Mayfair Gold Initiates Pre-Feasibility Study for Fenn-Gib Gold Project

MATHESON, Ontario, March 27, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) today announced that the Company’s 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. The Company’s pre-feasibility study will build further on the metallurgical, geotechnical, hydrogeology, and environmental evaluations completed to date to develop a clearly defined project description in support of an environmental assessment. Mayfair has engaged AGP Mining Consultants (“AGP”) as lead engineers of a multi-disciplinary group (“AGP Group”) to deliver the pre-feasibility study.

Mayfair’s president and CEO, Patrick Evans, commented: “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. 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.”

At the start of the pre-feasibility study, the AGP Group will undertake tradeoff studies to define the optimal parameters of the project. The tradeoff studies are expected to be completed in Q2 2024, following which guidance will be provided for the completion of the pre-feasibility study.

Mayfair Gold today also announced the resignation of Mr. Sean Pi as a director of the Company. Mr. Pi, a partner at Heeney Capital, is a co-founder of Mayfair and has served as a director since the formation of the Company in 2019. Mr. Harry Pokrandt, chairman of Mayfair, commented: “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.”