Mayfair Gold Grants Incentive Stock Options

Rhea-AI Summary

Mayfair Gold Corp. (MFGCF) granted 1,855,000 incentive stock options to its directors, officers, and employees under its long-term incentive plan. These options have an exercise price of $0.90 and are valid for a ten-year term until January 6, 2032. Mayfair, a Canadian mineral exploration company, focuses on the Fenn-Gib gold project in Northern Ontario, which has a total indicated resource of 2.08 million ounces of gold. The project remains open for further exploration, showing potential for resource expansion.

Positive

• Granting of 1,855,000 stock options indicates confidence in the company's future.
• Fenn-Gib gold project has strong resource estimates with 2.08 million ounces of gold.

Negative

• None.

VANCOUVER, British Columbia, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) announces the granting of incentive stock options to certain directors, officers, employees of the Company pursuant to the Company’s long-term incentive plan. Options have been granted for an aggregate of 1,855,000 common shares in the capital of the Company at an exercise price of $0.90. The Options are exercisable for a ten-year term expiring January 6, 2032.

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: patrick@mayfairgold.ca
Phone: (480) 747-3032
Web: www.mayfairgold.ca

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 stock options were granted by Mayfair Gold Corp on January 7, 2022?

Mayfair Gold Corp granted 1,855,000 incentive stock options at an exercise price of $0.90.

What is the exercise term for the stock options issued by Mayfair Gold?

The stock options are exercisable for a ten-year term, expiring on January 6, 2032.

What is the significance of the Fenn-Gib gold project for Mayfair Gold Corp?

Fenn-Gib is Mayfair's flagship asset, with a reported indicated resource of 2.08 million ounces of gold.

How does the granting of stock options impact Mayfair Gold’s future?

The granting of stock options reflects management's confidence in the company's growth potential and aligns employee incentives with shareholder interests.