Mayfair Gold increases Fenn-Gib Open-Pit indicated resources to 3.38M ounces

Mayfair Gold Corp. [MFG-TSXV; MFGCF-OTCQX] provided an updated interim mineral resource estimate at the company’s 100%-controlled Fenn-Gib gold project, located in the Timmins region of Northeastern Ontario.

Based on assay results from approximately 81% of the company’s continuing 140,000-metre infill and expansion drill program, the Fenn-Gib zone deposit now hosts a NI 43-101 open-pit constrained indicated mineral resource estimate of 3.38 million ounces gold at a grade of 0.9 g/t gold and an inferred mineral resource of 160,000 ounces gold at 0.85 g/t gold. The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone fault over more than 1.5 km and is over 500 metres wide at the west end.

Highlights: 16% increase in indicated resource since October 2022, update report; 8% increase in indicated resource grade to 0.93 g/t gold; interim resource update includes assay results up to April 6, 2023, for approximately 113,800 metres, or 81%, of continuing drill program; infill and expansion drilling continuing; approximately 133,000 metres of 140,000-metre program completed to date.

Drilling shows continued expansion of open-pit gold mineralization; geotechnical program under way to determine optimal pit wall slope; Fenn-Gib footwall zone maiden resource estimate expected early 2024.

Mayfair Gold president and CEO Patrick Evans commented: “We are pleased to report both a 16% increase in indicated resource ounces and an 8% increase in indicated resource grade. The increase in the indicated resource ounces reported today comes from a combination of the expansion zone in the centre of the Fenn-Gib deposit, the footwall mafics in the northern portion of the conceptual pit, the east side of the higher-grade main zone and from the conversion of inferred to indicated resource ounces. The Fenn-Gib mineralization remains open for further expansion in most directions, and we are excited about the potential to further increase the resources with the ongoing drill program supported by three drill rigs. Mayfair expects to provide a further updated mineral resource estimate on the Fenn-Gib open-pit deposit in early 2024.” Mr. Evans added: “Resource drilling on the higher-grade footwall zone, located approximately 100 metres to the northwest of the Fenn-Gib zone, is ongoing and supported by two drill rigs. Based on results to date, Mayfair expects to report a maiden underground footwall zone resource in early 2024.”

Highlights of the updated Fenn-Gib mineral resource estimate at 0.40-g/t-gold cut-off grade: Fenn-Gib zone open-pit-constrained indicated resource of 3,382,788 ounces at 0.93 g/t gold and Fenn-Gib zone open-pit-constrained inferred resource of 157,292 ounces at 0.85 g/t gold.

Mayfair is currently conducting a geotechnical field campaign to acquire open-pit wall slope stability data to determine the optimal open-pit wall slope angle at a prefeasibility study level. The program includes a recently completed 3,200-metre, six-hole, HQ-core-size-orientated core drill program, a 4,000-metre televiewer survey on selected historical drill holes and point load tests to calculate rock strength.

The pit wall angle sensitivity comparison in an attached table details the potential to significantly increase the indicated resource ounces by increasing the open-pit wall slope angle from the 50-degree angle used in the current resource estimate. The final report of the geotechnical study to determine the optimal pit wall slope angle is expected in September 2023.

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, with a total indicated resource of 113.69 million tonnes containing 3.38 million ounces at a grade of 0.93 g/t gold and an inferred resource of 5.72 million tonnes containing 160,000 ounces of 0.85 g/t gold at a 0.40-g/t-gold cut-off grade. The Fenn-Gib deposit has a strike length of over 1.5 km with widths ranging over 500 metres. The gold-mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.