VANCOUVER, BC, Aug. 20, 2024 /CNW/ - Mayfair Gold Corp. ("Mayfair", or the "Company") (TSXV:MFG) (OTCQB:MFGCF) is pleased to report its operating and financial results for the quarter ended June 30, 2024. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("Fenn-Gib" or the "Project"). The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company's website at www.mayfairgold.ca or on SEDAR+ at www.sedarplus.ca. Unless otherwise stated, all amounts are presented in Canadian dollars.
Mayfair's Interim Chief Executive Officer Darren McLean commented,
"Dear Stakeholders,
I am pleased to share an update on our recent progress at Mayfair Gold. I am happy to report that the transition within the Company has gone smoothly, allowing us to maintain our momentum in advancing Fenn-Gib without interruption to key initiatives. Our Pre-Feasibility study is well underway, our cash balance remains strong, and we are looking forward to kicking off an advanced metallurgical test program to further optimize and de-risk the project towards development.
We remain confident about our outlook as we consolidate our understanding of Fenn-Gib and its surrounding infrastructure. Looking ahead, we anticipate shifting the focus of the Company from exploration to development as we believe Fenn-Gib's exceptional qualities and existing critical mass merit a focused path towards production."
Corporate Highlights During the Quarter
On April 17, 2024, the Company announced that it had called the annual general and special meeting of shareholders of the Company (the "Meeting") to be held on June 5, 2024 in response to a previously filed shareholder meeting requisition (the "Requisition") submitted by MWCGOF SPV III LP, an investment fund controlled by Muddy Waters Capital LLC ("Muddy Waters") indicating their intent to seek shareholder support for the removal of all the directors of the Company at the Meeting and the appointment of Muddy Waters' board nominees (the "Nominee Directors").
On April 18, 2024, the Company announced the appointment of Richard Klue as Vice President of Technical Services, who has over 40 years of experience in the mining, minerals, and metals industry, and has held numerous senior leadership positions overseeing global engineering studies, projects, and engineering programs.
On May 8, 2024, the Company announced the safe and successful completion of the Phase 6 resource drill program of 26,500 meters focused on extending the strike of the Footwall Zone of the Project. Additionally, the Company announced the continued progress of the Project's pre-feasibility study, including groundwater hydrogeology studies and engineering trade-off studies.
On June 5, 2024, the Company announced the voting results from the Meeting, wherein all the Nominee Directors were elected. Additionally, the Company announced the appointment of Mr. Sean Pi as an additional director of the Company. Mr. Pi, a partner at Heeney Capital, is a co-founder of Mayfair and previously served as a director since the formation of the Company in 2019 until March 26, 2024.
On June 20, 2024, the Company announced the additions of Christine Hsieh and Zach Allwright to the board of directors. Ms. Hsieh is an international commercial lawyer with 25 years of global practice experience, including 13 years focusing on resources. Mr. Allwright is a skilled mining professional with 15 years of diversified international experience, specializing in asset optimization and technical evaluations. Mr. Allwright currently serves as the Vice President - Projects and Evaluations for Faraday Copper (Lundin Group company). Additionally, the Company announced that Anthony Jew and Freddy Brick both tendered their resignation as directors in order to permit the Company to further enhance the Board by adding the deep mining experience and expertise brought by Ms. Hsieh and Mr. Allwright.
Exploration Highlights During the Quarter
Mayfair extends the strike of the mineralized structure by approximately 1 km
April 16, 2024
FG24-385 intersected 0.88 g/t Au over 71.0m, including 1.40 g/t Au over 28.3m including 19.81 g/t Au over 1.8m;
FG24-387 intersected 0.80 g/t Au over 194.5m, including 3.02 g/t Au over 3.0m and 2.54 g/t Au over 5.0m and 8.56 g/t Au over 3.3m including 23.90 g/t Au over 1.0m and 4.60 g/t Au over 2.2m;
FG24-388 intersected 1.97 g/t Au over 68.9m including 4.82 g/t Au over 9.4m including 11.25 g/t Au over 2.1m and 3.01 g/t Au over 12.5m and 6.63 g/t Au over 1.1m and 4.15 g/t Au over 5.9m; and
FG24-390 intersected 10.72 g/t Au over 1.0m, 0.55 g/t Au over 28.5m, 6.12 g/t Au over 14.0m including 68.13 g/t Au over 0.9m and 3.24 g/t Au over 6.0m including 9.13 g/t Au over 1.0m.
Selected Financial Data
The ...
