Mayfair Gold Files Technical Report for Fenn-Gib Gold Project
Mayfair Gold Corp. ("Mayfair" or "the Company") (TSXV: MFG); (OTCQX: MFGCF) is proud to announce the submission of a technical report that adheres to the National Instrument 43-101 standards for its Fenn-Gib Gold Project. This project is situated in the renowned Timmins Gold District. The detailed report is titled "National Instrument 43-101 Technical Report – Mineral Resource Estimate Update for Fenn-Gib Project, Ontario, Canada" and is accessible through the Company's profile.
The latest technical report revises the previous report submitted, which was filed with an effective date earlier this year. This new update is based on a more favorable gold price estimate, which has led to significant changes in resource calculations. The method employed for this update remains consistent with prior estimates, ensuring transparency and reliability in the results.
In this update, the price of gold has been adjusted from the previous estimate of US$ 1,765 per ounce to US$ 2,000 per ounce. This strategic change has allowed for a reduction in the cut-off grade from 0.4 grams per tonne to 0.3 grams per tonne. These adjustments have expanded the resource’s footprint and provided a more optimistic outlook for the project’s viability.
Details of the Mineral Resource Estimate
The Fenn-Gib deposit, now recognized as Mayfair's flagship asset, has undergone substantial enhancements thanks to the updated mineral resource estimate. The report outlines a total Indicated Resource of 181.3 million tonnes, which contains an impressive 4.3 million ounces at a grade of 0.74 grams of gold per tonne. Furthermore, an Inferred Resource has been estimated at 8.92 million tonnes, encapsulating 0.14 million ounces at a grade of 0.49 grams of gold per tonne with a cut-off grade of 0.30 grams per tonne.
This report's data underscores the advancement of the Fenn-Gib project's progression toward development and operation. The upcoming pre-Feasibility Study is currently in progress and is eagerly anticipated to be released in the near future.
Technical Contributions
Preparation for this technical report was under the capable hands of T. Maunula & Associates Consulting Inc. and Haggarty Technical Services Corporation. Their expertise has been critical in ensuring the accuracy of the findings and methodologies applied in the report.
About Mayfair Gold
Mayfair Gold is dedicated to the mineral exploration sector with a firm commitment to advancing its projects in Northern Ontario. The strategic focus remains on the Fenn-Gib gold project, which is pivotal for the company. Its rich mineral estimates demonstrate strong potential for profitability and growth in the mining sector.
Understanding Resource Estimates
It is crucial for investors to recognize the terminology used in resource estimation. The terms “inferred mineral resources,” “indicated mineral resources,” and “mineral resources” are specific to Canadian standards, as set forth by NI 43-101. These standards may significantly differ from those inherent to U.S. regulations, particularly regarding mineral property disclosures.
Market Implications
As Mayfair embarks on the next stages of its project development, updates and results from the Fenn-Gib Gold Project are anticipated to have substantial implications for its stock performance. Investors are encouraged to stay informed about these developments as they unfold.
Frequently Asked Questions
What is the purpose of the technical report filed by Mayfair Gold?
The technical report provides updated mineral resource estimates necessary for understanding the viability of the Fenn-Gib Gold Project.
How much gold does the new report estimate for the Fenn-Gib project?
The current estimate includes a total Indicated Resource of 4.3 million ounces of gold.
What factors led to the revision of the gold price in the report?
The revision reflects current market conditions and the anticipated selling price that could influence the project's profitability.
Who prepared the technical report for Mayfair Gold?
The report was prepared by T. Maunula & Associates Consulting Inc. along with Haggarty Technical Services Corporation.
When can we expect the pre-Feasibility Study to be released?
The pre-Feasibility Study is currently in progress and is expected to be released later this year.
