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Mayfair Gold (TSXV: MFG) has released an updated mineral resource estimate for its Fenn-Gib project located in the Timmins region of Northeast Ontario. The new resource is based on assay results from 61% (approximately 67,000 metres) of the company’s current 110,000-metre infill and expansion drill program.
The Fenn-Gib gold deposit now hosts a pit-constrained indicated resource of 118.1 million tonnes at 0.81 g/t for 3.06 million oz. of contained gold, representing a 47% increase over the previous estimate. There is also an inferred resource of 13.8 million tonnes grading 0.70 g/t for 311,000 oz. of gold, representing a 315% improvement. Included within the inferred resource estimate is the deposit’s first underground resource of 103,600 oz.
The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone fault over more than 1.25 km and is up to 300 metres wide at the west end. To date, about 96,000 metres of the ongoing drilling have been completed. The drill program is scheduled for completion in January 2023.
“Within 18 months of acquiring Fenn-Gib, Mayfair has increased the indicated resource size by 47%. The Fenn-Gib mineralization remains open for expansion in most directions, and we are excited about the near-term potential to further increase the resources with the ongoing drill program supported by three drill rigs,” Mayfair CEO Patrick Evans said in a press release.
“A large portion of the incremental tonnes reported today come from the Expansion zone in the centre of the Fenn-Gib deposit and to the east of the higher-grade Main zone. Previously poorly defined, the Expansion zone has been the focus of Mayfair’s drill program, supported by two of the three drill rigs, and has added significant tonnage to the Fenn-Gib mineral resources,” he added.
The 30,000-metre Phase 3 drilling is currently underway, with gold mineralization continuing to be intersected in all holes reported to date. Based on the continuing success, Mayfair expects to declare a further resource update in Q2 2023 upon completion of the 110,000-metre drill program.
Part of the Timmins gold camp of Ontario, the Fenn-Gib property comprises 4,800 hectares of land, of which more than 75% is unexplored. The project has gone through several ownerships in the past, including gold mining giant Barrick, which acquired the asset a decade after its discovery by Pangea Goldfields in 1990.
Its most recent owner is Pan American Silver, which acquired the project in 2019 through its takeover of Tahoe Resources. A year later, the project was sold to Mayfair Gold.
Shares of Mayfair Gold traded 2.5% higher on the TSX Venture Exchange as of 11:20 a.m. ET. The gold explorer has a market capitalization of C$106.2 million ($77.8m).
