TORONTO – Mayfair Gold Corp. () (NYSE American:MINE) announced today the completion of its grade control drilling program at the Fenn-Gib Project in Northern Ontario, which tested approximately 1 million tonnes of probable mineral reserves.
The grade control program, completed in late 2025, tested about 25% of Phase 1 reserves from the company’s 2026 pre-feasibility study, according to a press release statement. The program included 56 diamond drill holes to a nominal depth of 75 meters on a 10-by-10 meter spacing across an area measuring 60 by 70 meters.
At a 0.8 g/t cut-off grade, the grade control model returned similar grade as the reserve model with approximately 2% more contained metal. For material above 3.0 g/t gold, the program identified 28% more tonnes at 7% higher grade compared to the probable reserve model in the test area.
The drilling was designed to validate the distribution and continuity of mineralization and refine planning assumptions related to ore shapes, dilution and ore loss. All NQ-size holes were planned as vertical holes to a depth of 75 meters, with overburden thickness averaging 8.7 meters.
Gold grades were estimated in a block model using one-meter intervals to capture close-spaced variability. Assays were completed by Swastika Laboratories Ltd. in Swastika, Ontario, using a 30-gram fire assay with flame atomic absorption spectroscopy finish.
Drew Anwyll, the company’s chief executive officer, said the results confirm that the mineral reserve estimate is an accurate representation of the orebody and gives confidence that high-grade material scheduled for early years of the mine plan is present.Investors have responded positively to the company’s development progress, with shares trading at $10.14, near their 52-week high of $10.39. The stock has delivered an 88% return over the past year. According to InvestingPro analysis, which provides comprehensive metrics and insights on over 1,400 US-listed stocks, the company shows strong price momentum despite burning through cash as it advances toward production.
The Fenn-Gib Project hosts a 4.3 million ounce indicated mineral resource of gold and a 1 million ounce probable mineral reserve. The company’s 2026 pre-feasibility study outlined initial development capital of C$450 million with a target to start construction in 2028 and initial production in 2030.With a market capitalization of $125 million and negative free cash flow of $38 million as the company advances its pre-production development, Mayfair represents a typical pre-production mining investment profile.
In other recent news, Mayfair Gold Corp. reported significant developments concerning its operations and leadership. The company announced the initiation of a regional exploration program in its Timmins camp land package in Northern Ontario. This exploration follows Mayfair Gold’s acquisition of the Guibord, Marriott, and Holloway properties, which were purchased from Plato Gold Corp. for C$2.5 million. This acquisition increases Mayfair’s land holdings in the area by over 65%.
In leadership changes, Drew Anwyll has been appointed as the new Chief Executive Officer, taking over from Nick Campbell, who is stepping down. Anwyll’s previous role as Chief Operating Officer positions him to lead the execution of plans for the Fenn-Gib Gold Project. Additionally, the company’s Chief Financial Officer, Kevin Annett, acquired 58,000 common shares in a private placement, totaling C$254,040. The proceeds from this transaction are expected to support the advancement of the Fenn-Gib gold project in Ontario.
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