Mayfair Gold (TSXV: MFG; OTCQX: MFGCF) announced it has finalized all contracts with major engineering companies for the pre-feasibility study on the Fenn-Gib gold project in Northeastern Ontario. The company expects to complete the PFS by the end of 2025.
The PFS will evaluate and outline the design, costs, and economic potential for Fenn-Gib based on a conventional open-pit mining operation and gold processing plant, targeting a throughput of 4,800 tonnes per day. It will also detail the necessary site and regional infrastructure to bring the project into production.
Mayfair Gold aims to focus on the higher-grade near-surface mineralization at Fenn-Gib, which will reduce the scale of the initial capital cost needed for production. This approach will allow for a shorter construction timeline, helping to mitigate inflationary pressures and potential delays compared to a larger development. Additionally, this clear provincial permitting pathway will enable the company to transition into a new Canadian gold producer.
Ausenco Engineering Canada ULC will lead the PFS, focusing on process plant design and metallurgical testing. Several consulting firms will contribute to various aspects of the study: AGP Mining Consultants Inc. will handle mine planning and the mineral reserve estimate; Knight Piésold Ltd., based in North Bay, will advance tailings and water management; and Terracon Geotechnique and Environmental Applications Group Inc. will oversee site geotechnical and environmental studies, respectively. TBT Engineering will advance the planned Highway 101 diversion, and TWD Engineering will handle the site power supply work.
Nick Campbell, CEO of Mayfair Gold, stated, “We have engaged with an outstanding group of consultants with established track records of achievement in the mining sector to support the Mayfair team and advance the pre-feasibility study for the Fenn-Gib gold project near Timmins, Ontario. These firms, along with the Mayfair team, key equipment manufacturers and construction contractors, will be vital in advancing the project designs with their expertise to help position Fenn-Gib as a shovel-ready project on an accelerated timeline,”
He continued: “Mayfair is positioning itself to be a nimble gold development company, focusing on a smaller, higher-grade, higher margin mine development that can be permitted and built to take advantage of the strong current Canadian gold price market. Through this approach, Mayfair can mitigate the upfront capital requirements, reduce execution risk and accelerate cash flow generation. This lower risk approach should provide Mayfair with the time and capital required to consider a longer-term project scope that considers the entire 4.3 million ounce indicated gold resource in the future. We anticipate the PFS to be complete by year-end 2025, with the Ontario permitting timelines allowing for a construction decision as early as three-years from now.”
Mayfair is taking significant steps to advance Fenn-Gib by executing contracts with engineering consultants. The company is also actively engaging with the local communities of Matheson, Timmins, and the regional Indigenous communities. Notably, Mayfair is focusing on collaborating with the Apitipi Anicinapek Nation, as the Fenn-Gib project is roughly 10 km from their community.
The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total indicated resource of 181.3M tonnes containing 4.3M ounces at a grade of 0.74 g/t gold and an inferred resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t gold at a 0.30 g/t gold cut-off grade.
More information is posted on www.MayfairGold.ca.
