Mayfair Gold set to launch PFS at Timmins, Ontario, project
Mayfair Gold Corp. [MFG-TSXV, MFGCF-OTCQX] said it has executed all required contracts with major engineering companies that will participate in a pre-feasibility study on the Fenn-Gib Gold Project in northeastern Ontario. The PFS is expected to be completed towards the end of 2025.
The PFS will evaluate and outline the design, costs, and economic potential for Fenn-Gib on a conventional open pit mining operation and gold processing plant, with a targeted throughput of 4,800 tonne-per-day capacity. The study will also provide detail on the necessary site and regional infrastructure required to bring the project into production.
- Focusing on the 4,800 tpd design allows Mayfair to:
- Focus on the higher-grade near surface mineraliation.
- Reduce the potential scale of upfront initial capital cost to get into production.
- Develop Fenn-Gib on a shorter construction timeline which is expected to help mitigate inflationary pressures and potential for delays relative to a larger development; and
- Provides a clear provincial permitting pathway for the company to transition a new Canadian gold producer.
“We have engaged with an outstanding group fo consultants with established track records of achievement in the mining sector to support the Mayfair team and advance the pre-feasibility study for the Fenn-Gib gold project near Timmins, Ont., ΓÇÿ’ said Mayfair CEO Nick Campbell.
“Mayfair is positioning itself to be a nimble gold development company, focusing on a smaller, higher-grade, higher margin mine development that can be permitted and built to take advantage of the strong current Canadian gold price market,” he said. “The lower risk approach should provide Mayfair with the time and capital required t consider a longer-term project scope that considers the entire 4.3 million ounce indicated gold resource in the future. We anticipate the PFS to be completed by year-end 2025 with the Ontario permitting timelines allowing for a construction decision as early as three years from now.”
Mayfair Gold is a mineral exploration company with a focus on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024, with a total indicated resource of 181.3 million tonnes containing 4.3 million ounces at a grade of 0.74 g/t gold and an inferred resource of 8.9 million tonnes containing 0.14 million ounces at a grade of 0.49 g/t gold at a 0.30 g/t cut off grade.
The Fenn-Gib project is roughly 10 kilometres from the community of the Apitipi Anicinapek Nation. Therefore, Mayfair has a special focus on collaborating with this Nation.
Mayfair shares were unchanged Tuesday at $1.63. The shares trade in a 52-week range of $2.40 and $1.50.