Mayfair Gold’s Fenn Gibb Property on Fast Track to Production

Mayfair Gold (TSX-V: MFG; OTCQX: MFGCF), a Canadian exploration company, was formed four years ago with the specific goal of acquiring a gold asset in Canada. After a great deal of due diligence on dozens of potential projects, the company decided that the Fenn Gibb property near Timmins, Ontario was exactly what they were looking for - a low risk, high return investment opportunity.

Fenn Gibb was eventually acquired in December 2020, and the first drill rig was turning within three weeks of the purchase. Mayfair has already drilled over 96,000 meters of a 110,000-meter drill program, and recently announced a new resource update that expands an earlier estimate of just over two million ounces by 47 percent. This has all happened in just 18 months, and it’s likely only the start. With drilling ongoing, there is an expectation that the deposit will grow to more than 3.5 million ounces by the time the next resource update is released near the end of Q1 2023.

The progress at Fenn Gibb has been quick by any measure, something that Patrick Evans, President, CEO and Director of Mayfair attributes to a seasoned Mayfair exploration team that has decades of exploration experience in the Timmins region.

The Fenn Gibb property measures close to 5,000 hectares split between the North Block, which straddles the gold bearing Pipestone fault and the South Block, which straddles the gold bearing Porcupine fault. But despite an aggressive initial drill campaign, much of property remains unexplored. “Based on the early results that we’ve seen, we're quite confident that we’ll find additional deposits,” Evans said. “I'd like to see our resource eventually reach over five million ounces. Five million ounces defines a “tier-one” gold asset, something that has the potential to produce more than 500,000 ounces of gold a year for at least ten years.”

That may be a reasonable expectation given that Fenn Gibb is situated in the heart of the Timmins Gold Belt, considered to be “tier-one” jurisdiction. Over the past 50 years, the region has produced more than 80 million ounces of gold and is home to gold producers such as the Newmont Goldcorp (TSX: NGT; NYSE: NEM).

According to Evans, “The Timmins Gold Belt is unquestionably the very best place in the world to develop and operate a gold mine.” Key attributes of the region are easy access to a skilled work force; its developed infrastructure; easy access to water; and an abundance of renewable power.

“Access to hydropower is really key to our goals of making Fenn Gibb a carbon neutral gold mine,” Evans said. “We think we can design the mine, so it operates almost entirely on renewable power. My hope and vision is that the only diesel fuel we use on site will be for standby generators in the event of a grid failure.”

Mayfair’s commitment to sustainability is leading the way in an industry that is trying to change its ways. “There's no question that global warming is an existential risk for humanity,” Evans confirmed. “Although we're a small company, we feel we have a key responsibility to ensure that the impact of what we do is minimized. So, at the beginning of last year we started measuring all of our carbon emissions. Those measurements were audited and certified. Then we purchased emission credits by funding residential solar panel installation across Canada.  The goal of a net-zero gold mine for me is very gratifying in terms of what it does to contribute to the sustainability of the gold mining industry in the Timmins region, which is central to the success of the Timmins economy.”

If Mayfair’s Fenn Gibb project continues its current trajectory, both the Timmins economy and shareholders could be big winners. A little more than a year after the company went public on the TSX Venture Exchange, its market cap has mushroomed to $100 million (as of November 2022) and it finds itself very well financed to complete current on-site activities.

All this reinforces what Evans has believed all along. “Fenn Gibb is the best mineral asset that I have ever been involved with. I've been in mining for more than 25 years and have been involved with project development and mine operations on every continent except Antarctica. I've never seen a project that has so many positive attributes as the Fenn Gibb gold deposit.”

The final box on the Fenn Gibb checklist will be ticked off when it becomes a producing mine, possibly as soon as 2026.

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