Mayfair Gold Updates Fenn-Gib Open-Pit Mineral Resource and Initiates an Expanded Metallurgical Test Program
NEWS RELEASE September 10, 2024
Mayfair Gold Updates Fenn-Gib Open-Pit Mineral Resource and
Initiates an Expanded Metallurgical Test Program
VANCOUVER, British Columbia, Sep 10, 2024 (GLOBE NEWSWIRE) – Mayfair Gold Corp. (“Mayfair” , or the “Company”)
(TSX-V: MFG; OTCQB: MFGCF ) is pleased to report an updated mineral resource estimate at the Company’s 100%
controlled Fenn-Gib Gold Project, located in the Timmins region of Northeast Ontario. The updated resource estimate
incorporates 69 new drill holes for 46,955m of predominantly infill drilling, along with a new lithological model. This updated
Mineral Resource will form the basis of the Company’s Pre-Feasibility Study (PFS) which is currently underway. Additionally,
the company is further pleased to announce that it is extending metallurgical test work for Fenn-Gib.
Highlights
• Indicated Mineral Resource of 4.31Moz Au (0.3g/t Au cut-off grade)
• Robust grade-tonnage curve demonstrates optionality to sequence for higher grades
o 3.40Moz Au @ 1.00g/t Au (0.5g/t Au cut-off grade)
• Comprehensive metallurgical test program initiated with results expected in Q1 2025
Mayfair’s Interim Chief Executive Officer Darren McLean commented,
“We are pleased to report an updated open -pit mineral resource for Fenn-Gib, highlighting the robustness of Fenn -Gib’s
grade-tonnage sensitivity (Table 1). This optionality, paired with our world -class infrastructure setting, affords Fenn-Gib a
variety of development scenarios from small -scale opportunities targeting higher grade s, to bulk o ptions leveraging
economies of scale. With the 2024 mineral resource refined and finalized, we look forward to accelerating the Pre -
Feasibility Study towards completion. We have also initiated further metallurgical testing to enhance our understanding of
the rougher flotation regrind option followed by a leach. Expanding on previous testing, we intend to refine our
understanding of the optimal feed and grind sizes and to test these parameters across a representative range of lithologies,
grades, and zones within the Fenn-Gib open pit.”
Table 1. Fenn-Gib Open-Pit Mineral Resource Estimate
Cutoff (Au g/t) Tonnes Au (g/t) Au (oz)
INDICATED
>0.7 64,563,000 1.26 2,615,000
>0.6 82,125,000 1.13 2,984,000
>0.5 105,644,000 1.00 3,397,000
>0.4 137,251,000 0.87 3,839,000
>0.3 181,302,000 0.74 4,313,000
Cutoff Tonnes Au (g/t) Au (oz)
INFERRED
>0.7 1,140,000 0.96 35,000
>0.6 1,799,000 0.85 49,000
>0.5 2,710,000 0.75 65,000
>0.4 4,729,000 0.62 94,000
>0.3 8,921,000 0.49 141,000
Notes:
1. Effective date of this updated mineral resource estimate is September 3, 2024. The assay cut-off date for drill holes included in the
mineral resource was April 30, 2024.
2. All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”)
definitions, as required under National Instrument (NI) 43-101. Mineral Resource Statement prepared by Tim Maunula, P . Geo (T. Maunula
& Associates Consulting Inc.) 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 0.30 g/t Au for an open-pit mining scenario using a 50° pit slope angle. Cut-off grades
are based on a price of US$2,000/oz gold, and an open pit mining cost of $3.25/t, process cost of $15.50/t and G&A $2.00/t. Metallurgical
recovery of 94% was used. Densities were assigned based on interpreted lithology.
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 sufficien t work to define these
Inferred Resources as Indicated or Measured Resources. It is reasonably expected that many 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. Numbers may not total due to rounding.
Table 2 summarizes the Fenn -Gib open pit constrained mineral resource at a cut -o ff g r a d e o f 0 . 3 g / t A u b a s e d o n a
US$2,000/oz gold price. Figure 1 illustrates a North-South section through the Deformation Zone, Main Zone and Footwall
Zone.
Table 2. 2024 Fenn-Gib Mineral Resource Estimate – Selected Case (0.3g/t Au cut off)
2024 Fenn-Gib Open Pit Resource – US$2,000 Gold
Resource Category Cut-off (Au g/t) Tonnes Au (g/t) Au (oz)
Indicated 0.3 181,302,000 0.74 4,313,000
Inferred 0.3 8,921,000 0.49 141,000
Figure 1: Section 558500 East (Looking West), Fenn-Gib Open Pit Constrained Mineral Resource (Capped Au g/t)
Notes:
1. Drill hole window ±5 m
2. 50° Resource pit shell (black line) based on US$2,000/oz gold
3. AUC = Capped Au Grade
Comparison to the 2023 Mineral Resource
The 2024 resource remains largely unchanged, representing a 1% increase in indicated gold ounces from its prior version1
when applying equivalent economic and gold cut-off criteria (Table 3). Indicated mineral resources have increased in 2024
to 4.31Moz (Table 2) vs 3.38Moz (Table 3) previously; however, the increase is predominantly due to the application of a
higher gold price (US$2,000/oz vs US$1,765 prior), resulting in a lower cut -off within a larger pit shell than previously
applied. Gold prices have been increased for the 20 24 Resource to better reflect the current outlook for gold price in
preparation for the Pre-Feasibility Study in which this mineral resource will be reported.
Table 3. 2024 Fenn-Gib Open-Pit Mineral Resource compared to the 2023 Mineral Resource – Equivalent Criteria
2023 Fenn-Gib Open-Pit Mineral Resource
(US$1,765 Gold Pit Shell)
Resource Category Cut-off (Au g/t) Tonnes Au (g/t) Au (oz)
Indicated 0.4 113,687,000 0.93 3,383,000
Inferred 0.4 5,724,000 0.85 157,000
2024 Mineral Resource Estimate when constrained using 2023 parameters
1 Mayfair Gold National Instrument 43-101 Technical Report, Fenn-Gib Project, Ontario, Canada dated July 26,
2023.
(US$1,765 Pit Shell and 0.4g/t Au Cut-Off)
Resource Category Cut-off (Au g/t) Tonnes Au (g/t) Au (oz)
Indicated 0.4 118,062,000 0.90 3,416,000
Inferred 0.4 2,740,000 0.60 53,000
Metallurgical Test Program Details
Mayfair has initiated a comprehensive metallurgical test program for the Fenn-Gib project. While current testing is sufficient
for the ongoing Pre -Feasibility Study, the additional test work and results will provide detailed process design criteria
required for the Feasibility Study Mayfair currently intends to commence in 2025.
50 composite samples with 5 spares were selected from seven drill holes and sent to SGS Lakefield Laboratory for testing.
The samples were collected from 680 meters of drill core en compassing a range of key lithologies and zones throughout
the Fenn-Gib resource. Samples were further selected to incorporate a broad range of gold head grades within each zone
to stress test potential variability in mill feed . An additional 12 composite samples, with 2 spares, from 10 drill holes
representing 164m of drill core were taken for comminution characterization test work.
Baseline testing including material hardness, grind size calibration, grind size versus rougher flotation recovery, reagent
suite versus rougher flotation recovery, retention time kinetics, rougher concentrate regrind size evaluation at 10 µm, 15
µm, and 20 µm, and concentrate cyanidation CIP versus CIL comparisons, solid-liquid separation and environmental tests
are all part of the metallurgical test work program.
Results are currently scheduled for completion in Q1 2025.
QA/QC Controls
Mayfair employs a QA/QC program consistent with 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-five samples. Mayfair completes routine third-party check assays.
Qualified Persons
Tim Maunula, P . Geo., of T. Maunula & Associates Consulting Inc , i s a q u a l i fi e d p e r s o n f o r t h e p u r p o s e s o f N a t i o n a l
Instrument 43-101 and was responsible for the completion of the updated mineral resource estimation. Mr. Maunula has
reviewed and approved the technical content with respect to the mineral resource estimate in this news release. Technical
information with respect to diamond drilling in this news release has been reviewed by Ali Gelinas-Dechene, P .Geo., Senior
Geologist for Mayfair Gold, who oversaw the Mayfair Gold drill program, QA/QC and serves as a Qualified Person under the
definition of National Instrument 43-101.
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 a NI
43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated
Resource of 181.3M tonnes containing 4.313M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes
containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. 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 Fenn- Gib deposit can deliver robust gold recoveries of
up to 94%.
For further information, please visit www.mayfairgold.ca or direct enquiries to:
Darren McLean
Interim CEO & Chair
Mayfair Gold Corp.
489 McDougall St
Matheson, ON P0K 1N0 Canada
+1 (800) 342-6705
Cautionary Notes to U.S. Investors Concerning Resource Estimates
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which
differ from the requirements of the U.S. securities laws. In particular, and without limiting the gener ality of the foregoing,
the terms “mineral reserve” , “proven mineral reserve” , “probable mineral reserve” , “inferred mineral resources, ” “indicated
mineral resources, ” “measured mineral resources” and “mineral resources” used or referenced in this presenta tion are
Canadian mineral disclosure terms as defined in accordance with National Instrument 43 -101 – Standards of Disclosure
for Mineral Projects (“NI 43 -101”) under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and
Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM
S t a n d a r d s ” ) . T h e C I M S t a n d a r d s d i ff e r f r o m t h e m i n e r a l p r o p e r t y d i s c l o s u r e r e q u i r e m e n t s o f t h e U . S . S e c u r i t i e s a n d
Exchange Commission (the “SEC”) in Regu lation S -K Subpart 1300 (the “SEC Modernization Rules”) under the U.S.
Securities Act of 1933, as amended (the “Securities Act”). As a foreign private issuer that is eligible to file reports with the
SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral
properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43 -101 and the CIM
Standards. Accordingly, the Company’s disclosure of mineralization and other technical information may differ significantly
from the information that would be disclosed had the Company prepared the information under the standards adopted
under the SEC Modernization Rules.
Forward Looking Information
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 expre ss, 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
d i ff e r m a t e r i a l l y f r o m t h o s e e x p r e s s e d i n s u c h f o r w a r d-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 be yond 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 T SX V enture 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