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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Mayfair Gold’s Fenn-Gib to become Canada’s First Carbon Neutral Gold Project

August 16, 2021 GMT

VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGCF) is pleased to announce plans for the 100%-owned Fenn-Gib project (“Fenn-Gib”) to become Canada’s first carbon neutral gold project. Mayfair will be partnering with a leading sustainability advisor to record carbon emissions at Fenn-Gib and the impact of the limited land clearing to design appropriate offsets for the duration of the project’s exploration phase.

Mayfair Gold President and CEO Patrick Evans commented: “The mining industry contributes approx. 3% of global CO2 emissions. Mayfair Gold, like all resource companies, has a responsibility to reduce carbon emissions from operations. We take this responsibility very seriously. Our vision is for Fenn-Gib to become Canada’s first net zero carbon gold project. Our commitment starts immediately during the project’s exploration phase and will continue as we embark on the pre-feasibility study in early 2022 for the initial mine design. As a carbon neutral gold operation, Fenn-Gib will account for all carbon emissions over the life of the project and, to the greatest extent possible, aim for zero emissions.”

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To achieve carbon neutrality, Mayfair aims to design a project that relies principally on renewable energy sources. With a major Ontario hydropower line traversing the 4,800 ha Fenn-Gib property, Mayfair is well placed to take advantage of renewable energy. A high voltage transformer station is located at Ramore, a short distance to the southwest of Fenn-Gib.

For the typical conventional mine, the mobile fleet contributes approx. 50% of the greenhouse gas (“GHG”) emissions. The technology already exists to design and build the entire mobile fleet based on battery electric or fuel cell electric motors. Process plants contribute about 30% of GHG emissions at a conventional mine. Reliance on renewable energy, such a hydroelectric sources (which are abundant and competitively priced in northern Ontario), will make a significant contribution to reduced GHG emissions.

With engineering advances being made, it is estimated that the total cost of ownership for battery electric vehicles will be approx. 20% lower than comparable diesel vehicles. Maintenance costs are expected to be reduced up to 30%, and fuel costs reduced up to 60%. Mayfair believes the environmental and commercial benefits are strongly compelling.

Mayfair’s vision for a net zero gold operation presents an exciting opportunity for Fenn-Gib and the gold industry. We invite our shareholders and business partners to follow our progress by visiting www.mayfairgold.ca.

About Mayfair

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Mayfair is a Canadian mineral exploration company focused on advancing the 100% owned Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset. An updated open-pit constrained NI 43-101 resource estimate (February 5, 2021) reported a total Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t Au and an Inferred Resource of 3.8M tonnes containing 75,000 ounces at a grade of 0.618 g/t Au. The deposit has a strike length of approx. 1.25km with widths ranging up to 300m. The gold mineralized zones remain open at depth and along strike to the east and west.

For further information contact:

Patrick Evans, President and CEO
Email: patrick@mayfairgold.ca
Phone: (416) 670-5114
Web: www.mayfairgold.ca

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to Mayfair’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.