05:08 PM EDT, 06/09/2025 (MT Newswires) -- Mayfair Gold ( MFGCF ) after close of trade Monday provided an update on the conceptual pit designs to advance the Pre-Feasibility Study (PFS) for the Fenn-Gib Gold Project in Ontario.

A statement noted the PFS work is focused on advancing Fenn-Gib based on an open pit mining operation targeting a high-grade starter zone of mineralization. It also noted the PFS is expected to be completed by the end of 2025.

Monday's statement said the updated mineral resource estimate shows that, at a 0.30 g/t gold cutoff, there is a total Indicated Mineral Resource estimate of 181.3 million tonnes at a grade of 0.74 g/t gold containing 4.3 million ounces of gold, and an Inferred Mineral Resource estimate of 8.92 million tonnes at a grade of 0.49 g/t gold containing 0.14 million ounces of gold.

"Many open pit gold deposits have better grade deeper in the deposit. We believe Fenn-Gib is unique in that some of the highest grade mineralization occurs near surface," said President and CEO Nick Campbell. "This allows for the potential to start operations at Fenn-Gib with a smaller, targeted, mining operation, focused on the near-surface, high-grade gold mineralization. Rather than targeting a larger scale operation, we think this approach allows Mayfair to focus operations on higher margin material at the start of operations, it mitigates construction execution risk, reduces initial capital requirements and provides a clear Ontario Provincial permitting path."

Campbell added: "A nimble, smaller, targeted, high-grade operation should provide a path forward for the company to consider a production decision within the next three years. Advancing Fenn-Gib to production and cash flow should help fund potential future growth opportunities, including the potential to permit and develop a larger operation at Fenn-Gib that optimizes the full MRE."

MFG was unchanged at $1.70.