Mayfair Gold, a Canada-based mining company, has recently finalized a deal to acquire three properties from Plato Gold for C$2.5m ($1.79m) in cash. These properties, namely Guibord, Marriott, and Holloway, are strategically located near Mayfair’s existing Fenn-Gib Gold Project in Ontario, providing the company with enhanced access to the Porcupine-Destor Fault Zone (PDFZ) and supporting infrastructure development in the area.
The Guibord property, where Mayfair will gain a 50% interest, is situated less than 5km southeast of McEwen Mining’s Grey Fox Project. It encompasses 16 mining claims and two leases, covering 275ha with access to Highway 572. Historic drilling activities on the Guibord property have revealed significant gold mineralization, including impressive results of 13.7g/t over 1.22m and 47.01g/t over 0.91m.
Mayfair will acquire the Marriott property in its entirety, consisting of 142 mining claims spanning over 2,728ha and located approximately 55km east of the Fenn-Gib Project. Past exploration efforts on the Marriott property, conducted in 2005 by Plato Gold, resulted in the discovery of gold mineralization exceeding 1g/t in three drill holes.
Similarly, the Holloway property will also transition fully to Mayfair, comprising 10 claims spread over 156ha and positioned around 43km east of the Fenn-Gib Project. Historic drill operations dating back to 1987 on the Holloway property identified high-grade gold zones ranging from 52-64g/t over intervals of 0.3 – 0.8m.
The payment for the acquisition is subject to customary conditions, including obtaining ministerial consent for mining lease transfers. Once the transaction is closed, the cash consideration will be held in escrow with an agent, with Plato Gold receiving 50% upon the transfer of the Marriott Property, 25% upon the transfer of the Holloway Property, and the remaining 25% following the transfer of the Guibord Property.
Mayfair Gold’s CEO, Nick Campbell, expressed enthusiasm about the agreement, stating that the acquisition of these properties will expand the company’s land holdings near the Fenn-Gib Gold Project by more than 65%. He highlighted the significance of these properties being associated with the Porcupine-Destor Fault Zone, a key regional structure within the Abitibi Greenstone belt that has historically produced over 180 million ounces of gold.
This strategic transaction, combined with the potential exploration targets within Mayfair’s current land holdings, offers the company new exploration opportunities adjacent to and within hauling distance of the proposed Fenn-Gib mine. Additionally, the Guibord property’s proximity provides critical access for potential onsite infrastructure, supporting Mayfair’s permitting process.
In conclusion, the acquisition of these properties marks a significant milestone for Mayfair Gold, positioning the company for further growth and exploration success in the region.
This article is based on the original piece “Mayfair Gold to acquire three properties from Plato” published by Mining Technology, a GlobalData-owned brand.
