Mayfair Gold Corp. (“
Mayfair” or the
“
Company”) (
TSX-V: MFG; OTCQB:
MFGCF) is pleased to announce the discovery of a new zone
of gold mineralization at the Company’s 100% controlled Fenn-Gib
Project (“Fenn-Gib”), located in the Timmins region of Northeast
Ontario. Fenn-Gib hosts a NI 43-101 open-pit constrained Indicated
mineral resource estimate of 3.38 million ounces (Moz) 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 Contact Zone was discovered in the first two of
five planned deep holes testing mineralization below the
pit-constrained resource.
Mayfair Gold President and CEO Patrick Evans
commented: “Successful exploration is a key driver of shareholder
value. Since acquiring Fenn-Gib thirty-two months ago, we have
increased the pit-constrained resource by over 70 percent,
continued delineation of the adjacent higher-grade Footwall Zone
discovery, and now made a new discovery at the Contact Zone. These
significant achievements are credited to the knowledge, experience,
and dedication of Mayfair’s entire exploration team under the
leadership of Howard Bird, Vice President Exploration and Paul
Degagne, Manager Exploration.”
Highlight Contact Zone drill results
include:
- FG23-350A intersected 1.06
g/t Au over 124.0m, with higher grade intervals including 3.22 g/t
Au over 11.0m;
- FG23-356 intersected 1.16 g/t Au over 421.0m, including
higher grade intervals 12.42 g/t Au over 10.0m and 76.12 g/t over
1.5m (Further assays pending).
The new zone of mineralization, called the
Contact Zone, is located within the mafic volcanics below the Main
Zone of the Fenn-Gib deposit. Both holes FG23-350A and FG23-356
intersected substantial widths of gold mineralized altered mafic
volcanic rocks situated below the contact of the predominantly
syenite intrusive body that comprises the Main Zone of the Fenn-Gib
deposit. Discovery of the Contact Zone is
significant as it confirms the continuation of gold
mineralization at depth below the bottom of the current
pit-constrained resource. In addition, the higher-grade gold
internal intersections demonstrate the potential for underground
mineable grades and widths.
The two drill holes reported today are the first
of five deep holes planned to test the mineralization in the
Contact Zone. Assays remain pending for the lower portion of hole
FG23-356 below 858m.
The first Contact Zone drill results
are summarized in Table 1 below, and Table 2 lists the drill hole
details.
Table 1 – Contact Zone reported
drill hole results summary.
Hole |
|
From |
To |
Interval |
Gold |
|
Name |
|
metres |
metres |
metres |
grams/tonne |
|
FG23-350A |
|
12.0 |
508.0 |
496.0 |
1.14 |
Main Zone |
|
including |
38.0 |
59.0 |
21.0 |
2.84 |
|
|
and |
68.0 |
87.0 |
19.0 |
2.06 |
|
|
and |
115.0 |
146.2 |
31.2 |
2.40 |
|
|
including |
133.2 |
141.2 |
8.0 |
4.19 |
|
|
and |
169.7 |
181.0 |
11.3 |
2.31 |
|
|
and |
209.0 |
228.0 |
19.0 |
5.45 |
|
|
and |
407.0 |
417.0 |
10.0 |
2.82 |
|
|
|
|
|
|
|
|
|
|
683.0 |
807.0 |
124.0 |
1.06 |
Contact Zone |
|
including |
691.4 |
693.2 |
1.8 |
6.46 |
|
|
and |
738.0 |
746.6 |
8.6 |
2.56 |
|
|
including |
738.0 |
740.0 |
2.0 |
5.73 |
|
|
and |
775.0 |
786.0 |
11.0 |
3.22 |
|
|
including |
776.0 |
778.0 |
2.0 |
9.31 |
|
|
|
|
|
|
|
|
|
|
846.0 |
848.0 |
2.0 |
2.08 |
|
|
|
|
|
|
|
|
|
|
899.0 |
940.0 |
41.0 |
0.74 |
|
|
|
|
|
|
|
|
|
|
978.0 |
997.2 |
19.2 |
0.92 |
|
|
|
|
|
|
|
|
*FG23-356 |
|
21.2 |
944.0 |
922.8 |
0.75 |
Entire Hole |
|
|
|
|
|
|
|
|
including |
21.2 |
523.0 |
501.8 |
0.40 |
Main Zone |
|
including |
145.9 |
184.0 |
38.1 |
1.14 |
|
|
|
|
|
|
|
|
|
|
523.0 |
944.0 |
421.0 |
1.16 |
Contact Zone |
|
including |
580.0 |
801.0 |
221.0 |
1.69 |
|
|
including |
612.0 |
635.0 |
23.0 |
2.40 |
|
|
and |
654.0 |
664.0 |
10.0 |
12.42 |
|
|
including |
655.0 |
656.5 |
1.5 |
76.12 |
|
|
and |
709.0 |
710.0 |
1.0 |
26.25 |
|
|
and |
781.0 |
788.0 |
7.0 |
3.88 |
|
|
including |
781.0 |
782.0 |
1.0 |
23.24 |
|
|
and |
795.0 |
801.0 |
6.0 |
2.33 |
|
|
including |
795.0 |
796.0 |
1.0 |
9.74 |
|
|
and |
857.0 |
858.0 |
1.0 |
43.61 |
|
*Assay interval remains open down hole. Assays pending. *The
above intersections are core thicknesses, and the true thickness of
the intersections are unknown at this time.
Table 2 – Contact 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. |
FG23-350A |
558500 |
5375300 |
5313 |
1147.0 |
115 |
-80 |
FG23-356 |
558551 |
5375283 |
5313 |
1249.2 |
115 |
-80 |
Plan and section maps of the above reported drill holes are
available at
https://mayfairgold.ca/fenn-gib/#drillplanmap§ions.
Additional Contact Zone drill results will be
announced as they are received.
Mayfair Gold is also pleased to report that
resource drilling on the higher-grade Footwall Zone, located
approximately 100m to the north of the Fenn-Gib deposit, continues
to make encouraging progress. The program is supported by two drill
rigs. Further Footwall Zone drill results will be reported as soon
as they are available. Based on results to date, Mayfair expects to
report a maiden underground Footwall Zone resource in early
2024.
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
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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