Mayfair Gold (MFG.V): Drills 241.1m at 1.67 g/t Gold from Near Surface at Fenn-Gib Project, Timmins, Ontario

• 17,220m completed in 24 holes
• Surface expressions of high-grade Footwall Zone identified
• Fourth drill rig starts drilling on Eastern Extension

VANCOUVER, British Columbia, June 29, 2021 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGCF) is pleased to announce further drill results from the ongoing 50,000-meter (m) Phase 1 drill program at the Fenn-Gib project. Resource infill and expansion drilling is being supported by four drill rigs with 17,220m completed to date in 24 holes.

Mayfair Gold President and CEO Patrick Evans commented: “We are seeing outstanding results from the Fenn-Gib drill program. Hole FG21-155, drilled in the main Fenn-Gib zone, has returned 1.67 grams per tonne (g/t) gold (Au) over 241.1m from a downhole depth of just 11.5m. Testing of the higher-grade Footwall Zone is continuing and a fourth drill rig has started expansion drilling to the east of the Fenn-Gib deposit.”

Mr. Evans added: “Mayfair’s exploration crew has identified multiple historical surface trenches a short distance to the north of the Fenn-Gib deposit which are believed to be the surface expressions of the higher-grade Footwall Zone. Mineralization in the Footwall Zone has confirmed downhole widths of over 50m up to 500m below surface. Ongoing drilling is now testing the lateral extent of the Footwall Zone, which has the potential to host significant higher-grade gold tonnage beyond the current resource.”

The Phase 1 drill program is principally designed to identify additional gold mineralization, both within and below the current conceptual open pit. The current Fenn-Gib mineral resource is located only within the conceptual open pit. Numerous previous drill holes in the upper Fenn-Gib deposit did not drill through the entire mineralized stratigraphy, with some holes ending in mineralization. The infill drill program within the current conceptual open pit is designed to identify additional mineralization and upgrade Inferred resources to Indicated resources.

Previous limited drilling by Lake Shore Gold identified gold mineralization within the footwall mafic volcanics immediately to the north of the Fenn-Gib deposit in drill holes FG11-04, 05, 07 and 08. Drilling by Mayfair has now confirmed the presence of a higher-grade Footwall Zone in hole FG21-139. The higher-grade gold mineralized intervals in the Footwall Zone include:

1. FG21-139 intersected 1.94 g/t Au over 38m from a downhole depth of 529m, including 4.06 g/t Au over 15m and 6.45 g/t Au over 6m;
2. FG11-04 intersected 3.54 g/t over 10m;
3. FG11-05 intersected 3.93 g/t Au over 53m;
4. FG11-07 intersected 4.03 g/t Au over 3m; and
5. FG11-08 intersected 2.81 g/t Au over 16.8m, including 4.50 g/t Au over 5.7m.

The Footwall Zone mineralization is not included in the current Fenn-Fib resource and is a priority target in Mayfair’s Phase 1 drill campaign. Drill holes are typically longer than 600m allowing for both the main Fenn-Gib zone and the Footwall Zones to be tested in the same holes.

Following confirmation to depth of the Footwall Zone, Mayfair’s exploration crews were deployed to determine if there are surface expressions of this mineralization. Trenches have been identified immediately to the north of the Fenn-Gib deposit, which are believed to date from before the 1970s. This trenching occurs along a northeasterly trending shear zone with disseminated sulphides, quartz veins and silica-albite-carbonate alteration. The results from the recently completed high-resolution MAG survey confirm the existence of a northeasterly trending structural zone.

Mayfair has cleared the vegetation from these trenches, which strike up to 25m in length. Photographs of the trenches can be found on Mayfair’s website at www.mayfairgold.ca.

Similar trenches have also been identified at the Horseshoe Zone, Talisman Shaft, American Eagle Shaft (all to the west of the Fenn-Gib deposit), and at the Johns Manville Zone to the northeast of Fenn-Gib. Mineralization at all these areas is very similar, consisting of bleached, buff-altered pillowed mafic volcanic ranging from 2% to over 20% fine pyrite. A total of 88 rock samples have been submitted for assaying.

Drill Results

Although 24 holes have been drilled to date, full assay results have been received for only the first ten—six of which were reported in the June 1, 2021 news release (Holes FG21-135 to 140 inclusive). Full results for a further four full holes (FG21-141, 142, 144 and 145) and one partial hole (FG21-155) are summarized in Table 1 below. Visible gold has been noted during core logging in hole FG21-158 at 411.9m and hole FG21-161 at 178.5m and 179.6m. Hole FG21-161 was drilled on the same section and above hole FG21-158 within the Footwall stratigraphy north of the Fenn-Gib deposit.

Table 1: Fenn-Gib 2021 Drill Results Summary

Plan and section maps of the above drill holes can be found at www.mayfairgold.ca.

Mayfair Gold has commissioned two assay laboratories to improve the turnaround time for processing. Numerous assay results are pending and will be reported when received and complied.

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 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 70.2M 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: [email protected]
Phone: (416) 670-5114
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.