05:14 PM EDT, 09/10/2024 (MT Newswires) -- Mayfair Gold ( MFGCF ) after close on Tuesday reported an updated mineral resource estimate for its Fenn-Gib Gold Project, located in the Timmins region of Northeast Ontario.

The company said the site contains an indicated resource of 4.31-million ounces of gold and an inferred resource of 141,000 ounces .

The updated resource estimate incorporates 69 new drill holes for 46,955m of predominantly infill drilling, along with a new lithological model, which will form the basis of the company's Pre-Feasibility Study (PFS).

"We are pleased to report an updated open-pit mineral resource for Fenn-Gib, highlighting the robustness of Fenn-Gib's grade-tonnage sensitivity," said Interim Chief Executive Officer Darren McLean. "This 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.

The company's shares closed unchanged at $1.70 on the TSX Venture Exchange.