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VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG) is pleased to announce that a fourth drill rig has been contracted to commence regional exploration at the North Block of the Fenn-Gib project. The fourth drill rig is expected to arrive at site by mid-June and commence drilling before the end of the month.
Mayfair Gold President and CEO Patrick Evans noted: “The recently completed high-resolution MAG survey identified high-priority drill targets to the east of the current Fenn-Gib deposit. These targets are sufficiently compelling to warrant drill testing ahead of the G101 Target located approx. 1 km to the southwest of the Fenn-Gib deposit, where the best historical drill intersection returned 4.45 grams per tonne gold over 13.2m.”
The Company’s primary focus remains infill and expansion drilling at the Fenn-Gib deposit, where three drill rigs are active and more than 15,000 meters (m) of drilling has been completed in 20 drill holes as part of the fully-funded 50,000m Phase 1 drill program. This program is designed to identify additional mineralization within the current conceptual open pit; to upgrade Inferred resources to Indicated resources; and to continue testing the high-grade Footwall Zone immediately to the north of the Fenn-Gib deposit.
Mayfair is also pleased to announce that a field crew is being mobilized next week to complete a comprehensive surface exploration program at the North Block that will target new potential gold-bearing areas generated from the interpretation of the high-resolution MAG survey. The initial focus will be the Horseshoe Zone, located approx. 500m to the northwest of the Fenn-Gib deposit within the Pipestone Fault mineralized corridor. The Horseshoe Zone was discovered in 2012 when nine representative grab samples collected from isolated outcrops returned up to 1.27 g/t gold.
Based on Mayfair’s success to date, steps have been taken to secure a fifth drill rig for regional exploration on the Fenn-Gib South Block. Both the fourth and fifth drill rigs are helicopter portable, which will facilitate speedy access to areas that do not currently have road access.
Mayfair is a Canadian mineral exploration company focused on advancing the 100% owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset. An updated open-pit constrained NI 43-101 resource estimate (February 5, 2021) reported a total Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t Au and an Inferred Resource of 3.8M tonnes containing 75,000 ounces at a grade of 0.618 g/t Au. The deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold mineralized zones remain open at depth and along strike to the east and west.
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Qualified Person Statement
Mayfair Gold’s disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to Mayfair’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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