Mayfair Gold's grade control drilling at Fenn-Gib confirmed the reserve model and found 37% more gold above 3.0 g/t than the PFS predicted, CEO Drew Anwyll said.
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Mayfair Gold Corp. (TSXV:MFG, AMEX:MINE) said a tight-spaced grade control drilling program at its Fenn-Gib project in Northern Ontario validated the mineral reserve model in the Stage 1 starter pit area, with the higher-grade portion of the deposit showing more tonnes and higher gold content than the probable reserve model predicted.
The program targeted about 1 million tonnes of probable reserves from the pre-feasibility study, roughly 25% of the Phase 1 planned design. For material above a 0.80 g/t gold cut-off, the grade control model returned similar grade and 2% more tonnes than the reserve model. For material above 3.0 g/t, the grade control model identified 28% more tonnes at 7% higher grade, representing 37% more gold than the probable reserve model for the test area.
CEO Drew Anwyll said the results reinforce confidence in the deposit and de-risk the early years of the mine plan. "The program gives us confidence that the high-grade material scheduled for the early years of the mine plan is present and can be delivered as modeled," he said in the release. "Grade control drilling has also identified the potential strengthening of the early production profile by utilizing more tonnes of a higher-grade material."
The program included 56 diamond drill holes to a nominal depth of 75 metres on a 10-by-10 metre spacing across a 60-by-70 metre area. All holes were planned as vertical NQ-size holes. Overburden thickness ranged from 5.7 to 13.0 metres, averaging 8.7 metres. Three holes totaling 78 metres were abandoned due to excessive downhole deviation and redrilled from the same locations.
Assays were completed on one-metre intervals. Gold assay procedures and QA/QC protocols matched previous Mayfair programs. Samples were analyzed by Swastika Laboratories Ltd. in Swastika, Ontario, which is accredited by the Canadian Association for Laboratory Accreditation Inc. and meets ISO/IEC 17025 standards for gold analysis by fire assay with gravimetric finish and flame atomic absorption spectroscopy.
The company said the results suggest that in areas of similar ore characteristics, the current mineral reserve model should provide sufficient definition for mine planning without requiring significant additional dilution, ore loss assumptions, or conversion factors. Mayfair is evaluating a second grade control test area to see if similar results can be replicated in other ore types across the project.
Fenn-Gib hosts a 4.3 million ounce indicated mineral resource (181.3 million tonnes at 0.74 g/t) and a 1 million ounce probable mineral reserve (25.1 million tonnes at 1.29 g/t) sitting near-surface, according to the 2026 pre-feasibility study. The PFS outlines initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow of US$896 million over the first six years of production at a US$3,100/oz gold price. The company is advancing permitting, detailed engineering, and stakeholder engagement with a target of starting construction in 2028 and initial production in 2030.
Mayfair Gold is a Canadian development-stage gold company focused on the 100% controlled Fenn-Gib project in the Timmins region.
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