MAYFAIR PROVIDES FENN-GIB PROJECT UPDATE Pre-Feasibility Study on track for completion in Q4 2025 Open pit mine plan to target near-surface high-grade mineralization Drill program underway to further delineate the high-grade starter zone at Fenn-Gib
MAYFAIR PROVIDES FENN-GIB PROJECT
UPDATE
Pre-Feasibility Study on track for completion in Q4 2025
Open pit mine plan to target near-surface high-grade mineralization
Drill program underway to further delineate the high-grade starter zone at Fenn-Gib
Tailing Storage Facility site investigation program – Phase 1 Complete
VANCOUVER, BC
,
Nov. 10, 2025
/CNW/ - Mayfair Gold Corp. ("
Mayfair
", "
Mayfair Gold
" or the
"
Company
") (TSXV: MFG) (OTCQX: MFGCF) is pleased to provide an update on the 2025 Mineral
Resource Drilling Program, Geotechnical Site Investigations for the tailing storage facility and a
progress update on the Pre-Feasibility Study ("
PFS
") work.
The Company's upcoming PFS will be based on the recently updated NI 43-101 Mineral Resource
Estimate ("
MRE
") for the Fenn-Gib Project (see news release
October 8, 2025
, titled "Mayfair Gold
Files Technical Report for Fenn-Gib Project"). The mine plan will prioritize near-surface high-grade
zones within the open pit to maximize feed grade to the proposed on-site processing facility and
optimize early-stage cash flow. The open pit operation is expected to incorporate conventional drill-
and-blast methods, supported by a truck and shovel fleet.
By applying an elevated cut-off grade strategy focused on near-surface high-grade zones, the
Company aims to enhance short-term project economics while preserving the integrity of the broader
resource base. Figure 1 illustrates a conceptual open pit based on a 0.7 g/t Au cut-off grade,
highlighting the potential configuration of a high-grade starter pit.
Nick Campbell
, CEO of Mayfair Gold, stated, "
The Fenn-Gib deposit is unique in that the highest-
grade material occurs near the surface which allows for the potential to start operations with a
smaller, targeted mining operation focused on low strip ratio, high-grade gold mineralization. Rather
than pursue a larger scale operation, the grade distribution at Fenn-Gib provides
Mayfair
the
optionality to fast-track the extraction of high margin material while at the same time mitigating
construction risk and initial capital requirements. It also has the benefit of allowing us to follow the
well-defined Ontario Provincial permitting process."
Nick further commented,
"With the Canadian gold price currently above
C$5,000
per ounce,
Mayfair
is encouraged by the opportunity to rapidly advance the Fenn-Gib Project as a potential new gold
producer within the current cycle. The Pre-Feasibility Study remains on track for completion in Q4
2025. "We believe a nimble, high-grade, and targeted operation offers a practical path toward a
potential production decision within the next three years."
Figure 1: Section 558500 East (Looking West), Fenn-Gib conceptual Open Pit within Open Pit
Constrained Mineral Resource (Capped Au g/t) (CNW Group/Mayfair Gold Corp.)
High-Density Drilling Program Underway to Support PFS and Starter
Pit Development
Although the deposit has been drilled to a 97% indicated confidence level,
Mayfair
has initiated a
tightly spaced diamond drilling program within the planned starter pit to further support mine design
and optimize future mining operations. The program is similar to the grade-control processes that
would be used in an operating mine environment. It comprises 56 vertical holes, drilled on a 10 metre
by 10 metre pattern, with holes drilled to a depth of roughly 75 metres, totaling approximately 4,200
metres.
The drilling is designed to confirm and delineate near-surface high-grade mineralization expected to be
mined and processed during the early years of operation. The results will enhance confidence in the
geological model and contribute to de-risking the Project as it advances toward development.
Mayfair
has engaged Black Diamond Drilling, a highly skilled contractor from the neighbouring Apitipi
Anicinapek Nation, to execute the program. Drilling commenced on
21 October 2025
and is expected
to continue through
December 2025
.
In addition to improved grade-control definition, the program will support further calibration of surficial
geology and subsurface hydrogeological models within the open pit. Additional samples will also be
used for ongoing metallurgical testing to further refine the geological-metallurgical recovery model.
Geotechnical Site Investigations for the Tailing Storage Facility
The Project has completed additional site investigations to support the design of the tailing storage
facility ("
TSF
"). The site investigation program included 25 test pits and 347 meters of drilling over 10
holes around the perimeter of the proposed TSF footprint. Work was completed under the oversight
of Knight Piesold who are the designers of the TSF. The geotechnical and hydrogeological information
collected during the program will assist in better defining the design of the TSF. Additional site
investigations will continue in 2026.
Drew Anwyll
, P.Eng, Chief Operating Officer noted, "
The tailings storage facility and broader site
investigations are critical to de-risking the Fenn-Gib Project. A thorough understanding of the
material properties of the overburden and underfoot conditions will lead to improved foundation and
building designs and significantly enhances execution confidence. This phase is often undervalued
and overlooked, yet it plays a significant role in setting projects up for success
."
Pre-Feasibility Study on Track for Release in Q4 2025
The PFS for the Fenn-Gib Project continues to progress in line with the forecasted schedule, with
completion anticipated in Q4 2025. Remaining work includes incorporating results from recent site
investigations into the earthworks scope to optimize construction efficiency and cost estimates, as
well as finalizing the integration of overall PFS costs into the broader economic analysis.
The Company notes that suppliers, vendors, and contractors are experiencing elevated demand due
to the recent increase in gold prices, contributing to a highly active procurement environment.
With Canadian gold prices above
C$5,000
per ounce, management sees a compelling case to
advance Fenn-Gib to production in the current gold cycle. The release of the PFS is a key milestone
for
Mayfair
as it transitions into permitting and development to position
Mayfair
to emerge as a new
Canadian gold producer.
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 open pit constrained mineral
resource estimate with an effective date of
September 3, 2024
. The Fenn-Gib Project hosts Mineral
Resources at a 0.3 g/t Au cut-off grade comprised of an Indicated Resource of 181.3 Mt grading 0.74
g/t Au for 4.3 million contained gold ounces plus an additional Inferred Resource of 8.9 Mt at 0.49 g/t
Au containing 141,000 gold ounces.
Tim Maunula
, P. Geo., of T. Maunula & Associates Consulting Inc., is a qualified person for the
purposes of NI 43-101 and was responsible for the completion of the updated mineral resource
estimate. Mr. Maunula has reviewed and approved the scientific and technical content with respect to
the mineral resource estimate in this news release. Scientific and technical information with respect to
diamond drilling in this news release has been reviewed and approved 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 as defined under NI 43-101.
The scientific and technical content of this news release was reviewed, verified and approved by
Drew Anwyll
, P.Eng., M.Eng, Chief Operating Officer of the Company, and a Qualified Person as
defined under NI 43-101.
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 generality of the foregoing, the terms "inferred mineral resources," "indicated
mineral resources" and "mineral resources" used or referenced in this news release are Canadian
mineral disclosure terms as defined in accordance with 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 Standards
"). The CIM Standards
differ from the mineral property disclosure requirements of the U.S. Securities and Exchange
Commission (the "
SEC
") in Regulation 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information which reflects management's expectations
regarding the Company's growth, results of operations, performance and business prospects and
opportunities. Forward-looking statements in this news release include, but are not limited to,
statements regarding the design, development and execution of the Fenn-Gib Gold Project, the timing
for completion of the PFS, the advancement of the Fenn-Gib Gold Project to operation and the timing
thereof, advancing Fenn-Gib to production and cash flow expected to help fund potential future growth
opportunities, including the potential to permit and develop a larger operation at Fenn-Gib, and the
potential uplisting in
the United States
. Forward-looking information is based on various reasonable
assumptions including, without limitation, the expectations and beliefs of management; the assumed
long-term price of gold; that the Company can access financing, appropriate equipment and sufficient
labour; and that the political environment where the Company operates will continue to support the
development and operation of mining projects. Should underlying assumptions prove incorrect, or one
or more of the risks and uncertainties described below materialize, actual results may vary materially
from those described in forward-looking statements.
Forward-looking information is subject to a variety of risks and uncertainties which could cause actual
events or results to differ from those reflected in the forward-looking information, including, without
limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining
including environmental hazards, industrial accidents, unusual or unexpected geological formations,
ground control problems and flooding; delays or the inability to obtain necessary governmental permits
or financing; risks associated with the estimation of mineral resources and reserves and the geology,
grade and continuity of mineral deposits; the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations; the potential for and effects of labor
disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or
processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage,
dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost
estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain
political and economic environments; and changes in laws or policies.
The Company undertakes no obligation to publicly update or review the forward-looking statements
whether as a result of new information, future events or otherwise, other than as required under
applicable securities laws. The forward-looking statements reflect management's beliefs, opinions and
projections as of the date of this news release.
Neither the TSX Venture Exchange ("
TSXV
") nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news
release.
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For further information:
For further information, please visit www.mayfairgold.ca or direct enquiries
to: Nicholas Campbell, CEO, Mayfair Gold Corp., 489 McDougall St, Matheson, ON P0K 1N0
Canada, +1-855-350-5600, [email protected]
CO: Mayfair Gold Corp.
CNW 07:00e 10-NOV-25