Mayfair beforehand reported drill outcomes for gap FG22-250 that intersected 0.87 gram gold over 311 metres, together with 1.1 grams gold over 99 metres, and 1.36 grams gold over 33.6 metres.
The latest intercept is “the most effective outcomes from [the] drill program and highlights the distinctive high quality of the Fenn-Gib deposit,” commented Patrick Evans, Mayfair Gold president and CEO.
He added that the intercept is “additional affirmation of the strong nature of the high-grade plunge recognized on west facet of the deposit.” (Gap 247A reported in November lower 225 grams gold over 1.5 metres.) On the north facet, Evans mentioned that mineralization appears to be reaching its restrict based mostly on the “extra average grades” reported from holes FG22-256, 258 and 260.
Mayfair Gold has been constantly producing constructive drill outcomes at Fenn-Gib since buying the venture in 2020. It has now accomplished 104,000 metres of a 110,000-metre infill and enlargement drill program on the venture, located 80 km east of Timmins within the mineral-rich Abitibi gold belt.
Fenn-Gib hosts an open-pit constrained indicated useful resource of 70.2 million tonnes grading 0.92 gram gold per tonne for two.1 million oz. of contained gold and an inferred useful resource of three.8 million tonnes grading 0.62 gram gold for 74,967 oz. Gold mineralization at Fenn-Gib runs 1.3 km east-west on the Pipestone fault with widths of as much as 300 metres.
The corporate is planning to launch an up to date useful resource in subsequent yr’s second quarter, adopted by a prefeasibility examine later in 2023.
Mayfair additionally introduced it has closed a beforehand introduced non-public placement of three million shares issued at C$1.15 per share for mixture gross proceeds of C$3.5 million. Mayfair Gold shares traded at C$1.35 Thursday morning in Toronto, up 7.1% from Wednesday’s market shut.
The corporate has a market capitalization of C$114.6 million.
