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Mayfair Gold Corp. reports developments tied to the advancement of its 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. Recurring updates cover NI 43-101 technical reports, mineral resource work, pre-feasibility study results, mine-plan concepts, geotechnical investigations, environmental baseline studies, permitting work and stakeholder engagement for the Fenn-Gib deposit.
Company news also includes quarterly operating and financial results, financings intended to support project development, completed capital-structure actions such as share consolidation, management appointments and conference participation. The recurring focus is Mayfair Gold's transition from mineral exploration toward development planning for its flagship Ontario gold asset.
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Mayfair Gold Corp. (MFGCF) has announced a non-brokered private placement financing to raise up to $6 million by offering up to 2,420,000 common shares priced at $2.48 each, reflecting a premium of approximately 37% over the previous closing price. The proceeds will support the exploration program at the Fenn-Gib gold project in Ontario, with the offering expected to close around May 10, 2023.
All funds will qualify as Canadian Exploration Expenses under the Income Tax Act, with a renouncement effective no later than December 31, 2023. The shares will have a four-month hold period and will not be available for public sale in the United States. The Fenn-Gib project hosts significant gold resources, totaling 3.06 million ounces in the Indicated category and 0.31 million ounces Inferred.
Mayfair Gold Corp. has completed 125,000 meters of a 140,000 meter infill and expansion drill program at its Fenn-Gib project in Ontario, which hosts a NI 43-101 indicated resource of 3.06 million ounces. A resource update is anticipated in Q2 2023, while a pre-feasibility study is planned for H2 2023. Significant gold mineralization has been consistently identified within the deposit, with notable drill results including 1.25 g/t Au over 119.6m and ongoing geophysical surveys aimed at identifying additional drill targets. The company is committed to further evaluating the high-grade mineralization potential both above and below the open pit limits.
Mayfair Gold Corp. announced the completion of 122,000 meters of its 140,000 meter infill and expansion drill program at the Fenn-Gib Project in Northeast Ontario. The latest results showcase significant gold intersections, including 1.06 grams per tonne (g/t) over 163.1 meters. The company has an indicated resource of 3.06 million ounces and an inferred resource of 0.31 million ounces. A resource update is scheduled for Q2 2023, alongside planned geotechnical drilling and a pre-feasibility study set for H2 2023. The drilling program aims to define higher-grade mineralization areas and explore potential underground resources.
Mayfair Gold Corp. (MFGCF) has announced significant progress at its Fenn-Gib gold project, doubling the strike length of the Footwall Zone to approximately 400 meters. The current drilling results indicate steep-dipping mineralization extending beyond 500 meters depth. Notably, drill hole FG23-300 detected 2.05 grams/tonne (g/t) gold over 16.2 meters, including 3.72 g/t over 6.2 meters. The project, which includes a NI 43-101 resource estimate of 3.06 million ounces indicated and 0.31 million ounces inferred, remains open in all directions, with two drill rigs currently operational.