Mayfair Gold Expansion Drilling Confirms Strong Continuity of Fenn-Gib Gold Mineralization, Including Intercepts of 1.79 g/t Au over 44.6 meters and 2.66 g/t Au over 25.3 meters

Rhea-AI Summary

Mayfair Gold Corp. has announced significant advancements in its Fenn-Gib drill program, completing approximately 96,000 meters of its planned 110,000-meter campaign. New assay results indicate strong gold mineralization, with notable drill intersections such as FG22-250 yielding 0.87 g/t Au over 311 meters. The company expects a resource update by the end of October 2022, incorporating all results up to July 31, 2022. A further update is slated for Q2 2023. The Fenn-Gib Project currently hosts a 2.08M ounce indicated resource.

Positive

• Significant gold mineralization results reported from the Fenn-Gib drill program.
• Strong drill intersections include 0.87 g/t Au over 311 meters from hole FG22-250.
• Resource update expected before the end of October 2022, potentially boosting investor confidence.
• Ongoing drilling with three rigs indicates commitment to further exploration.

Negative

• None.

• Approx. 96,000m of planned 110,000m drill program completed
  
• Resource update based on data up to July 31, 2022, expected before end of October
• All drill results since mid-2022 are beyond planned October resource update
• Further resource update planned for Q2 2023

VANCOUVER, British Columbia, Oct. 13, 2022 (GLOBE NEWSWIRE) --  Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGQB) is pleased to announce the sixth set of results for 2022 from the Fenn-Gib drill program, which is mainly focused outside the current conceptual pit-constrained resource. Results from the seven new drill holes reported today confirm strong strike and depth expansion of the Fenn-Gib gold mineralization, which remains open in most directions.

Mayfair’s 100% controlled Fenn-Gib Project, located in the Timmins region of Northeast Ontario, hosts a NI43-101 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. Based on assay results up to July 31, 2022, the Company is planning to provide a resource update before the end of October 2022. A further resource update is planned for Q2 2023 which will incorporate all the drill results since July 31, including those reported below.

Mayfair Gold President and CEO Patrick Evans commented: “Fenn-Gib has tremendous upside for growth based on the remarkably consistent assay results from our expansion drill program. The broadly disseminated gold mineralization continues from near-surface to depths below 600m. Although we have already completed approximately 96,000m of our planned 110,000m drill program, it’s apparent that the mineralization remains open in most directions.”

Highlight drill results include:

1.   FG22-242 intersected 1.40 grams/tonne (g/t) gold (Au) over 65.0m, including 1.79 g/t Au over 44.6m;

2.   FG22-250 intersected 0.87 g/t Au over 311.0m, including 1.08 g/t Au over 57.0m, including 1.10 g/t Au over 99.0m and 1.36 g/t Au over 33.6m;

3.   FG22-251 intersected 0.69 g/t Au over 158.0m, including 1.05 g/t Au over 85.0m;

4.   FG22-254 intersected 1.12 g/t Au over 102.0m, including 2.66 g/t Au over 25.3m;

5.   FG22-257B intersected 0.87 g/t Au over 68.3m, including 1.08 g/t Au over 38.6m.

The above drill results continue to intersect significant gold mineralization building on the previously reported Fenn-Gib results, including: 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); 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 FG21-190 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 including 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 8, 2022); hole 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 2, 2022).

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

Table 1 - Fenn-Gib reported drill hole results summary

Hole Name		From	To	Interval	Gold
		meters	meters	meters	grams/tonne
FG22-242		440.0	505.0	65.0	1.40
	including	443.0	487.6	44.6	1.79
FG22-244		527.2	678.0	150.8	0.37
	including	536.3	549.5	13.2	0.62
	and	568.0	576.0	8.0	1.76
FG22-248		479.1	517.0	37.9	0.57
FG22-250		12.0	323.0	311.0	0.87
	including	44.0	101.0	57.0	1.08
	including	128.0	227.0	99.0	1.10
	and	289.4	323.0	33.6	1.36
FG22-251		315.0	473.0	158.0	0.69
	including	315.0	400.0	85.0	1.05
FG22-254		367.0	469.0	102.0	1.12
	including	378.0	403.3	25.3	2.66
FG22-257B		370.4	438.7	68.3	0.87
	including	370.4	409.0	38.6	1.08

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.
FG22-242	558526.33	5374885.62	5313.50	804.4	356	-53
FG22-244	558526.37	5374885.46	5313.49	822.0	355	-63
FG22-248	558473.00	5374950.00	5313.00	807.0	356	-62
FG22-250	558450.00	5375290.00	5313.00	723.0	357	-54
FG22-251	558700.00	5374945.00	5313.00	762.0	356	-58
FG22-254	558700.00	5374945.00	5313.00	819.0	356	-63
FG22-257B	558752.00	5374957.00	5313.00	793.1	357	-58

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

Drilling at Fenn-Gib is continuing with the support of three drill rigs. 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 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 them 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 is a Canadian gold 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 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: (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.

FAQ

What are the latest drill results from Mayfair Gold's Fenn-Gib project?

The latest drill results indicate significant gold mineralization, including 0.87 g/t Au over 311 meters from hole FG22-250.

When is the next resource update for Mayfair Gold expected?

A resource update is expected before the end of October 2022, with further updates planned for Q2 2023.

What is the indicated resource size for Mayfair Gold's Fenn-Gib Project?

The Fenn-Gib Project currently hosts a 2.08 million ounce indicated resource.

How much of the drill program has been completed by Mayfair Gold?

Mayfair has completed approximately 96,000 meters of its planned 110,000-meter drill program.

What is the focus of Mayfair Gold's drilling at Fenn-Gib?

The drilling program is focused on expanding gold mineralization outside the current conceptual pit-constrained resource.