Mayfair Gold (TSXV:MFG; OTC:MFGCF) released an interim updated resource estimate for its Fenn-Gib gold project 80 km east of Timmins, in Ontario’s Abitibi gold belt. As an open pit operation, the project has an indicated resource of 113.7 million tonnes grading 0.93 g/t gold and containing almost 3.4 million oz. and an inferred resource of 5.7 million tonnes grading 0.85 g/t gold and containing 157,000 oz. An 0.40 g/t gold cut-off was used.
Compared to the resource update of October 2022, the new numbers represent a 16% increase in contained gold and an 8% increase in the grade in the indicated material.
The Fenn-Gib mineralization is broadly disseminated, striking east-west on the Pipestone fault over more than 1.5 km and is over 500 metres wide at the west end, says Mayfair.
Drilling with two rigs is underway on the higher-grade Footwall zone, about 100 metres to the northwest of the Fenn-Gib zone. Mayfair expects to report its first underground resource for the Footwall zone in early 2024.
The company is currently conducing a geotechnical field campaign to acquire data to determine the optimal pit wall slope in what will be used in the preliminary economic assessment of the project. The resource numbers above were calculated using a 50° slope.
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April 25, 2024
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