Mayfair Gold Corp. (TSX-V: MFG) (OTCQB: MFGCF) announced the closing of the second and final tranche of its previously announced non-brokered private placement financing for proceeds of $3,450,000. The funds will be used to further the Company’s successful exploration program at the Fenn-Gib gold project in the Timmins region of Ontario, for metallurgical and engineering studies, and for general working capital.
The Company issued 3,000,000 common shares at a price per share of $1.15. The common shares issued are subject to a four month hold period expiring on May 11, 2023.
The Company completed the first tranche of the Offering on December 19, 2022, for proceeds of $4,980,000. The aggregate proceeds from the first and second tranches of the financing is $8,430,000.
Mayfair President and CEO Patrick Evans said: “We are pleased with the strong support for this financing. Mayfair is now well placed to advance the Fenn-Gib gold project through final resource delineation, metallurgical and engineering studies”.
Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70 g/t Au; and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date October 15, 2022). The Fenn-Gib deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fen-Gib deposit can deliver robust gold recoveries of up to 94%.
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