Announcement • Jul 24
Mayfair Gold Corp Provides A Progress Update to Advance and De-Risk the Company’S 100% Controlled Fenn-Gib Gold Project
Mayfair Gold Corp. provided a progress update on activities completed during Second Quarter 2026 and ongoing key work streams to advance and de-risk the Company’s 100% controlled Fenn-Gib Gold Project (“Fenn-Gib” or the “Project”) in Northern Ontario.During the quarter, Mayfair continued to advance FEED activities for the Fenn-Gib process plant, with Ausenco leading the plant engineering work. The Company’s technical team and engineering partners are progressing design updates and working to finalize the site layout for the planned 4,800 tonne-per-day plant. These efforts are intended to support constructability, reduce execution risk, refine capital cost estimates, and advance the Project beyond the 2026 Pre-Feasibility Study stage toward detailed engineering and pre-construction readiness. Key areas of engineering focus include optimization of the plant primary crushing and grinding circuit design, including crushing and comminution optimization. Additional work included ore hardness testing to confirm SAG mill sizing and energy requirements, and continued evaluation of the flotation circuit to assess opportunities to reduce initial capital intensity while maintaining process performance. Mayfair has also initiated early engagement with leading process equipment suppliers to validate the plant process design and optimize equipment selection. Mayfair commenced further de-risking and evaluation of key earthworks assumptions, including open pit pre-stripping, construction laydown and site development, road construction, tailings storage facility design, and water management infrastructure. The Company has also initiated early contractor engagement to refine construction execution strategies, material sourcing and movement requirements, and schedule planning. These activities are intended to improve confidence in the Project’s development path and support future procurement and construction planning. During Q2, Mayfair completed a geotechnical site investigation program in collaboration with Knight Piésold and Ausenco to support the design and engineering of the proposed process plant and associated site infrastructure. The investigation was undertaken to characterize subsurface ground conditions and provide foundation design information for planned infrastructure. The program included diamond drilling, test pitting, detailed geotechnical logging, in-situ testing, and laboratory testing of soil and rock samples, comprising 11 geotechnical drill holes and six test pits across the proposed plant site area. The data collected will be used to inform detailed engineering studies and support ongoing project development activities. Mayfair continued to advance environmental design and baseline programs required to support the Company’s permitting strategy, including work associated with the One Project, One Process (“1P1P”) submission. Second Quarter activities included expansion of water quality and monitoring programs, targeted aquatic field work to improve understanding of fish community conditions, focused wildlife and species-at-risk surveys, continuation of air emissions baseline monitoring, and expansion of geochemistry programs for static and kinetic testing to inform tailings and waste rock management design. Long-term geochemical test work is expected to continue to inform water quality predictions for operations and closure planning. The Company is also advancing supporting studies related to hydrology, aquatic habitat, terrestrial ecology and related environmental disciplines to support future regulatory submissions and detailed project design. All results and evaluation of the Company’s grade control drilling program were finalized in Q2. The 56-hole, 4,200-metre diamond drilling program was carried out in late 2025 to confirm approximately one million tonnes of the probable mineral reserves from the 2026. Pre-Feasibility Study (“PFS”)1, representing approximately 25% of the Phase 1 planned design. The program was designed to validate the distribution and continuity of mineralization and refine planning assumptions related to ore shapes, dilution and ore loss. Results from the program confirmed Mineral Reserve estimated grade and metal content in the tested area while providing future operational information on ore-waste contacts. For material above a 0.80 g/t gold cut-off grade (“COG”), the GC model returned similar grade and 2% more tonnes than predicted by the probable reserve model. For the higher-grade portion, above a 3.0 g/t Au COG, the GC model identified 28% more tonnes at 7% higher-grade, representing 37% more gold than the probable reserve model for the GC drilling test area. The findings support the accuracy of the mineral reserve block model in the Stage 1 starter pit test area and validate the higher-grade component of the mineral reserve for mine planning. The results also suggest potential opportunities to process higher-grade ore earlier in the initial mining sequence. Mayfair continued to progress planning for the proposed 115 kV powerline required to support future operations at Fenn-Gib. The Company has engaged with Hydro One Networks Inc. (“HONI”) and the Independent Electricity System Operator (“IESO”) regarding power allocation and grid connection requirements and has selected a primary engineering partner and Class Environmental Assessment consultant to advance the powerline design and related approvals work. The Company is also advancing access infrastructure planning, including work related to the Highway 101 realignment Environmental Assessment process. This work is intended to support reliable site access, construction planning and future operations logistics.
