Mayfair Gold (TSXV: MFG; US-OTC: MFGCF) reported 63.59 grams gold per tonne over 5 metres including 200.89 grams gold over 1.5 metres at its flagship Fenn-Gib project in northeastern Ontario, about 80 km east of Timmins.
The hole, FG21-165, was drilled below the shallow central section of the current conceptual open pit, and the high-grade intercept started at a downhole depth of 540 metres, or about 400 vertical metres below surface.
Other highlights from the infill and expansion drill program at Fenn-Gibb included drillhole FG21-152, which returned 192.3 metres grading 1.28 grams gold per tonne starting from 13.2 metres downhole, including 35 metres of 3.59 grams gold per tonne.
The assays are part of the junior’s fully funded 50,000-metre drill program and will be fed into an upcoming resource estimate before the end of the year.
Currently the project has an indicated resource of 70.20 million tonnes grading 0.92 gram gold per tonnne for 2.08 million oz. of contained gold and another 3.77 million inferred tonnes grading 0.62 gram gold per tonne for 74,967 ounces.
Patrick Evans, the company’s president and CEO, stated in a press release that the results from Fenn-Gib “boost our confidence in the potential to upgrade Fenn-Gib’s resource estimate to plus 3 million ounces by the end of 2021.”
The deposit has a strike length of about 1.25 km with widths ranging up to 300 metres. The mineralized zones remain open at depth and along strike to the east and west.
There are four rigs drilling at the project and the company has completed 39 holes to date for a total of 27,879 metres.
The news sent Mayfair Gold’s shares up 6.8% to 94¢ in mid-afternoon trading. Over the last year the company has traded in a range of 80¢ and $2.15 per share. Mayfair has a market cap of about $73 million.
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