The company’s prospectus states that it is reasonable to expect that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with further diamond drilling and that following the infill and resource expansion drill programs, an updated Mineral Resource Estimate and a Preliminary Economic Assessment is recommended to confirm the potential economic viability of the project.
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Video Transcript:
I’m Megan Edwards for Investmentpitch Media
Mayfair Gold Corp. is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “MFG”, following its initial public offering.
The company raised gross proceeds of approximately $19.8 million ($19,777,985) from the placement of 5,407,900 common shares priced at $1.85 and 3,731,000 flow-through shares priced at $2.62, including the full over-allotment of common shares.
Eight Capital acted as lead underwriter for the offering, along with PI Financial and Clarus Securities.
The shares are trading at $1.95.
Mayfair acquired 100% of the Fenn-Gib Project, located 80 kilometres east of Timmins, from Pan American Silver for US$11 million in cash and a 1% royalty.
The project is a part of the extensive and prolific Abitibi Gold Belt, located in Canada’s leading gold mining district, next to Highway 101 and substantial local water resources.
The Fenn-Gib project comprises approximately 2,000 hectares, of which more than 75% is unexplored.
The property consists of 21 fee simple patented properties, 144 unpatented mining claims, and 153 patented leasehold mining claims.
A total of 573 drillholes have historically been drilled on the Fenn-Gib Project, by previous owners and operators, of which 420 were used to establish a resource estimate.
The project has an open-pit resource estimate of 2,080,000 ounces gold in the indicated category from 70 million tonnes @ 0.921 grams per tonne, and 75,000 ounces gold in the inferred category from 4 million tonnes at 0.618 grams per tonne, based on a cut-off grade of 0.35 grams per tonne gold.
The mineralized zones remain open at depth, as well as along strike in both the east and west directions.
The company’s prospectus states that it is reasonable to expect that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with further diamond drilling and that following the infill and resource expansion drill programs, an updated Mineral Resource Estimate and a Preliminary Economic Assessment is recommended to confirm the potential economic viability of the project.
Patrick Evans, President and CEO, stated: “Mayfair’s listing on the TSXV is another significant milestone for our shareholders as we continue to advance exploration at the exciting Fenn-Gib project. Since the acquisition of Fenn-Gib last December, three drill rigs have been mobilized and more than 4,000 meters of infill and expansion drilling has been completed. Additional drill rigs will be mobilized as we ramp up our planned 50,000-meter drill program this year.”
For more information, please visit the company’s website www.MayfairGold.ca, contact Patrick Evans, President and CEO, at 416-670-5114 or email patrick@MayfairGold.ca.
I’m Megan Edwards for Investmentpitch Media
