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Mayfair Gold Increases Fenn-Gib Open-Pit Indicated Resource Estimate to 3.38M Ounces and Reports Inferred Resource of 0.16M Ounces
16% increase in Indicated Resource since October 2022 update report 8% increase in Indicated Resource grade to 0.93 gpt gold Interim resource update includes as
About this update from Mayfair Gold Corp.
[{"type":"text","content":" 16% increase in Indicated Resource since October 2022 update report 8% increase in Indicated Resource grade to 0.93 gpt gold Interim resource update includes assay results up to April 6, 2023, for approx. 113,800m or 81% of ongoing drill program Infill and expansion drilling ongoing: approx. 133,000m of 140,000m program completed to date Drilling shows continued expansion of open-pit gold mineralization Geotechnical program underway to determine optimal pit wall slope Fenn-Gib Footwall Zone maiden resource estimate expected early 2024 VANCOUVER, British Columbia, June 14, 2023 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQX: MFGCF) is pleased to announce an updated interim 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 approximately 81% of the Company’s ongoing 140,000-meter (m) infill and expansion drill program, the Fenn-Gib Zone deposit now hosts a NI 43-101 open-pit constrained Indicated mineral resource estimate of 3.38 million (M) ounces (oz) gold (Au) at a grade of 0.93 grams per tonne (gpt) Au and an Inferred mineral resource of 0.16Moz Au at 0.85 gpt Au. The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone Fault over more than 1.5 kilometers (km) and is over 500m wide at the west end. Mayfair Gold President and CEO Patrick Evans commented: “We are pleased to report both a 16% increase in Indicated resource ounces and an 8% increase in Indicated resource grade. The increase in the Indicated resource ounces reported today comes from a combination of the Expansion Zone in the center of the Fenn-Gib deposit, the footwall mafics in the northern portion of the conceptual pit, the east side of the higher-grade Main Zone, and from the conversion of Inferred to Indicated resource ounces. The Fenn-Gib mineralization remains open for further expansion in most directions, and we are excited about the potential to further increase the resources with the ongoing drill program supported by three drill rigs. Mayfair expects to provide a further updated mineral resource estimate on the Fenn-Gib open-pit deposit in early 2024.” Mr. Evans added: “Resource drilling on the higher-grade Footwall Zone, located approximately 100m to the no...