Mayfair Gold Reports 1.31 g/t Gold over 78.3m within 134.2m at 0.93 g/t Gold from Fenn-Gib Expansion Drill Program

• Approx. 71,500m of planned 80,000m drill program completed
• New mineralization outside current pit-constrained indicated 2.08M ounce resource
• North Block regional exploration drill program testing Talisman and Horseshoe Zone Targets
• South Block regional exploration drill program commenced

VANCOUVER, British Columbia, May 02, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce further results from the Fenn-Gib expansion drill program, which is identifying mineralization in the Expansion Zone below the shallow central and eastern area of the current conceptual open pit. Mayfair’s 100% controlled Fenn-Gib Project, located in the Timmins region of Northeast Ontario, hosts a NI43-101 Indicated Resource of 2.08M ounces (see the “About Mayfair” section below) with disseminated gold mineralization striking east-west on the Pipestone Fault over 1.25 kilometers (km) and up to 300 meters (m) wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “Our expansion drill program continues to return excellent gold results from holes drilled outside the current Fenn-Gib deposit. We have now completed 71,498m of the fully-funded 80,000m drill program, which is supported by three drill rigs and expected to be completed in Q2 2022. Subject to the timely receipt of assay results, Mayfair expects to report an updated NI 43-101 mineral resource for Fenn-Gib during the third quarter of 2022, with a preliminary economic assessment planned for the fourth quarter of 2022.”

Mr. Evans added: “We are particularly excited to report on progress with Mayfair’s regional exploration drill program, which is designed to identify new deposits at Fenn-Gib. One drill rig is focused on the North Block where drilling has been completed at the Talisman Shaft Zone and is now underway at the Horseshoe Zone. On the very prospective South Block, a second drill rig collared the first hole last week as part of a planned 3,000m drill program.”

Highlight drill results include:

1. FG21-180 intersected 0.77 grams/tonne (g/t) gold (Au) over 122.8m, including 1.06 g/t Au over 63.3m;
2. FG21-189 intersected 0.88 g/t Au over 72.5m, including 2.06 g/t Au over 24.3m;
3. FG21-206 intersected 0.93 g/t Au over 134.2m including 1.31 g/t Au over 78.3m;
4. FG21-213 intersected 1.02 g/t Au over 92.7m.

The expansion drilling continues to intersect significant gold mineralization building on the previously reported Expansion Zone results, including: FG21-148 which intersected 101.0m at a grade of 0.88 g/t Au, including 51.7m at a grade of 1.16 g/t Au; hole FG21-149 intersected 101.9m at a grade of 0.75 g/t Au, including 18.0m at a grade of 1.77 g/t Au; hole FG21-150 intersected 65.5m at a grade of 1.18 g/t Au, including 10.0m at a grade of 4.24 g/t Au (news release July 27, 2021); and hole FG21-153 intersected 233.0m at a grade of 1.05 g/t Au, including 84.0m at a grade of 1.83 g/t Au, and also including 25.5m at a grade of 4.70 g/t Au (news release August 17, 2021). 

The latest reported drill results are summarized in Table 1, and Table 2 lists the drill hole details below.

Table 1 - Fenn-Gib drill results summary

Table 2 - Fenn-Gib reported drill hole collar information

Plan and section maps of the above reported drill holes are available at https://mayfairgold.ca/fenn-gib/#drillplanmap&sections.

Additional drill results from the Fenn-Gib infill, expansion and step-out drill program will be announced as soon as they are received.

North and South Block Regional Exploration Program

Mayfair’s fully-funded regional exploration program is focused on both the Fenn-Gib North Block (32.55km²), which straddles the Pipestone Fault mineralized corridor, and the South Block (14.72km²), which straddles the Destor-Porcupine Fault. The strategically located North and South blocks are separated by approximately 3km.

On the North Block, drilling has been completed on the historical Talisman Shaft Zone target, located approximately 350m west of the Fenn-Gib deposit, with 2,534m drilled in nine holes. Drilling is now underway on the Horseshoe Zone target, located approximately 500m northwest of the Fenn-Gib deposit, where three of seven planned holes have been completed. A total of 7,000m of drilling is planned for the North Block.

Drilling of the first hole on the South Block has commenced to evaluate priority gold targets identified from historical data and recently completed ground magnetometer and induced polarization surveys. The South Block straddles the prolific Destor-Porcupine Fault and its splays and is on trend to McEwen Mining’s Black Fox gold mine located approximately 7km to the north-west, and Moneta Gold’s reported multi-million-ounce gold resource on the Tower Gold Project that shares a common property boundary with Mayfair’s South Block’s eastern side. A total of 3,000m of drilling is planed for the South Block.

Results from the regional drill programs will be released as they become available.

QA/QC Controls

Mayfair employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by Major/Norex Drilling of Timmins, Ontario and was supervised by the Mayfair exploration team. Mayfair’s drill program includes descriptive logging and sampling of the drill core for analysis at Mayfair’s secure facility located in Matheson, Ontario. Sampled drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Mayfair utilizes accredited laboratories, and the samples were transported by Mayfair personnel to the Actlabs laboratory in Timmins, Ontario. Gold was analyzed by 30-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every twenty samples. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.                                                            

About Mayfair

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: (480) 747-3032
Web: www.mayfairgold.ca

Qualified Person Statement

Mayfair Gold’s disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

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.