Mayfair Gold (MFG.V): Reports First Results from Fenn-Gib Step-Out Drill Program

• 143.7m at 1.02 g/t Gold, including 52m at 1.71 g/t Gold and 15m at 3.07 g/t Gold
• Mineralization outside current pit-constrained 2.15M ounce resource
• Approx. 34,600 meters completed in 49 holes

VANCOUVER, British Columbia, Sept. 13, 2021 (GLOBE NEWSWIRE) — Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGCF) is pleased to announce the first results from the Fenn-Gib step-out drill program to the east of the current deposit. 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 300 meters (m) wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “Since mobilization of the fourth drill rig, six step-out holes have been drilled outside the pit constrained resource and to the east of the deposit. This result, combined with excellent results from the infill and expansion drill programs, boost our confidence in the potential to upgrade Fenn-Gib’s resource estimate to plus 3 million ounces by the end of 2021. Based on the recently completed high-resolution MAG survey, there is a strong potential that the mineralization continues further to the east along the Pipestone Fault. Step-out drilling is ongoing.”

Step-Out Drill Result

The first drill result from the Fenn-Gib step-out drill program to the east of the deposit is summarized in Table 1 below. Additional results from the five further step-out drill holes will be released as they are received.

Table 1 – Fenn-Gib 2021 Step-Out Drill Result Summary

Drill hole FG21-168 intersected mineralization below two holes drilled in 2012 and 2017. Hole FG-12-27 intersected 0.78 g/t gold (Au) over 56.4m and hole FG-17-128 intersected 1.04 g/t Au over 40.7m. These holes, including hole FG21-168, are illustrated in the plan and section map available at https://mayfairgold.ca/fenn-gib/#drillplanmap&sections.

In addition to the step-out drill program, Mayfair’s infill drill program is continuing at the western section of the Fenn-Gib deposit. Highlights from that program include hole FG21-152, which returned 192.3m at a grade of 1.28 g/t gold from a downhole depth of 13.2m, including 35.0m grading 3.59 g/t Au (news release August 17, 2021). Hole FG21-152 was drilled from the same collar location and above Hole FG21-155 that returned 241.1m at a grade of 1.67 g/t Au (news release June 29, 2021).

Expansion drilling supported by two drill rigs is also continuing below the shallow central section of the current conceptual open pit. Highlights include hole FG21-153, which intersected 233.0m at a grade of 1.05 g/t Au from a downhole depth of 352.7m, including 25.5m at a grade of 4.70 g/t Au (news release August 17, 2021). The exceptional high-grade intercept of 63.59 g/t Au over 5.0m from hole FG21-165, including 200.89 g/t Au over 1.5m, is also from below the central section of the current conceptual open pit (news release August 17, 2021). This intercept was at a downhole depth of 540.0m, which equates to approx. 400 vertical meters below surface.

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

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.