MAYFAIR GOLD ADVANCES EXPLORATION TARGETS AND PROJECT GEOLOGY AT FENN-GIB
Mayfair confirms site layouts and advances exploration toward its 2030 production target.
Mayfair Gold Corp. (MFG) has completed 23 condemnation drill holes totaling 6,184 meters at its Fenn-Gib project to validate infrastructure site layouts. The results confirm that the tested locations remain suitable for planned infrastructure, meaning no changes to the current site layout are required.
Assay highlights from the program include 2.70 meters at 2.84 grams per tonne of gold and 1.50 meters at 3.27 grams per tonne of gold. Exploration activities have mapped more than 95% of known outcrops and collected 127 grab samples, with data currently being integrated into a 3D geological model. Additionally, grade control drilling yielded favorable results, and targeted infill drilling is under consideration.
The project status remains aligned with the 2026 Pre-Feasibility Study (PFS), which targets a 1 million ounce probable reserve, C$450 million in initial capital, a 2.7-year payback period, and production starting in 2030.
Mayfair Gold Corp. (MFG) released condemnation drilling results that are consistent with expectations, serving to de-risk infrastructure assumptions for the Preliminary Feasibility Study ahead of the 2028 construction target. The confirmation of site layouts and favorable grade control results align with previous Q2 updates, introducing no new financial or operational surprises.
This news is incremental to the ongoing development timeline and does not materially alter the C$450M capital expenditure or 2030 production target. Market impact is likely neutral, as the information was largely anticipated following the Q2 operational update and grade control validation.
Mayfair Gold Corp. is a development-stage gold company focused on its 100% owned Fenn-Gib project in the Timmins mining district, Ontario. The project targets an open-pit mine with a 4,800 tpd processing plant.
A preliminary feasibility study highlights a 1.04 million ounce probable mineral reserve, comprising 25.1Mt at 1.29 g/t Au. The plan calls for C$450M in initial development capital, a 2.7-year base-case payback, and US$896M in cumulative free cash flow over six years at US$3,100/oz. Targeted construction start is 2028, with initial production in 2030.
The company recently acquired the Guibord, Marriott, and Holloway properties to expand its land package by more than 65% along the Porcupine-Destor Fault Zone.