202625 releases
202518 releases
Mayfair Strengthens Management Team
ManagementMayfair Gold Names Drew Anwyll as COO
Management
202428 releases
Mayfair Gold Defeats Muddy Waters’ Meritless Lawsuit
The Supreme Court of British Columbia has set aside the ex parte order obtained by Muddy Waters Capital LLC on May 27, 2024, which had restricted distribution of approximately $4.0 million in change of control payments held in trust for certain Mayfair Gold management and employees, and dismissed Muddy Waters' application for a new injunction. The Court found Muddy Waters failed to make full and frank disclosure and failed to establish a strong prima facie case of oppressive conduct. Mayfair's annual general and special meeting is set for June 5, 2024.
CorporateMayfair Gold Chair Letter to Shareholders Ahead of Crucial Vote
A letter to shareholders from Independent Chairman Harry Pokrandt was published ahead of Mayfair Gold's Annual General and Special Meeting on June 5, 2024, recapping the Board's actions during the proxy contest with Muddy Waters Capital LLC. The Board urges shareholders to vote the WHITE proxy before the deadline of 2:00 p.m. Pacific time on June 3, 2024, and notes that proxy advisors ISS and Glass Lewis recommended voting for all management resolutions and against all Muddy Waters resolutions.
CorporateLeading Proxy Advisory Firm Glass Lewis Recommends that Mayfair Gold Shareholders Vote FOR All Company Nominees
Proxy advisory firm Glass Lewis has recommended Mayfair Gold shareholders vote the WHITE proxy FOR the management slate and all management resolutions at the Annual General and Special Meeting on June 5, 2024, and AGAINST all proposals and nominees put forward by Muddy Waters Capital LLC. Glass Lewis endorsed director nominees Harry Pokrandt, Patrick Evans, Christopher Reynolds and Douglas Cater, following a similar recommendation from ISS. The voting deadline is 2:00 p.m. Pacific time on June 3, 2024.
CorporateMayfair Gold Supplements Disclosure Contained in Management Information Circular
Supplemental disclosure to the May 6, 2024 management information circular ahead of the June 5, 2024 annual general and special meeting details amendments to employee change of control provisions made between February 5 and March 5, 2024, and a settlement agreement effective May 6, 2024. Under the settlement, C$3,998,585 in aggregate termination payments was placed in a non-interest-bearing trust, with terminating employees including CEO Patrick Evans holding their notices in abeyance until the meeting. Proxy deadline is 2:00 p.m. Pacific on June 3, 2024.
CorporateMayfair Gold: Muddy Waters’ Lawsuit is Wholly Without Merit
Muddy Waters Capital LLC obtained an ex parte order in the Supreme Court of British Columbia on May 27 restricting distribution of approximately $4.0 million held in trust for change-of-control termination payments to Mayfair Gold's management and employees. Mayfair says the order's basis is without merit and that the company, its directors and employees will challenge it and defend against the litigation. Shareholders are advised to vote the WHITE proxy before the 2:00 p.m. Pacific deadline on June 3, 2024, ahead of the June 5, 2024 meeting.
CorporateLeading Proxy Advisory Firm ISS Recommends that Mayfair Gold Shareholders Vote FOR All Company Nominees
Proxy advisory firm ISS has recommended Mayfair Gold shareholders vote the WHITE proxy FOR the management slate — Harry Pokrandt, Patrick Evans, Christopher Reynolds and Douglas Cater — and all management resolutions at the Annual General and Special Meeting on June 5, 2024, and vote AGAINST all Muddy Waters Capital proposals, including WITHHOLD votes for nominees Carson Block, Darren McLean, Freddy Brick and Anthony Jew. ISS also recommended re-approval of the stock option plan. The proxy deadline is 2:00 p.m. Pacific time on June 3, 2024.
CorporateMayfair Gold Files Management Information Circular and Issues Letter to Shareholders
A management information circular and proxy materials have been filed for Mayfair Gold's Annual General and Special Meeting on June 5, 2024, with a proxy voting deadline of 2:00 p.m. Pacific time on June 3, 2024. The board recommends re-electing Harry Pokrandt, Patrick Evans, Christopher Reynolds and Douglas Cater and rejecting Muddy Waters Capital's resolutions and four nominees. Mayfair also entered a May 6 settlement agreement placing roughly $4.0 million of change of control payments in trust after management, including CEO Patrick Evans, gave termination notice on May 1.
CorporateMayfair Gold Provides Update on Fenn-Gib Gold Project
The Phase 6 resource drill program at the 100%-controlled Fenn-Gib gold project in the Timmins region of Northeast Ontario has been completed, extending the Footwall Zone strike to more than 1 kilometre, open to the northeast and southwest, with continuity confirmed to over 600 m depth. Reported intercepts include 60.0 m at 1.37 g/t Au in FG23-381, 398.1 m at 1.13 g/t Au in FG23-360, and 31.0 m at 3.09 g/t Au in FG23-364. The 2024 environmental field program and pre-feasibility tradeoff studies are underway.
CorporateMayfair Gold Announces the Appointment of Vice President Technical Services
Richard Klue has been appointed Vice President Technical Services of Mayfair Gold, bringing over 40 years of mining, minerals and metals experience, most recently as Vice President Engineering and Studies at Hudbay Minerals Inc. He will lead the team conducting the pre-feasibility study underway at the Fenn-Gib gold project in the Timmins region of Northern Ontario. Klue was granted 100,000 incentive stock options at an exercise price of $2.54, vesting over 12 months and expiring April 17, 2029.
ManagementMayfair Gold Schedules Annual General and Special Meeting of Shareholders in Response to Shareholder Requisition
An annual general and special meeting of shareholders has been called for June 5, 2024, in response to a March 27, 2024 requisition from MWCGOF SPV III LP, an investment fund controlled by Muddy Waters Capital LLC, seeking to reconstitute Mayfair's board of directors. Shareholders will receive a management information circular ahead of the meeting and need take no action at this time. Mayfair has retained Alliance Advisors, LLC as strategic shareholder advisor and proxy solicitation agent.
CorporateMayfair Gold Drills 1.97 g/t Au over 68.9m including 3.01 g/t Au over 12.5m at Fenn-Gib Footwall Zone
Drilling at the Footwall Zone, about 100 m northwest of the Fenn-Gib deposit in the Timmins region of Northeast Ontario, returned 1.97 g/t Au over 68.9m including 4.82 g/t Au over 9.4m and 3.01 g/t Au over 12.5m in hole FG24-388; FG24-387 returned 0.80 g/t Au over 194.5m, FG24-385 0.88 g/t Au over 71.0m, and FG24-390 6.12 g/t Au over 14.0m including 68.13 g/t Au over 0.90m. The winter campaign extended the zone's strike to approximately 1 km, and a maiden Footwall Zone resource is expected by mid-2024.
Drill resultsMayfair Gold Sets the Record Straight and Corrects Muddy Waters’ Misleading and Inaccurate Statements
Muddy Waters Capital LLC has requisitioned a shareholder meeting to reconstitute Mayfair Gold's board, and the Company is reviewing the requisition and will respond within the timeframe set out in applicable legislation, with no action required from shareholders. Mayfair disputed statements in Muddy Waters' April 2, 2024 letter, saying its option pool is not depleted, roughly 90% of options were granted before Muddy Waters disclosed its investment, and compensation ranks below its benchmark peer group. Mayfair said it will honor nomination rights held by two founders and has not finalized its 2024 AGM date.
CorporateMayfair Gold Commences 2024 Environmental Field Program at Fenn-Gib Gold Project
The 2024 environmental field program has started at the 100%-controlled Fenn-Gib gold project in the Timmins region of Ontario, in support of a potential environmental assessment, managed by Environmental Applications Group Inc. of Sudbury. Work includes groundwater hydrogeology studies with 12 monitoring wells, surface water sampling and hydrology monitoring, wetland evaluation and mapping, terrestrial and aquatic wildlife monitoring, geochemical testing and archeological surveys. Reports are expected in Q1 2025 and will guide the 2025 field program.
Drill resultsMayfair Gold Receives Shareholder Meeting Requisition
A shareholder meeting requisition dated March 27, 2024 has been received from MWCGOF SPV III LP, a fund controlled by Muddy Waters Capital LLC that purports to hold more than 5% of Mayfair Gold's common shares. The requisition seeks a special resolution removing all directors, resolutions fixing the board at four or eight members depending on that outcome, and election of four nominees of the requisitioning shareholder. Mayfair is reviewing the requisition with advisors and says shareholders need take no action.
CorporateMayfair Gold Initiates Pre-Feasibility Study for Fenn-Gib Gold Project
The Board has approved advancing the 100%-controlled Fenn-Gib gold project in the Timmins region of Ontario to the pre-feasibility study phase, with AGP Mining Consultants engaged as lead engineers of a multi-disciplinary group. Tradeoff studies to define optimal project parameters are expected to be completed in Q2 2024, after which guidance on completing the study will be provided. Director Sean Pi, a Mayfair co-founder serving since 2019, has resigned.
Study resultsMayfair Gold Responds to Announcement by Muddy Waters Capital of Intention to Reconstitute the Board of Directors
Muddy Waters Capital LLC has stated it intends to solicit proxies to reconstitute Mayfair Gold's board at the 2024 annual general meeting, whose date has not been finalized. Mayfair said Muddy Waters demanded on March 14 that the board halt its ongoing recruitment process and appoint nominee Darren McLean as director and Chair, without providing nomination materials required by the Company's Articles. The board says it will evaluate the nominees once those requirements are met, and shareholders need take no action until the management circular is delivered.
ManagementMayfair Gold Achieves “A” Scoring from Digbee ESG
An overall ESG score of "A" was awarded to Mayfair Gold by independent assessment platform Digbee ESG in its third annual report, up from "BB" last year. The company's flagship Fenn-Gib gold project in the Timmins region of Northern Ontario hosts an NI 43-101 resource effective April 6, 2023 of 113.69M tonnes Indicated containing 3.38M ounces at 0.93 g/t Au and 5.72M tonnes Inferred containing 0.16M ounces at 0.85 g/t Au.
CorporateMayfair Gold Named to 2024 OTCQX Best 50 in the United States
Mayfair Gold Corp. (TSX-V: MFG; OTCQX: MFGCF) has been named to the 2024 OTCQX Best 50, a ranking of the top 50 U.S. and international companies traded on the OTCQX market based on an equal weighting of one-year total return and average daily dollar volume growth in 2023. The company is advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario.
CorporateMayfair Gold Drills 3.14 g/t Au over 10.0m including 15.94 g/t Au over 1.0m at Fenn-Gib Footwall Zone
Drilling at the Footwall Zone, about 100m northwest of the Fenn-Gib deposit in the Timmins region of Northeast Ontario, returned 3.14 g/t Au over 10.0m including 15.94 g/t Au over 1.0m in FG23-368, 27.60 g/t Au over 2.1m in FG23-359, 16.47 g/t Au over 2.3m in FG23-361, and 2.19 g/t Au over 16.8m in FG23-351. The Footwall Zone structure now spans over 500m of strike, open in all directions, from surface to below 600m. Fenn-Gib hosts 3.38M oz Indicated at 0.93 g/t Au and 0.16M oz Inferred at 0.85 g/t Au.
Drill results
202318 releases
Mayfair Gold Announces Successful Completion of Fenn-Gib Geotechnical Study
Geotechnical and hydrogeology studies supporting pre-feasibility-level open-pit design have been completed at the 100%-controlled Fenn-Gib project in the Timmins region of Northeast Ontario, indicating overall slope angles of 40 to 51 degrees, inter-ramp angles of 49 to 61 degrees, and a 560-metre pit depth at a 45-degree overall slope angle. The work included seven geomechanical holes (3,228m), 11 televiewer-surveyed holes (5,306m) and 395 laboratory tests. A pre-feasibility study is expected to be completed by mid-2024.
Study resultsMayfair Gold Grants Incentive Stock Options
Incentive stock options for an aggregate of 1,905,000 common shares were granted to certain directors, officers, employees and advisors under Mayfair Gold's long-term incentive plan. The options carry an exercise price of $2.14 and are exercisable for a five-year term expiring November 14, 2028. Mayfair is advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario.
CorporateMayfair Gold Announces Closing of Private Placement Financings
A private placement of flow-through and non-flow-through common shares closed for aggregate gross proceeds of $12,047,000, comprising 2,040,000 charity flow-through shares at $2.94 and 2,881,000 non-flow-through shares at $2.10, subject to a four month hold period expiring March 3, 2024. Flow-through proceeds will fund Canadian Exploration Expenses, while share proceeds go to exploration and engineering and metallurgical studies at the Fenn-Gib gold project in the Timmins region of Ontario, plus working capital. An investment fund holding over 10% took 2,286,000 shares.
FinancingMayfair Gold Increases Private Placement Financing
The non-brokered private placement of common shares has been increased from $5 million to $6.05 million, with 2,881,000 Shares to be issued at $2.10 per Share, alongside the concurrent 2,040,000 flow-through shares at $2.94 announced October 10, 2023, for aggregate gross proceeds of approximately $12.05 million. Proceeds will fund exploration and metallurgical and engineering studies at the Fenn-Gib gold project in the Timmins region of Ontario, plus working capital. Closing is expected on or about November 2, 2023, subject to TSX Venture Exchange acceptance, with a four-month hold period.
FinancingMayfair Gold Announces Private Placement Financings
Two non-brokered private placements totalling approximately $11 million have been arranged: 2,381,000 common shares at $2.10 for about $5 million, and 2,040,000 flow-through shares at $2.94 for about $6 million, the flow-through price a roughly 38% premium to the October 10, 2023 TSX.V close. Flow-through proceeds will fund Canadian Exploration Expenses, renounced effective no later than December 31, 2023, with the balance for working capital and exploration at the Fenn-Gib gold project in Timmins, Ontario. Closing is expected on or about November 2, 2023.
FinancingMayfair Gold Drills 1.44 g/t Gold over 49.5m including 9.20 g/t Gold over 2.5m at Fenn-Gib Footwall Zone
Drilling at the Footwall Zone, about 100 m north of the Fenn-Gib deposit in the Timmins region of Northeast Ontario, returned 1.44 g/t Au over 49.5 m including 9.20 g/t Au over 2.5 m in hole FG23-345, 1.46 g/t Au over 25.9 m in FG23-304, 2.19 g/t Au over 17.1 m including 13.67 g/t Au over 2.0 m in FG23-314, and 3.67 g/t Au over 8.0 m in FG23-326. The zone has a strike length of about 500 m, remains open in all directions, and a maiden underground resource is expected in early 2024. Fenn-Gib hosts 3.38M indicated ounces at 0.93 g/t Au.
Drill resultsMayfair Gold to Present at 12th Annual Energy and Mines Toronto Summit
Patrick Evans, president and CEO, will present at the 12th Annual Energy and Mines Toronto Summit at 11 a.m. ET on November 29, 2023, on the topic Displacing Diesel from Fleets: Miners' Perspectives. Mayfair's 100%-controlled Fenn-Gib project in the Timmins region of Northeast Ontario hosts an open-pit constrained Indicated resource of 3.38 Moz gold at 0.93 g/t and an Inferred resource of 0.16 Moz at 0.85 g/t, at a 0.40 g/t cut-off.
CorporateMayfair Gold Makes New Discovery at Fenn-Gib Gold Project
Drilling below the pit-constrained resource at the Fenn-Gib gold project in the Timmins region of Northeast Ontario has identified a new zone, the Contact Zone, with hole FG23-356 returning 1.16 g/t Au over 421.0m, including 1.69 g/t over 221.0m, 12.42 g/t over 10.0m and 76.12 g/t over 1.5m; hole FG23-350A returned 1.06 g/t Au over 124.0m. These are the first two of five planned deep holes, with assays pending below 858m. Footwall Zone resource drilling continues with two rigs, and a maiden underground resource is expected in early 2024.
Drill resultsMayfair Gold Reports Positive Results from Ongoing Metallurgical Testing
Metallurgical testing at SGS-Lakefield on samples from the 100%-controlled Fenn-Gib deposit in the Timmins region of Northeast Ontario returned sulphide and gold recoveries of 96% to 99% at flotation feed sizes of F80 75 to 100 µm, and 98% gold extraction from intensive cyanidation of concentrate reground to P80 10 µm, with an overall 94% gold recovery expected. The results are included in the July 26, 2023 NI 43-101 technical report, effective April 6, 2023. Further variability testing is planned for pre-feasibility engineering.
Study resultsMayfair Gold Files NI 43-101 Technical Report for Fenn-Gib Gold Deposit
An NI 43-101 technical report for the 100% controlled Fenn-Gib gold project in the Timmins region of Northeast Ontario has been filed, prepared by T. Maunula & Associates Consulting Inc., dated July 26, 2023, with an effective date of April 6, 2023. It supports the updated resource estimate released June 14, 2023: Indicated 113.69M tonnes containing 3.38M ounces at 0.93 g/t Au and Inferred 5.72M tonnes containing 0.16M ounces at 0.85 g/t Au, at a 0.40 g/t Au cut-off.
Study resultsMayfair Gold Completes Fenn-Gib Geotechnical and Hydrogeology Field Campaign
Geotechnical and hydrogeology field campaigns supporting a planned pre-feasibility study at the 100%-owned Fenn-Gib gold project in the Timmins region of Northeast Ontario have been completed, comprising 3,200m of oriented HQ drilling in seven holes, 5,800m of downhole televiewer surveys and conceptual open-pit hydraulic studies. Data analysis is underway with results expected this quarter, testing pit wall slope angles above the 50 degrees assumed in the current resource; at 55 degrees, indicated resources would be 3,731,000 oz at 0.91 g/t Au. A maiden underground Footwall Zone resource is expected in early 2024.
Drill resultsMayfair Gold’s Fenn-Gib Project Maintains Carbon Neutrality for 2022
Carbon offsets have been purchased to cover Mayfair Gold's 2022 company-wide greenhouse gas emissions, assessed independently by Carbonzero at 688 tonnes of CO2-equivalent, largely from exploration at the Fenn-Gib project in the Timmins region of Northeast Ontario, where 64,838 m was drilled in 116 holes. The offsets support the Canada-wide Thermal Residential Heating Aggregation Project and were retired on the CSA CleanProjects Registry. Fenn-Gib hosts an Indicated resource of 3.38 Moz gold at 0.93 g/t and Inferred of 0.16 Moz at 0.85 g/t.
CorporateMayfair Gold Drills 6.59 g/t Gold over 19.6m within 30.0m at 4.72 g/t Gold at Fenn-Gib Footwall Zone
Drilling at the Footwall Zone, about 100m northwest of the Fenn-Gib deposit in the Timmins region of Northeast Ontario, returned 4.72 g/t Au over 30.0m in hole FG23-344A, including 6.59 g/t Au over 19.6m; FG23-328 returned 15.65 g/t Au over 1.5m and 7.94 g/t Au over 7.0m; and FG23-330 returned 3,782.70 g/t Au over 0.5m. The zone is defined over more than 500m strike, outside the pit-constrained 3.38 Moz Indicated resource at 0.93 g/t Au. A maiden underground Footwall Zone resource is expected in early 2024.
Drill resultsMayfair Gold Closes Private Placement Financing
A private placement financing closed for proceeds of $3,025,750, with 1,729,000 common shares issued at $1.75 per share to two subscribers: director Douglas Cater (15,000 shares) and funds under the direction of Muddy Waters Capital, LLC (1,714,000 shares), which hold more than 10% of outstanding shares. The shares are subject to a four month hold period expiring October 9, 2023. Proceeds will fund exploration, geotechnical, metallurgical and environmental programs at the Fenn-Gib gold project in Ontario's Timmins region and general corporate purposes.
FinancingMayfair Gold Announces Closing of Flow-Through Financing and Arrangement of Common Share Financing
A private placement flow-through financing closed for proceeds of $6,001,600 through the issue of 2,420,000 flow-through common shares at $2.48 each, a 37% premium to the April 17, 2023 TSX.V close, with funds directed to exploration at the Fenn-Gib gold project in the Timmins region of Ontario. Mayfair Gold also arranged a non-brokered private placement of 1,729,000 common shares at $1.75 for gross proceeds of $3,025,750, expected to close on or about May 31, 2023, funding environmental, metallurgical and engineering studies and working capital.
FinancingMayfair Gold Announces Private Placement Financing
A non-brokered private placement of up to 2,420,000 flow-through common shares at $2.48 per share has been arranged for gross proceeds of up to $6 million, a price representing an approximately 37% premium to the April 17, 2023 TSX.V close. Proceeds will fund exploration at the Fenn-Gib gold project in the Timmins region of Ontario as Canadian Exploration Expenses, renounced effective no later than December 31, 2023. Closing is expected on or about May 10, 2023, subject to TSX.V approval, with a four-month hold period.
Financing