m
• Metallurgical testing underway

VANCOUVER, British Columbia, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced the significant expansion of the ongoing drill program at its flagship 100%-controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario. The Fenn-Gib deposit (“Fenn-Gib”) 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.

Mayfair Gold President and CEO Patrick Evans commented: “Since acquiring Fenn-Gib less than a year ago, we are close to completing the 50,000m Phase 1 infill and expansion drill program. We are very pleased with the results reported to date. Based on these results, it is apparent that the mineralization at Fenn-Gib remains to be fully delineated. Gold mineralization continues to be intersected in every hole drilled to date and remains open in most directions. To fully delineate the Fenn-Gib resource potential, we have now expanded our drill program by a further 30,000m.”

The 30,000m Phase 2 drill program will be supported by three drill rigs and is expected to be completed in the second quarter of 2022. Subject to the timely receipt of assay results, Mayfair expects to report an updated NI 43-101 mineral resource for Fenn-Gib during the third quarter of 2022, with a preliminary economic assessment planned for the fourth quarter of 2022.

Mayfair’s infill and expansion drill program has been focused on five areas at the Fenn-Gib deposit:

1. Infill drilling within the current resource area to reduce drill hole spacing within the current conceptual open pit to a maximum of 50m;
2. Expansion drilling below the shallow area of the current conceptual open pit in the center and east of the deposit;
3. Expansion drilling to the east of the current conceptual open pit;
4. Infill and expansion drilling for potential underground resources across the full strike of the Fenn-Gib deposit; and
5. Infill and expansion drilling at the high-grade Footwall Zone in close proximity to the north of the Fenn-Gib deposit.
   

Assay results and drill plan and sections maps for all completed drill holes can be found at https://mayfairgold.ca/fenn-gib/#drillplanmap&sections.

Mayfair is also pleased to report that the metallurgical test work program is progressing on schedule. Sample intervals from seven different locations were selected to align with the average modelled annual grades from the potential mine schedule. Five samples were taken from the Fenn-Gib deposit: one from the Footwall Zone that lies within the conceptual open pit, and one from the Footwall Zone outside the conceptual pit.

The Company has retained Ausenco Engineering Canada Inc. to manage the metallurgical program in preparation for a Preliminary Economic Assessment. The metallurgical samples are being processed at SGS Canada Inc., located in Lakefield, Ontario, which has over eighty years of metallurgical testing experience. The results will be reported when 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 is the status of Mayfair Gold Corp.'s drill program for MFGCF?

Mayfair Gold has completed 49,700m of its Phase 1 drill program and is expanding to a Phase 2 program of 30,000m.

When can we expect the updated resource report for MFGCF?

An updated NI 43-101 mineral resource report is expected by Q3 2022.

What are the key findings from Mayfair Gold's ongoing drilling?

Gold mineralization is being intersected in every hole drilled, indicating potential for further resource expansion.

What is the current gold resource estimate for MFGCF?

The current resource estimate for the Fenn-Gib gold project is 2.08 million ounces of gold.

What is the next significant milestone for Mayfair Gold Corp. regarding MFGCF?

A preliminary economic assessment is planned for Q4 2022 following the updated resource report.