Mayfair Gold Closes Second Tranche of Financing
Mayfair Gold Closes Second Tranche of Financing
VANCOUVER, British Columbia, Jan. 11, 2023 -- Mayfair Gold Corp. (“ Mayfair” or the “Company”) (TSX-V: MFG; OTCQB:
MFGCF) today announced the closing of the second and final tranche of its previously announced non-brokered private
placement financing (the “Offering”) for proceeds of $3,450,000. The funds will be used to further the Company’s successful
exploration program at the Fenn-Gib gold project in the Timmins region of Ontario, for metallurgical and engineering studies,
and for general working capital.
The Company issued 3,000,000 common shares at a price per share of $1.15. The common shares issued are subject to a
four month hold period expiring on May 11, 2023.
The Company completed the first tranche of the Offering on December 19, 2022, for proceeds of $4,980,000. The aggregate
proceeds from the first and second tranches of the financing is $8,430,000.
Mayfair President and CEO Patrick Evans said: “We are pleased with the strong support for this financing. Mayfair is now well
placed to advance the Fenn-Gib gold project through final resource delineation, metallurgical and engineering studies”.
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 including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a
grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70 g/t Au;
and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth
Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date
October 15, 2022). The Fenn-Gib deposit has a strike length of approx. 1.25km with widths ranging up to 300m. 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 CEO
Email: [email protected] Phone: (480) 747-3032
Web: www.mayfairgold.ca
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.