Mayfair Gold (MFG.V): Drills 38m at 1.94 g/t Gold at Newly Identified Fenn-Gib Footwall Zone

VANCOUVER, British Columbia, June 01, 2021 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG) is pleased to announce the initial drill results from the ongoing 50,000 meters (“m”) Phase 1 drill program at the Fenn-Gib project. Resource infill and expansion drilling is being supported by three drill rigs and 20 holes have been completed to date for a total of 15,044m.

Limited previous drilling by Lake Shore Gold in 2011 identified gold mineralization within mafic volcanics 200 to 300m north of the Fenn-Gib deposit. Drilling by Mayfair has now confirmed the presence of a high-grade footwall zone. Mayfair’s drill hole FG21-139 intersected 1.94 grams per tonne (“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.

This high-grade intercept corresponds to gold mineralized intervals reported by Lake Shore Gold, including 3.54 g/t Au over 10.0m (FG-11-04), 3.93 g/t Au over 53.0m (FG-11-05), 4.03 g/t Au over 3.0m (FG-11- 07), and 4.50 g/t Au over 5.7m and 2.81 g/t Au over 16.8m (FG-11-08). Mayfair is following up with further drilling to determine the extent of the high-interest footwall gold mineralization.

Mayfair Gold President and CEO Patrick Evans commented: “Confirmation of the high-grade footwall zone outside and immediately to the north of the Fenn-Gib deposit is a significant development. The recently completed high-resolution heli-borne MAG survey is now aiding in our understanding of the footwall zone as we plan further exploration drilling to determine the orientation, extent and tonnage potential of this new mineralized zone.”

The Phase 1 infill and expansion drill program is principally designed to identify additional gold mineralization both within as well as below the current conceptual open pit. The current Fenn-Gib mineral resource is located only within the conceptual open pit. Numerous historic 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 also designed to upgrade Inferred resources to Indicated resources.

Previously identified underground mineralization is not included in the Fenn-Gib deposit, although it was included by previous owners of the asset. Most of the drill holes of the Phase 1 drill program are also targeting mineralization below the conceptual open pit. Individual drill holes are typically longer than 500m allowing for both areas to be tested with each drill hole.

Drill Results

Although 20 holes have been drilled to date, assay results have only been received from the first six holes. The initial results are summarized in Table 1 below. Additional results will be released as they are received.

Table 1 Fenn-Gib 2021 Initial Drill Results Summary

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.

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