Mayfair to acquire Ont. property interests from Plato

Executive Summary

• Mayfair Gold Corp. has entered into a definitive agreement to acquire the Guibord, Marriott, and Holloway properties from Plato Gold Corp. for $2.5 million in cash.
• The acquisition expands Mayfair’s landholdings near its Fenn-Gib gold project by more than 65%, providing critical adjacent land for infrastructure and exploration leverage along the Porcupine-Destor fault zone.
• The transaction includes Mayfair’s 50% interest in Guibord and 100% interests in Marriott and Holloway, with funds held in escrow and released upon the transfer of specific properties.

Key Details

• Transaction Value: $2.5 million in cash.
• Assets Acquired:
  • Guibord Property (50% interest): Hosts Plato's Silver Fox project; 275 hectares (16 mining claims, 2 mining leases); contiguous to Fenn-Gib concessions; provides key land access for Fenn-Gib permitting. Historic drilling returned intervals of 13.7 g/t Au over 1.22m and 47.01 g/t Au over 0.91m.
  • Marriott Property (100% interest): 2,728 hectares (142 contiguous mining claims); located 15km east of shuttered Holt and Holloway mines; 2,858m of drilling completed in 2005 with three holes intercepting >1.0 g/t Au.
  • Holloway Property (100% interest): 156 hectares (10 contiguous claims covered by a mining lease); located 3km east of Holt and Holloway mines; historic 1987 drilling intersected 52-64 g/t Au over 0.3-0.8m intervals.
• Strategic Rationale: Expansion of landholdings by >65%; access to regionally important Porcupine-Destor fault zone; critical land for on-site infrastructure and permitting; exploration leverage adjacent to and within hauling distance of the proposed Fenn-Gib mine.
• Payment Terms: Cash consideration paid into escrow. Release schedule: 50% upon transfer of Marriott, 25% upon transfer of Holloway, and 25% upon transfer of Guibord.
• Conditions: Subject to customary conditions precedent, including ministerial consent for transfer of certain mining leases.

Notable Quotes

• "We are excited to enter into this agreement with Plato to expand our landholdings near the Fenn-Gib gold project by more than 65 per cent. All three properties are closely associated with the Porcupine-Destor fault zone... This transaction as well as targets within our current landholdings provide Mayfair with new exploration leverage adjacent to and within hauling distance of the proposed Fenn-Gib mine. Furthermore, the Guibord property facilitates critical access for potential on-site infrastructure supporting our permitting process." — Nick Campbell, CEO of Mayfair Gold