Mayfair Gold (MFG.V): Advances Regional Exploration at Fenn-Gib Project, Ontario

• Approx. 2,000 meters of drilling completed on Talisman Target, North Block
• 84.4 kilometers of line-cutting completed on South Block
• 54.5 line-kilometers Induced Polarization geophysical survey completed on South Block
• South Block drilling scheduled to start late April

VANCOUVER, British Columbia, April 06, 2022 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGCF) is pleased to report on progress with the Company’s regional exploration program at the 100%-controlled Fenn-Gib Project. Located in the Timmins region of Northeast Ontario, Fenn-Gib hosts a NI 43-101 pit-constrained Indicated Resource of 2.08M gold 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.

Regional exploration is focused on both the Fenn-Gib North Block (32.55 km²), which straddles the Pipestone Fault mineralized corridor, and the South Block (14.72 km²), which straddles the Destor-Porcupine Fault. The strategically located North and South blocks are separated by approx. 3 km.

Mayfair Gold President and CEO Patrick Evans commented: “Immediately after acquiring Fenn-Gib at the end of 2020, planning commenced for regional exploration beyond the 80,000 m infill and expansion drill program at the Fenn-Gib deposit. Mayfair completed the first ever heliborne, high-resolution triaxial MAG survey at 75 m spaced flight lines over both the North and South Blocks in April 2021. A comprehensive North Block follow-up surface work program took place over the summer of 2021 while SRK Consulting completed a regional-scale structural geology interpretation of the aeromagnetic data. Based on the very encouraging results, planning started for maiden regional drill programs on both the North and South blocks.”

The North block 2022 program commenced in January with ground geophysics over the priority Talisman and Horseshoe targets. Drilling at the Talisman Target, located approx. 350 m west of the Fenn-Gib deposit, commenced on March 3, 2022. To date, approx. 2,000 m of drilling has been completed in seven holes. On completion of drilling at Talisman, the rig will be moved to the Horseshoe Target, located approx. 500 m northwest of Fenn-Gib, where eight holes are initially planned.

The South block 2022 program also commenced in January with line cutting at 50 m to 100 m spacings across the 7 km strike along the Destor-Porcupine Fault. A total of 84.4 km of line cutting has been completed, which has been followed up with a 54.5 line-km Induced Polarization geophysical survey across priority gold targets. Mobilization of a fifth drill rig is underway and drilling of the first South Block targets is expected to commence in late April.

Results from the regional drill program 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 and Aurora Geosciences Ltd. exploration team. Mayfair’s drill program includes descriptive logging and sampling of the drill core for analysis at Mayfair’s secure facilities in the Matheson and Holtyre, Ontario area. 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 20 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 70.2 M tonnes containing 2.08 M 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. 1.25 km with widths ranging up to 300 m. 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: [email protected]
Phone: (800) 301-6816
Web: www.mayfairgold.ca

Qualified Person Statement

Mayfair Gold’s disclosure of technical and scientific information in regard to the drill program, core sampling and assay results 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.