Mayfair Gold Increases Fenn- Gib Open Pit Indicated Resource by 47% to 3.06M Ounces and Inferred Resource by 315% to 0.31M Ounces
Mayfair Gold Increases Fenn-
Gib Open Pit Indicated
Resource by 47% to 3.06M
Ounces and Inferred Resource
by 315% to 0.31M Ounces
Interim resource update includes assay results up to July 31, 2022, for
approx. 67,000m drilled, or 61% of current drill program
Infill and expansion drilling ongoing: approx. 96,000m completed to date
110,000m drill program on schedule for completion in January 2023
Drilling shows continued expansion of the gold mineralization
Further resource update scheduled for Q2 2023
Incremental gold ounces added for average drilling cost of approx.
C$6.00 per ounce
Strip ratio reduced from 3.5:1 to 1.2:1
Vancouver, British Columbia, October 18, 2022 – Mayfair Gold Corp. (“ Mayfair” or the
“Company”) (TSX-V: MFG; OTCQX: MFGCF) is pleased to announce an updated mineral resource
estimate at the Company’s 100% controlled Fenn-Gib Gold Project, located in the Timmins region
of Northeast Ontario. Based on assay results from 61 percent of the Company’s current 110,000-
meter (m) infill and expansion drill program, the Fenn-Gib deposit now hosts a NI 43-101 pit
constrained Indicated mineral resource estimate of 3.06 million (M) ounces (oz) gold (Au) and an
Inferred mineral resource of 0.31M oz Au. The near-surface Fenn-Gib gold mineralization is
broadly disseminated striking east-west on the Pipestone Fault over more than 1.25 kilometers
(km) and is up to 300m wide at the west end.
Mayfair Gold President and CEO Patrick Evans commented: “With the expansion of the Fenn-Gib
gold zones, the mineral resources have shown significant improvement over the previous
estimates. Within 18 months of acquiring Fenn-Gib, Mayfair has increased the Indicated resource
size by 47 percent. The Fenn-Gib mineralization remains open for expansion in most directions,
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and we are excited about the near-term potential to further increase the resources with the
ongoing drill program supported by three drill rigs.”
Mr. Evans added: “A large portion of the incremental tonnes reported today come from the
Expansion Zone in the center of the Fenn-Gib deposit and to the east of the higher-grade Main
Zone. Previously poorly defined, the Expansion Zone has been the focus of Mayfair’s drill
program, supported by two of the three drill rigs, and has added significant tonnage to the Fenn-
Gib mineral resources. While this has moderated the average grade, the strip ratio has dropped
to 1.2:1, which is very favorable.”
The 30,000m Phase 3 infill and expansion drill program is ongoing with gold mineralization
continuing to be intersected in all holes reported to date. Based on the continuing success,
Mayfair expects to declare a further resource update in Q2 2023 on completion of the 110,000m
drill program. The potential exists for a further significant increase in the Fenn-Gib resource.
Highlights of the Updated Fenn-Gib Mineral Resource Estimate:
Pit constrained Indicated resource: 47% increase in Au to 3,061,991 oz from 2,077,661
oz
Pit constrained Inferred resource: 315% increase in Au to 311,356 oz from 74,967 oz
Maiden underground resource: Inferred underground Au resource of 103,586 oz
Fenn-Gib Gold Project: Summary of Mineral Resources
Table 1 below contains the updated Fenn-Gib pit constrained mineral resource estimate; Table 2
is a comparison between the February 5, 2021 and October 15, 2022 pit-constrained mineral
resource estimates; Table 3 provides the maiden Fenn-Gib underground resource estimate; and
Table 4 details the pit constrained resource sensitivity by cut-off grades.
Table 1. Fenn-Gib NI 43-101 Open Pit Mineral Resource Estimate, October 15, 2022
Open Pit
Class Cut-Off
Grade Tonnes Grade
(g/t Au)
Au Ounces
(oz)
Indicated 0.35 118,074,000 0.81 3,062,000
Inferred 0.35 13,829,000 0.70 311,000
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Table 2. Fenn-Gib NI 43-101 Pit Constrained Mineral Resource Estimate Comparison Between
February 5, 2021 and October 15, 2022 at Cut-Off Grade of 0.35 g/t Au
Total Open Pit Indicated Inferred
Tonnes Grade
(g/t Au)
Au Ounces
(oz) Tonnes Grade
(g/t Au)
Au Ounces
(oz)
February 5, 2021 70,204,000 0.92 2,078,000 3,775,000 0.62 75,000
October 15, 2022 118,074,000 0.81 3,062,000 13,829,000 0.70 311,000
Difference 47,870,000 984,000 10,054,000 236,000
Percentage Change 68% 47% 266% 315%
Table 3. Fenn-Gib NI 43-101 Maiden Underground Mineral Resource Estimate, October 15,
2022
Underground
Class Cut-Off
Grade Tonnes Grade
(g/t Au)
Au Ounces
(oz)
Inferred 2.5 1,002,000 3.22 104,000
Notes:
1. Effective date of this updated mineral resource estimate is October 15, 2022. The effective date for the drill-hole database
used to produce this updated mineral resource estimate is July 31, 2022.
2. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum
(“CIM”) definitions, as required under NI 43-101. Mineral Resource Statement prepared by Garth Kirkham, P. Geo (Kirkham
Geosystems Ltd.) in accordance with NI 43-101.
3. Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may
be materially affected by environmental, permitting, legal, marketing and other relevant issues.
4. Mineral Resources are reported at a cut-off grade of 0.35 g/t Au for an open-pit mining scenario. Cut-off grades are based on
a price of US$1,750/oz gold, and a number of operating cost and recovery assumptions, including a reasonable contingency
factor. Metallurgical recoveries of 94% were used. Densities were assigned based on physical measurements.
5. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the
estimate.
6. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to
define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that most of the Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
7. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred, respectively. Numbers may not total
due to rounding.
Based on Mayfair’s drilling costs, the incremental gold ounces reported have been added at an
average cost of approx. C$6.00 per ounce. Despite a modest increase in drilling costs to account
for increased fuel prices, Mayfair expects to continue adding to the Fenn-Gib resource at
industry-leading costs.
Table 4 below presents the current resource estimates at varying cut-off grades.
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Table 4. Fenn-Gib Pit Constrained Resource Sensitivity by Cut-Off Grades
Resources Category Cut-Off
Grade Tonnes Grade
(Au g/t)
Au Ounces
(oz)
Pit-Constrained Resources
Indicated
0.70 53,287,000 1.17 2,012,000
0.60 67,570,000 1.06 2,309,000
0.55 75,810,000 1.01 2,461,000
0.50 84,833,000 0.96 2,613,000
0.45 94,611,000 0.91 2,763,000
0.40 105,593,000 0.86 2,912,000
0.35 118,074,000 0.81 3,062,000
0.30 133,487,000 0.75 3,222,000
0.25 154,908,000 0.68 3,410,000
0.20 187,450,000 0.60 3,643,000
Inferred
0.70 5,007,000 1.07 172,000
0.60 6,524,000 0.97 203,000
0.55 7,610,000 0.91 224,000
0.50 8,802,000 0.86 244,000
0.45 10,208,000 0.81 265,000
0.40 11,964,000 0.75 289,000
0.35 13,829,000 0.70 311,000
0.30 16,404,000 0.64 338,000
0.25 20,447,000 0.57 373,000
0.20 27,751,000 0.48 426,000
Figure 1 below shows the location of the Fenn-Gib Project; Figure 2 shows views of the Fenn-Gib
drill holes and solids; Figure 3 shows plan and section views of the Fenn-Gib block model; and
Figure 4 shows a grade/tonnage sensitivity graph for the Fenn-Gib Indicated resource.
Figure 1. Fenn-Gib Project Location
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Figures 2. Fenn-Gib Drill Holes and Solids
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Figures 3. Fenn-Gib Deposit Plan and Section Maps
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Figure 4. Fenn-Gib Deposit: Indicated Resource Grade/Tonnage Sensitivity Graph
Mayfair Gold will be hosting a webinar to discuss the updated mineral resource estimate on
Tuesday, October 18, 2022, at 12 noon EST . Participants can join the webinar through the
following link or dial-in numbers:
Video call link: https://meet.google.com/fux-rhfz-qnm
Or dial:
Canada +1 437-781-4585 PIN: 796 894 283 7884#
US +1 302-314-6925 PIN: 200 394 972#
More phone numbers: https://tel.meet/fux-rhfz-qnm?pin=7968942837884
Qualified Person Statement
The disclosure of technical and scientific information in this news release has been reviewed and
approved by Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified
person as defined by NI 43-101 and was responsible for the completion of the updated mineral
resource estimation. Mayfair Gold’s disclosure regarding the technical drilling program
information in this news release has been reviewed and approved by Howard Bird, P Geo., Vice
President Exploration for the Company, who oversaw the Mayfair Gold drill program and serves
as a Qualified Person under the definition of National Instrument 43-101.
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Indicated Resources
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February 5, 2021 Fenn-Gib Mineral Resource Estimate
A pit-constrained NI 43-101 resource estimate was completed entitled “NI 43-101 Technical
Report Fenn-Gib Project, Ontario, Canada” dated February 5, 2021, by JDS Energy and Mining Inc.
and prepared by Garth Kirkham, P. Geo., an Independent Qualified Person as defined by NI 43-
101, from Kirkham Geosystems Ltd.
QA/QC Controls
Mayfair Gold 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 Gold
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%.