Mayfair Gold Presents the Initial Results from the 2025 Grade Control Drilling Program at the Fenn-Gib Project
Mayfair moves closer to production as starter pit drilling beats block model expectations
The February 11, 2026, news release reports interim results from a 56-hole grade control drilling program at the Fenn-Gib Project’s "starter pit" (Phase 1). Of the 4,200 meters planned, results for 2,355 meters (36 holes) were released. Key findings include: - An interim average grade of 1.47 g/t gold, which is a 5% positive reconciliation against the current block model estimate of 1.40 g/t. - Using a 0.8 g/t cutoff, the drilling yielded 1,358m at 2.21 g/t, significantly higher than the block model’s predicted 1,788m at 1.68 g/t for that specific volume. - Management indicates these results support the Pre-Feasibility Study (PFS) assumptions for the early years of the mine and will assist in advancing project financing. - The company also disclosed new investor relations agreements with Swiss Resource Capital and Capital Analytica.
The impact is positive but routine for a project at the PFS stage. While a 5% grade reconciliation beat is encouraging, it remains "interim" with 20 holes (nearly 44% of the program) still pending. - Operational Confidence: These results specifically target the "starter pit," which represents the first ~1 million tonnes of ore. High-grade performance in early years is critical for rapid payback of the $450 million CAD initial capital. - Project Financing: Positive reconciliation reduces the risk of underperformance during the "payback period," making the project more attractive to debt lenders. - Resource Limitations: The results are not incorporated into the recently filed 2026 PFS. Therefore, the economic metrics of the PFS do not yet reflect this potential upside. - Valuation: The news provides a safety margin for the 1.04 Moz gold reserve but does not fundamentally alter the scale of the 4.3 Moz total resource.
Mayfair Gold owns 100% of the Fenn-Gib Gold Project in the Timmins region of Ontario, Canada. - Flagship Project: Fenn-Gib is a large, low-grade, open-pit deposit. - Resource: 4.3 million ounces of gold (Indicated) at 0.74 g/t. - Reserves: 1.04 million ounces of gold (Probable) at 1.13 g/t (contained within the higher-grade core). - PFS Economics: After-tax NPV (5%) of $652 million CAD and an IRR of 24.1% at a $3,100 USD gold price base case. - Strategy: Management has shifted from bulk-tonnage exploration to a "starter pit" strategy (4,800 tpd) to reduce initial capital and accelerate the path to production (targeted for 2030).