A hard-charging Vancouver junior miner, aiming to develop a mine outside Matheson, reported a 47 per cent jump in the indicated gold estimate at its Fenn-Gib deposit.
In an announcement this week, Mayfair Gold said the gold zones at Fenn-Gib continues to expand and now contains an indicated mineral resource estimate of 3.06 million ounces of gold and an inferred mineral resource of 310,000 ounces.
The difference between measured, indicated and inferred resources is the degree of confidence in the amount of minerals in the ground with measured being the highest and inferred being the lowest.
The company said it’s more than 60 per cent of the way through a 110,000-metre drill program to expand the size of the original deposit. This latest estimate was derived from a compilation of 114 holes drilled so far.
Mayfair said it hitting gold on all its drill holes and expects to announce a further bump in mineral resources in 2023 when it releases another update sometime in the second quarter.
The company believes Fenn-Gib offers both open pit and underground mining potential with high-grade mineralization discovered near the surface.
“The Fenn-Gib mineralization remains open for expansion in most directions, and we are excited about the near-term potential to further increase the resources with the ongoing drill program supported by three drill rigs,” said company president Patrick Evans in an Oct. 18 news release.
Evans said in a recently released investor video that Fenn-Gib has the potential to exceed 3.5 million ounces of gold.
Over the last year and a half, Mayfair has wasted little time getting oriented to the Timmins mining camp after signing an acquisition agreement with Pan American Silver for Fenn-Gib in March 2020. They closed the deal by December of that year.
The company holds 4,800 hectares of exploration ground about 20 kilometres east of Matheson. Getting to the site isn’t a problem. Highway 101 cuts through the middle of the company’s North Block property. It sits between McEwen Mining’s Fox Mine Complex and Moneta Gold’s Golden Highway Project.
Mayfair is trumpeting a sustainability investor marketing line. In its investor literature, the company has high hopes of Fenn-Gib becoming a carbon neutral “mine of the future,” employing automation and remote control mining technologies. Over the course of its exploration, the company has been measuring and reporting its greenhouse gas emissions.