Mayfair Gold (MFG.V): Drills 65.9m at 1.22 g/t Gold at Fenn-Gib Expansion Zone

• Mineralization outside current pit-constrained Indicated 2.08M ounce Resource
• Three drill rigs active at Fenn-Gib North Block
• 50,145m completed in 78 holes
• Metallurgical testing underway

VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce further drill results from the Fenn-Gib Expansion Zone. The Fenn-Gib deposit, located in the Timmins region of Northeast Ontario, hosts a pit-constrained Indicated Resource of 2.08M ounces with disseminated gold mineralization striking east-west on the Pipestone Fault over 1.25 kilometers and up to 300 meters (m) wide at the west end.

The Fenn-Gib Expansion Zone lies below the shallow central section of the current conceptual open pit. The drill results reported below are part of the fully funded, ongoing 80,000m drill program. Resource infill and expansion drilling is being supported by three drill rigs, and 78 holes have been completed for a total of 50,145m.

Mayfair Gold President and CEO Patrick Evans commented: “Our 2021 drill campaign continues to deliver excellent results with gold mineralization in every hole. We are delighted that we have now reached the Fenn-Gib 50,000m Phase 1 infill and expansion drill program milestone earlier than scheduled. We look forward to continued positive results from the expanded 30,000m Phase 2 drill program, which we expect to complete in the second quarter of 2022.”

Mr. Evans added: “We are particularly excited to start our regional exploration program on both the Fenn-Gib North and South Blocks in early January. A fourth drill rig will be mobilized in mid-January for a 7,000m North Block drill program commencing at the priority Horseshoe target, which is located on the Pipestone Fault approximately 1 km to the northwest of the Fenn-Gib deposit. In addition, line cutting and ground geophysics will commence in early January on the South Block, followed by a maiden 3,000m drill program.”

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 and expansion drill program within and below the current conceptual open pit is designed to identify additional mineralization in support of Mayfair’s target to grow the Fenn-Gib deposit to more than 3 million ounces.

Drill Results

The Fenn-Gib Expansion Zone drilling is supported by two of the three drill rigs and is targeting the shallow central section below the current conceptual open pit. Highlights of the newly reported mineralized intervals include:

1. FG21-159 intersected 4.95 g/t Au over 7.40m and 0.62 g/t Au over 48.3m, including 1.06 g/t Au over 21.0m;
2. FG21-167 intersected 0.43 g/t Au over 86.3m, including 2.05 g/t over 2.8m;
3. FG21-171 intersected 1.10 g/t Au over 11.0m and 16.06 g/t Au over 2.0m and 0.85 g/t Au over 114.1m, including 1.22 g/t Au over 65.9m;
4. FG21-175 intersected 0.59 g/t Au over 85.5m, including 1.69 g/t Au over 15.1m; and
5. FG21-177 intersected 1.58 g/t Au over 26.5m and 0.81 g/t Au over 61.9m.

The latest drill results continue 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, including 25.5m at a grade of 4.70 g/t Au (news release August 17, 2021). 

In addition, newly reported Fenn-Gib drill hole FG21-147b was collared within and close to the west side of the conceptual open pit wall intersecting within the open pit 0.33 g/t Au over 28.0m, and 0.98 g/t Au over 30.5m and 0.44 g/t Au over 59.0m, and intersecting outside of the open pit 0.90 g/t over 57.0m and 0.89 g/t Au over 14.0m.

The latest drill results from the central Expansion Zone and conceptual in-pit drill holes are summarized in Table 1. Table 2 lists the drill hole details below. Additional results will be released as they are received.

Table 1 – Fenn-Gib 2021 Drill Results Summary

Table 2 – Fenn-Gib 2021 Drill Hole Details

Plan and section maps including the above drill holes can be found at https://mayfairgold.ca/fenn-gib/#drillplanmap&sections

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.