Mayfair Gold Drills 1.40 g/t Gold over 65.0m from Fenn-Gib Expansion Drill Program

Rhea-AI Summary

Mayfair Gold Corp. has reported significant progress in its Fenn-Gib expansion drill program, continuing to uncover gold mineralization outside the current pit-constrained 2.08 million ounce Indicated Resource. The Phase 3 drill program, fully funded at 30,000 meters, is ongoing with three rigs. An update on the NI 43-101 mineral resource is expected in the current quarter. Notable drill results include highs of 1.40 grams per tonne gold over 65.0 meters and 1.29 grams per tonne over 34.0 meters, illustrating the project's promising potential.

Positive

• Significant mineralization reported outside the existing 2.08M ounce Indicated Resource.
• Fully funded 30,000m Phase 3 drill program is underway with three rigs.
• Upcoming resource update expected to provide more clarity on project value.

Negative

• None.

• Reported mineralization outside current Fenn-Gib pit-constrained 2.08M ounce Indicated Resource
  
• Resource update on schedule for completion in current quarter
• Fully funded 30,000m Phase 3 drill program progressing with three drill rigs
  

VANCOUVER, British Columbia, July 27, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGQB) is pleased to announce further results from the Fenn-Gib expansion drill program, which is primarily focused outside of the current conceptual pit-constrained resource. Mayfair’s 100% controlled Fenn-Gib Project, located in the Timmins region of Northeast Ontario, hosts a NI 43-101 Indicated Resource of 2.08M ounces (see the “About Mayfair” section below) with disseminated gold mineralization striking east-west on the Pipestone Fault over 1.25 kilometers (km) and up to 300 meters (m) wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “The Fenn-Gib deposit continues to return excellent results from the expansion drill program. The 80,000m Phase 1/2 drill program was completed last month and we remain on track to report an update NI 43-101 mineral resource for Fenn-Gib during the current quarter. The fully funded 30,000m Phase 3 drill program is progressing with three drill rigs. Subject to continuing success, a further resource update could be completed in Q1 2023.”

Highlighted drill results include:

1. FG22-237A intersected 0.78 grams/tonne (g/t) gold (Au) over 193.2;
2. FG22-238 intersected 0.86 g/t Au over 123.2m;
3. FG22-241A intersected 1.29 g/t Au over 34.0m;
4. FG22-242 intersected 1.40 g/t Au over 65.0m.

The expansion drilling continues to intersect significant gold mineralization, building on the previously reported Fenn-Gib Expansion Zone results, including: hole 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); 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, and also including 25.5m at a grade of 4.70 g/t Au (news release August 17, 2021). FG21-206 intersected 0.93 g/t Au over 134.2m, including 1.31 g/t Au over 78.3m, and hole FG21-213 intersected 1.02 g/t Au over 92.7m (news release May 02, 2022). Hole FG21-190 intersected 0.59 g/t Au over 158.0m, including 1.07 g/t Au over 34.0m, hole FG21-217C intersected 0.77 g/t Au over 184.5m, including 0.98 g/t Au over 62.0m and 1.31 g/t Au over 18.8m, and hole FG22-223 intersected 1.21 g/t Au over 112.1m, including 3.04 g/t Au over 31.5m (news release June 08, 2022).

The latest reported drill results are summarized in Table 1, and Table 2 lists the drill hole details below.

Table 1 - Fenn-Gib reported drill hole results summary

Drill Hole		From	To	Interval	Gold
Name		metres	metres	metres	grams/tonne
FG22-237A		421.8	615.0	193.2	0.78
	including	468.0	523.0	55.0	1.18
	and	553.0	596.0	43.0	1.09
FG22-238		459.8	583.0	123.2	0.86
	including	459.8	493.5	33.7	1.13
	and	507.0	525.0	18.0	1.19
FG22-241A		522.0	545.0	23.0	0.48
		556.0	594.0	38.0	0.47
		621.0	655.0	34.0	1.29
FG22-242		440.0	505.0	65.0	1.40
FG22-246		454.5	638.0	183.5	0.53

Table 2 - Fenn-Gib reported drill hole collar information

Hole Name	Collar Easting	Collar Northing	Collar Elevation	Depth	Collar Azimuth	Collar Dip
	mE	mN	masl	m	Deg.	Deg.
FG22-237A	558572.13	5374899.78	5313.4	765.0	355	-56
FG22-238	558526.25	5374885.81	5313.5	747.0	355	-58
FG22-241A	558574.16	5374868.41	5313.5	900.0	355	-62
FG22-242	558526.33	5374885.62	5313.5	804.4	356	-53
FG22-246	558574.27	5374868.05	5313.5	783.0	355	-57

Plan and section maps of the above reported drill holes are available at mayfairgold.ca/fenn-gib/#drillplan&sectionmaps

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 twenty 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% controlled 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 (Source: “NI 43-101 Technical Report Fenn-Gib Project, Ontario, Canada” dated February 5, 2021, authored by JDS Energy and Mining, Inc. and Kirkham Geosystems Ltd.) 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. Recently completed metallurgical tests confirm that the Fen-Gib deposit can deliver robust gold recoveries of up to 94%.

For further information contact:

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

FAQ

What recent drill results did Mayfair Gold Corp. announce for stock MFGCF?

Mayfair Gold reported drill results including 1.40 g/t gold over 65.0 meters and 1.29 g/t gold over 34.0 meters.

When will Mayfair Gold's resource update be released for MFGCF?

The resource update for Mayfair Gold is expected to be completed in the current quarter.

How much is the Phase 3 drill program for Mayfair Gold Corp.?

The Phase 3 drill program for Mayfair Gold is fully funded at 30,000 meters.

What is the mineral resource estimate of Mayfair Gold's Fenn-Gib project?

The Fenn-Gib project hosts a 2.08 million ounce Indicated Resource.