Mayfair Gold Corp. (Mayfair or the Company) has announced that its Board of Directors has approved advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Ontario to the pre-feasibility study phase.
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Building on the metallurgical, geotechnical, hydrogeological, and environmental evaluations that have already been completed, the company’s pre-feasibility study will create a well-defined project description that will support an environmental assessment. To complete the pre-feasibility study, Mayfair has hired AGP Mining Consultants (AGP) to serve as the lead engineers of a multidisciplinary team (AGP Group).
Initiation of the Fenn-Gib pre-feasibility study is a major milestone towards the potential development of the Fenn-Gib project. Since acquiring Fenn-Gib approximately three years ago, Mayfair has increased the mineral resource by more than 70 percent and ongoing drilling continues to deliver encouraging results that are expected to further grow the resource.
Patrick Evans, President and CEO, Mayfair Gold Corp.
Patrick Evans added, “In 2023, Mayfair completed pre-feasibility level metallurgical, geotechnical, and hydrogeology studies to de-risk the project ahead of the pre-feasibility study. Three years of baseline environmental studies have also confirmed that there are no species at risk within the Fenn-Gib project area. By following a rigorous and disciplined pre-feasibility approach, we expect the viability of the Fenn-Gib project will be enhanced.”
The AGP Group will conduct tradeoff analyses to determine the ideal project parameters before beginning the pre-feasibility study. The tradeoff studies are anticipated to conclude in Q2 2024, after which guidance will be issued to complete the pre-feasibility study.
Mayfair Gold also announced today the resignation of Mr. Sean Pi from his position as a Director of the Company. Mr. Pi, a Partner at Heeney Capital and Co-Founder of Mayfair, has served as a Director since the Company's formation in 2019.
On behalf of the Board of Mayfair, I thank Mr. Pi for his service as a director. His contribution to the formation of the Company and subsequent acquisition of the Fenn-Gib project contributed significantly to the success of Mayfair Gold. We wish Mr. Pi every success in his future endeavors.
Mr. Harry Pokrandt, Chairman, Mayfair Gold Corp