Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V: MFG; OTCQB:
MFGCF) is pleased to announce further drill results from
the higher-grade Footwall Zone located approximately 100 meters (m)
to the northwest of the Fenn-Gib gold deposit. 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 (M) ounces (oz) 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 m wide at the west
end.
Mayfair Gold President and CEO Patrick Evans
commented: “The 3.38M ounce Fenn-Gib deposit is a high-quality
‘anchor’ asset with very favorable geology capable of delivering
industry-leading gold recoveries with standard flowsheet options.
Resource drilling on the Footwall Zone discovery immediately
adjacent to the Fenn-Gib deposit continues to identify wide zones
of high-grade gold mineralization. Drilling has so far extended the
strike of the outcropping Footwall Zone to more than 1
kilometer—and it remains open to both the northeast and
southwest—and confirmed continuity to a depth of more than 600
m.”
The winter resource drilling campaign at the
Footwall Zone has extended the strike of the mineralized structure
over approximately 1 km. The mineralization reported today in drill
holes FG24- 385, 387, and 388 is located within the northern
portion of the 2023 Fenn-Gib resource conceptual open-pit and is
expected to increase the Fenn-Gib open-pittable resource. A maiden
resource on the Footwall Zone is expected to be completed by
mid-2024.
Highlight drill results include:
1. |
FG24-385 intersected 0.88 g/t Au over 71.0m, including 1.40
g/t Au over 28.3m including 19.81 g/t Au over 1.8m; |
|
|
2. |
FG24-387 intersected 0.80 g/t Au over 194.5m, including
3.02 g/t Au over 3.0m and 2.54 g/t Au over 5.0m and 8.56 g/t Au
over 3.3m including 23.90 g/t Au over 1.0m and 4.60 g/t Au over
2.2m; |
|
|
3. |
FG24-388 intersected 1.97 g/t Au over 68.9m including 4.82
g/t Au over 9.4m including 11.25 g/t Au over 2.1m and 3.01 g/t Au
over 12.5m and 6.63 g/t Au over 1.1m and 4.15 g/t Au over 5.9m;
and |
|
|
4. |
FG24-390 intersected 10.72 g/t Au over 1.0m, 0.55 g/t Au
over 28.5m, 6.12 g/t Au over 14.0m including 68.13 g/t Au over 0.9m
and 3.24 g/t Au over 6.0m including 9.13 g/t Au over
1.0m. |
|
|
The latest drill results continue to intersect
significant gold mineralization building on Mayfair’s previously
reported Footwall Zone drill results that included: hole
FG21-139 intersected 1.94 g/t Au over
38.0m, including 4.06 g/t Au over 15.0m
(news release June 01, 2021). FG21-166 intersected
1.42 g/t Au over 66.0m, including 3.4 g/t
Au over 19.2m, including 6.20 g/t Au over
9.2m. A lower zone in hole FG21-166
returned 1.02 g/t Au over 34.0m, including
11.49 g/t Au over 1.0m; FG21-170
intersected 37.51 g/t Au over 2.6m and
59.05 g/t over 1.0m; hole
FG21-186 intersected 2.31 g/t Au over
30.0m, including 6.58 g/t Au over 7.0m
(news release October 25, 2021). FG21-188
intersected 25.93 g/t Au over 1.5m, 1.37
g/t Au over 25.5m including 5.4 g/t Au over
5.0m; FG21-203 intersected 2.70
g/t Au over 15.0m; including 4.04 g/t Au over
9.0m, including 7.18 g/t Au over 4.0m;
FG21-215 intersected 2.88 g/t Au over
49.0m, including 6.53 g/t Au over 17.5m
and FG22-218 intersected 0.71 g/t Au over
92.0m, including 2.15 g/t Au over 10.0m.
A lower zone returned 2.40 g/t Au over 47.4m,
including 3.83 g/t Au over 4.7m and 5.26
g/t Au over 6.6m and 6.78 g/t Au over
7.0m (news release June 15, 2022).
FG23-300 intersected 2.05 g/t Au over
16.2m, including 3.72 g/t Au over 6.2m
(news release February 27, 2023), and hole
FG23-328 returned 15.65 g/t Au over 1.5m
and 7.94 g/t Au over 7.0m and hole
FG23-344A intersected 4.72 g/t Au over
30.0m, including 6.59 g/t Au over 19.6m
(news release June 21, 2023). FG23-304
intersected 1.46 g/t Au over 25.9m, including
14.32 g/t Au over 1.0m and 3.0 g/t Au over 3.5m and 5.88
g/t Au over 1.9; FG23-314 intersected 2.19 g/t
Au over 17.1m, including 13.67
g/t Au over 2.0m; FG23-326 intersected
3.67 g/t Au over 8.0m, including 6.47 g/t
Au over 4.2m including 19.89 g/t Au over
0.9m and FG23-345 intersected
1.44 g/t Au over 49.5m, including 9.20 g/t
Au over 2.5m and 2.92 g/t Au over 3.0m
(news release September 11, 2023).
The Footwall Zone target consists of multiple
mineralized zones hosted primarily in the footwall mafic volcanic
assemblage, located immediately northwest of the Fenn-Gib gold
deposit. The Footwall Zone strikes in a northeasterly direction and
with a steep northerly dip. Mineralization consists of bleached,
buff-altered (silica-albite-carbonate alteration), pillowed mafic
volcanic with pyrite ranging from 2% to over 20%.
Metallurgical tests conducted on a Footwall Zone
underground sample showed excellent metallurgy. Whole-ore
cyanidation confirmed the high gold recovery of 94.2% at a P80 59um
grind size and 48-hour leach time (news release March 28,
2022).
The latest reported drill results are summarized
in Table 1 below, and Table 2 lists the drill hole details.
Table 1 – Footwall Zone
reported drill hole results summary.
Hole |
|
From |
To |
Interval |
Gold |
Name |
|
metres |
metres |
metres |
grams/tonne |
FG24-385 |
|
261.4 |
332.4 |
71.0 |
0.88 |
|
including |
296.7 |
325.0 |
28.3 |
1.40 |
|
including |
296.7 |
298.5 |
1.8 |
19.81 |
|
and |
315.0 |
316.0 |
1.0 |
3.24 |
|
|
360.0 |
364.0 |
4.0 |
2.37 |
|
including |
363.0 |
364.0 |
1.0 |
5.95 |
|
|
408.1 |
417.0 |
8.9 |
2.01 |
|
|
|
|
|
|
FG24-387 |
|
313.5 |
508.0 |
194.5 |
0.80 |
|
including |
326.0 |
329.0 |
3.0 |
3.02 |
|
and |
379.1 |
380.0 |
0.9 |
4.21 |
|
and |
438.0 |
443.0 |
5.0 |
2.54 |
|
and |
464.7 |
468.0 |
3.3 |
8.56 |
|
including |
467.0 |
468.0 |
1.0 |
23.90 |
|
and |
474.5 |
476.7 |
2.2 |
4.60 |
|
|
|
|
|
|
FG24-388 |
|
312.0 |
380.9 |
68.9 |
1.97 |
|
including |
314.0 |
323.4 |
9.4 |
4.82 |
|
including |
318.0 |
320.1 |
2.1 |
11.25 |
|
and |
339.5 |
352.0 |
12.5 |
3.01 |
|
including |
343.5 |
346.5 |
3.0 |
6.91 |
|
and |
350.9 |
352.0 |
1.1 |
6.63 |
|
and |
375.0 |
380.9 |
5.9 |
4.15 |
|
|
|
|
|
|
FG24-390 |
|
209.0 |
210.0 |
1.0 |
10.72 |
|
|
221.5 |
250.0 |
28.5 |
0.55 |
|
|
244.2 |
245.2 |
1.00 |
2.96 |
|
|
280.0 |
294.0 |
14.00 |
6.12 |
|
including |
281.2 |
282.1 |
0.90 |
68.13 |
|
and |
288.0 |
294.0 |
6.00 |
3.24 |
|
including |
291.0 |
292.0 |
1.00 |
9.13 |
Table 2 – Footwall Zone
reported drill hole collar information.
Hole Name |
Collar Easting |
Collar Northing |
Collar Elevation |
Depth |
Collar Azimuth |
Collar Dip |
|
mE |
mN |
masl |
m |
Deg. |
Deg. |
FG24-385 |
558319 |
5375572 |
5319 |
426.0 |
128 |
-50 |
FG24-387 |
558254 |
5375594 |
5320 |
547.0 |
128 |
-48 |
FG24-388 |
558319 |
5375572 |
5319 |
513.0 |
128 |
-63 |
FG24-390 |
558557 |
5375965 |
5313 |
474.3 |
126 |
-45 |
|
|
|
|
|
|
|
Plan and section maps of the above reported drill holes are
available at
https://mayfairgold.ca/fenn-gib/#drillplanmap§ions.
Additional drill results from the infill,
expansion, and step-out drill program will be announced as they are
received.
QA/QC Controls
Mayfair Gold (Mayfair) employs a QA/QC program
consistent with NI 43-101 and industry best practices. Surface
drilling was conducted by Major/Norex Drilling of Timmins, Ontario
and was supervised by the Mayfair exploration team. Mayfair’s
drill program includes descriptive logging and sampling of the
drill core for analysis at Mayfair’s secure facility located in
Matheson, Ontario. Sampled drill core intervals were sawn in half
with a diamond blade saw. Half of the sampled core was left in the
core box and the remaining half was bagged and sealed. Mayfair
utilizes accredited laboratories that include, Activation
Laboratories Ltd. (Actlabs) and AGAT Laboratories Ltd. (AGAT) both
located in Timmins, Ontario, and Swastika Laboratories Ltd located
in Swastika, Ontario. Mayfair personnel transport the samples
directly and deliver to Actlabs, and samples are collected by both
AGAT and Swastika personnel directly from Mayfair’s secure core
logging facility in Matheson, Ontario. Gold was analyzed by 30-gram
fire assay with AA-finish. Certified reference material (CRM)
standards and coarse blank material are inserted every twenty
samples. Mayfair completes routine third-party check assays.
Drill intercepts cited do not necessarily represent true
widths unless otherwise noted.
About Mayfair
Gold
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
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.
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