Mayfair Gold Provides Update on Fenn-Gib Gold Project

• Successful completion of Phase 6 drill program
  
• Drill results from Main, Footwall, Deformation, and Contact Zones
• 2024 environmental field program underway
• Pre-feasibility study tradeoff studies underway

MATHESON, Ontario, May 08, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V:MFG;OTCQB:MFGCF) is pleased to announce the safe and successful completion of the Phase 6 resource drill program focused on extending the strike of the Footwall Zone mineralization at Mayfair’s 100% controlled Fenn-Gib gold project. The Fenn-Gib Project, located in the Timmins region of Northeast Ontario, hosts a NI 43-101 open-pit-constrained Indicated mineral resource estimate of 3.38 million (M) ounces (oz) gold (Au) at a grade of 0.93 grams per tonne (g/t) Au and an Inferred mineral resource of 0.16Moz Au at 0.85 g/t Au (see the “About Mayfair” section below). The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone Fault over more than 1.5 kilometers (km) and is over 500 m wide at the west end.

Mayfair’s president and CEO Patrick Evans commented: “The focus of the Fenn-Gib Phase 6 winter drill program was to continue delineating the strike extent of the outcropping higher-grade Footwall Zone mineralization in support of the planned maiden resource. Drilling has so far extended the strike of the Footwall Zone to more than 1 kilometer—remaining open to both the northeast and southwest—and confirmed continuity to a depth of more than 600 m. Planning for the next phase of resource drilling will commence once the assay results from Phase 6 are received.”

The Footwall Zone target consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, located immediately northwest of the Fenn-Gib gold deposit. The Footwall Zone strikes in a northeasterly direction and with a steep northerly dip. Mineralization consists of bleached, buff-altered (silica-albite-carbonate alteration), pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

Metallurgical tests conducted on a Footwall Zone underground sample showed excellent metallurgy. Whole-ore cyanidation confirmed the high gold recovery of 94.2% at a P₈₀ 59um grind size and 48-hour leach time (news release March 28, 2022).

The latest reported Footwall Zone drill results are summarized in Table 1 below, and Table 3 lists the drill hole details.

Table 1 – Footwall Zone reported drill hole results summary.

Mr. Evans added: “Mayfair is also pleased to report further results from a series of multi-purpose drill holes that were designed to potentially convert Inferred resources at the outer limits of the Fenn-Gib deposit to Indicated resources; test mineralization at the Contact, Deformation, and Sedimentary zones; and also recover mineral samples for further metallurgical testing.”

The results of these drill holes are summarized in Table 2 below and the drill hole details are listed in Table 3.

Table 2 – Multi-purpose reported drill hole result summary.

Table 3 –Reported drill hole information.

Plan and section maps of the above reported drill holes are available at https://mayfairgold.ca/fenn-gib/#drillplanmap§ions.

Mayfair is also pleased to announce that both the 2024 environmental field program and pre-feasibility study are progressing. Drilling of the first of 12 monitoring wells is underway in support of the groundwater hydrogeology studies and engineering tradeoff studies have commenced.

Further results from the Phase 6 drill program will be reported as they become available.

QA/QC Controls

Mayfair Gold (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 that include, Activation Laboratories Ltd. (Actlabs) and AGAT Laboratories Ltd. (AGAT) both located in Timmins, Ontario, and Swastika Laboratories Ltd located in Swastika, Ontario. Mayfair personnel transport the samples directly and deliver to Actlabs, and samples are collected by both AGAT and Swastika personnel directly from Mayfair’s secure core logging facility in Matheson, Ontario. Gold was analyzed by 30-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every twenty samples. Mayfair completes routine third-party check assays. Drill intercepts cited do not necessarily represent true widths unless otherwise noted.

About Mayfair
Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: NI 43-101 Technical Report on Fenn-Gib Project, Ontario, Canada, prepared by Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., dated April 6, 2023). Mr. Maunula is deemed a qualified person as defined by NI 43-101. The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.

ON BEHALF OF THE BOARD OF DIRECTORS

Forfurtherinformationcontact:

Patrick Evans, President and CEO
Phone: (480) 747-3032
Email: patrick@mayfairgold.ca
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.

ForwardLookingStatements

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, including: the requisitioned annual general and special meeting (“Meeting”), the business to be conducted at the Meeting, anticipated mineral grades and quantities and the Fenn-Gib deposit delivering gold recoveries of up to 94%. 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 actions of third-parties, including Muddy Waters, and the Company’s exploration and operational activities. 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.

NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthe policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis news release.