Mayfair Gold has reported an updated resource estimate at its Fenn-Gib gold project in the Timmins region of Ontario, Canada.

The updated resource incorporates 69 new drill holes for 46,955m of predominantly infill drilling, along with a new lithological model. It will form the basis of a prefeasibility study (PFS) that is underway. 

Fenn-Gib now hosts an indicated resource of 181.3Mt grading 0.74gpt gold for 4.3Moz at a 0.3gpt cut-off grade and US$2000/oz gold price. The 2023 resource was 3.38Moz, with the increase predominantly due to the application of a higher gold price ($2000/oz versus $1765/oz), resulting in a lower cut-off within a larger pit shell than previously applied. 

"The robustness of Fenn-Gib's grade-tonnage sensitivity … optionality, paired with our world-class infrastructure setting, affords Fenn-Gib a variety of development scenarios from small-scale opportunities targeting higher grades to bulk options leveraging economies of scale," Mayfair Gold chief executive Darren McLean said.

Mayfair has begun a comprehensive metallurgical test program for Fenn-Gib for the PFS, with the additional test work planned to provide detailed process design criteria for an eventual feasibility study that the company intends to begin in 2025.

Baseline testing includes material hardness, grind size calibration, grind size versus rougher flotation recovery, reagent suite versus rougher flotation recovery, retention time kinetics, rougher concentrate regrind size evaluation at 10 µm, 15 µm, and 20 µm, and concentrate cyanidation CIP versus CIL comparisons, solid-liquid separation and environmental tests.

In June, Mayfair shareholders voted to throw out the company's board in favour of a slate presented by shareholder Muddy Waters Capital.