Mayfair Gold Q2 2025 Financial and Operating Results
VANCOUVER, BC, Aug. 25, 2025 /CNW/ - Mayfair Gold Corp. ("Mayfair", or the "Company") (TSXV:MFG) (OTCQX:MFGCF) is pleased to report its operating and financial results for the quarter ended June 30, 2025. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario ("Fenn-Gib" or the "Project"). The full version of the financial statements and accompanying management's discussion and analysis can be viewed on the Company's website at www.mayfairgold.ca or on SEDAR+ at www.sedarplus.com. Unless otherwise stated, all amounts are presented in Canadian dollars.
Mayfair's Chief Executive Officer Nicholas Campbell commented,
"Dear Stakeholders,
I am pleased to provide an update on our progress at Mayfair Gold and the Fenn-Gib Gold project in Northern Ontario. In Q2 2025, Mayfair announced the results of a comprehensive metallurgical testing program, which demonstrated gold recoveries of 88.4% for material grading 1.5 g/t gold or higher and recovery of 82.5% for material grading 0.8 g/t gold or higher. This work was integral to derisking the design of the process flow sheet for the upcoming Pre-Feasibility Study ("PFS"). This also further supports the proposed advancement of Fenn-Gib by focusing on the development of a smaller scale, higher grade operation with higher associated recoveries to begin operations.
The Company also completed an audit of the environmental baseline data collected on the project. With roughly three years of environmental base line data collected by the end of Summer 2025, the Company is confident sufficient data has been collected to support the commencement of formal Ontario Provincial Permitting activities shortly after the PFS has been completed.
During the quarter, the Company also selected and executed agreements with all of the required engineering contractors to support the completion of the PFS by the end of 2025. The Company plans to commence a confidence drilling program in August 2025, which will give Mayfair more data to better define waste to ore boundaries and improve confidence in the grade profile for the mine over the first several years of production. Mayfair continues to focus on derisking the Fenn-Gib gold project. As we work to complete the PFS for the Project, Mayfair plans to submit a project description to the Ontario Ministry of Mines (the "Ministry") in Q3 2025. This gives the Ministry notice of Mayfair's intention to begin the formal permitting process, which allow for the Ministry to properly resource Mayfair' s process and establish points of contact for Mayfair to advance permitting activities for Fenn-Gib.
For the second half of 2025, Mayfair continues to advance site investigation work, engineering, and permitting preparation with the intention of moving directly into detailed engineering of the Project and commencement of formal permitting activities at the start of 2026. We look forward to sharing our progress over the remainder of 2025. "
Exploration Highlights
On April 3, 2025, the Company provided 2025 outlook and Fenn-Gib advancement program. The program includes;
Metallurgical test work
Environmental baseline data review
Community engagement
Election of pre-feasibility consultants
Site investigation works
High-grade starter pit confidence drilling program
Provincial permitting and prefeasibility study
In May 2025, the Company signed all major engineering contracts to advance the Fenn-Gib PFS and provided an update on 2025 metallurgical test results supporting the study.
Selected Financial Data
The following selected financial data is summarized from the Company's financial statements and related notes thereto (the "Financial Statements") ...
