Canada-based Mayfair Gold has signed a definitive agreement to acquire three properties owned by Plato Gold in exchange for C$2.5m ($1.79m) in cash.
The Guibord, Marriott, and Holloway properties are situated near Mayfair’s existing Fenn-Gib Gold Project, east of Timmins, Ontario.
The acquisition enhances the company’s access to the Porcupine-Destor Fault Zone (PDFZ), supporting infrastructure development adjacent to Fenn-Gib.
The Guibord property, where Mayfair gains a 50% interest, is located less than 5km southeast of McEwen Mining’s Grey Fox Project.
It consists of 16 mining claims and two leases, spanning 275ha with Highway 572 access.
Historic drilling revealed gold mineralisation, notably 13.7g/t over 1.22m and 47.01g/t over 0.91m.
Mayfair will fully acquire the Marriott property, comprised of 142 mining claims over 2,728ha, situated approximately 55km east of Fenn-Gib.
Previously in 2005, Plato completed a 11-hole, 2,858m diamond drill programme, with three holes intercepting gold mineralisation exceeding 1g/t.
The Holloway property also transitions completely to Mayfair, involving 10 claims over 156ha and positioned around 43km east of Fenn-Gib.
Historic 1987 drill operations identified high-grade gold zones ranging from 52-64g/t over 0.3 – 0.8m intervals.
As per the purchase agreement, the payment is subject to customary conditions including ministerial consent for mining lease transfers.
Upon closing, the cash will be placed in escrow with an agent.
Plato will receive 50% once the Marriott Property is transferred, 25% upon the Holloway Property’s transfer, and the remaining 25% following the Guibord Property’s transfer.
Mayfair Gold CEO Nick Campbell said: “We are excited to enter into this agreement with Plato to expand our land holdings near the Fenn-Gib Gold Project by more than 65%.
“All three properties are closely associated with the Porcupine-Destor Fault Zone, a significant regional structure within the Abitibi Greenstone belt that has produced more than 180 million ounces of gold historically.
“This transaction, as well as targets within our current land holdings provide Mayfair with new exploration leverage adjacent to and within hauling distance of the proposed Fenn-Gib mine. Furthermore, the Guibord property facilitates critical access for potential onsite infrastructure supporting our permitting process.”
“Mayfair Gold to acquire three properties from Plato” was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
