Mayfair Gold Reports 1.06 g/t Gold over 163.1m Including 2.92 g/t Au over 23.2m from Fenn-Gib Drill Program

Rhea-AI Summary

Mayfair Gold Corp. announced the completion of 122,000 meters of its 140,000 meter infill and expansion drill program at the Fenn-Gib Project in Northeast Ontario. The latest results showcase significant gold intersections, including 1.06 grams per tonne (g/t) over 163.1 meters. The company has an indicated resource of 3.06 million ounces and an inferred resource of 0.31 million ounces. A resource update is scheduled for Q2 2023, alongside planned geotechnical drilling and a pre-feasibility study set for H2 2023. The drilling program aims to define higher-grade mineralization areas and explore potential underground resources.

Positive

• Completion of 122,000m of the infill and expansion drill program, progressing towards a target of 140,000m.
• Significant gold mineralization results, including multiple drill holes exceeding 1 g/t Au over extensive intervals.
• Upcoming updated NI 43-101 resource statement planned for Q2 2023.

Negative

• Indications of approaching outer limits of mineralization, suggesting potential challenges in expanding the resource base.

• 122,000m of 140,000m Infill and Expansion Drill Program Completed
• Resource update scheduled for Q2 2023
• Geotechnical drill program planned for Q2 2023
• Pre-feasibility Study scheduled for H2 2023
  

VANCOUVER, British Columbia, March 29, 2023 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce the latest set of drill results from the Fenn-Gib resource expansion and infill drill program. Mayfair’s 100% controlled Fenn-Gib Project, located in the Timmins region of Northeast Ontario, hosts a NI 43-101 open-pit constrained Indicated Resource of 3.06 million (M) ounces and an Inferred Resource of 0.31M ounces (see the “About Mayfair” section below), with disseminated gold mineralization striking east-west on the Pipestone Fault over more than 1.25 kilometers (km) and up to 300 meters (m) wide at the west end.

“The size and quality of the Fenn-Gib deposit is evident from the wide areas of higher-grade gold mineralization we continue to define both within and below the current conceptual open pit,” said Mayfair Gold President and CEO Patrick Evans. “Gold mineralization has been intercepted in every hole drilled over the past 27 months; however, it is apparent from some of the lower-grade intercepts reported today that we are approaching the outer limits of the Fenn-Gib mineralization. Based on assay results received to date, Mayfair is planning to release an updated NI 43-101 resource statement in the second quarter.”

Mr. Evans added: “Planning is also underway for geotechnical drilling and hydrogeology campaigns, which are scheduled to commence in April. The data from these campaigns will support Mayfair’s planned pre-feasibility study, which is also scheduled to commence shortly and expected to be completed in H2 2023.”

Highlight drill results include:

1. FG22-291 intersected 1.06 grams per tonne (g/t) Gold (Au) over 163.1m, including 2.92 g/t Au over 23.2m, including 4.61 g/t Au over 10.9m;

2. FG22-240 intersected 13.20 g/t Au over 1.5m, 0.80 g/t Au over 96.0m, including 1.71 g/t Au over 29.0m, 43.70 g/t Au over 1.5m and 6.14 g/t Au over 3.2m;

3. FG22-276A intersected 20.93 g/t Au over 1.0m and 0.78 g/t Au over 187.5m, including 1.26 g/t Au over 77.9m; 

4. FG22-277A intersected 0.56 g/t Au over 334.0m, including 0.86 g/t Au over 102.0m.

The latest drill results continue to intersect significant gold mineralization building on the previously reported Fenn-Gib results, including: hole FG22-253 intersected 1.10 grams per tonne (g/t) Gold (Au) over 366.7m from near-surface, including 4.12 g/t Au over 14.0m and 5.66 g/t Au over 16.0m, hole FG22-267 intersected 1.53 g/t Au over 133.7m, including 3.18 g/t Au over 53.4m (news release December 1, 2022); hole FG22-242 intersected 1.40 g/t Au over 65.0m, including 1.79 g/t Au over 44.6m; 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 and hole FG22-254 intersected 1.12 g/t Au over 102.0m, including 2.66 g/t Au over 25.3m (news release October 13, 2022); 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 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 08, 2022). Hole FG22-272 intersected 1.85 g/t Au over 130.5m, including 2.70 g/t Au over 83.0m, including 5.14 g/t Au over 29.2m, and hole FG22-274 intersected 0.71 g/t Au over 162.9m, including 1.09 g/t Au over 37.3m (news release December 8, 2022).

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

Table 1 - Fenn-Gib reported drill hole results summary.

Hole		From	To	Interval	Gold
Name		metres	metres	metres	grams/tonne
FG22-240		186.0	187.5	1.5	13.20
		255.0	351.0	96.0	0.80
	including	276.0	305.0	29.0	1.71
	including	289.0	292.0	3.0	10.07
		406.5	408.0	1.5	43.70
		522.9	526.1	3.2	6.14
FG22-269		421.5	571.8	150.3	0.65
	including	466.7	503.6	36.9	1.38
FG22-270		29.0	205.5	176.5	0.48
	including	29.0	105.0	76.0	0.64
	and	152.7	198.4	45.7	0.54
	including	152.7	175.5	22.8	0.79
FG22-273		13.5	114.0	100.5	0.63
	including	34.0	50.3	16.3	1.16
		205.4	228.0	22.6	1.50
	including	224.0	225.0	1.0	23.37
FG22-275A		22.4	320.0	297.6	0.52
	including	22.4	184.0	161.6	0.73
	including	73.0	82.0	9.0	2.83
	and	122.0	151.0	29.0	0.84
	and	178.0	184.0	6.0	0.83
		496.0	510.0	14.0	0.46
FG22-276A		203.5	204.5	1.0	20.93
		412.5	600.0	187.5	0.78
	including	452.8	530.7	77.9	1.26
	including	452.8	461.3	8.5	3.47
	and	474.0	477.0	3.0	4.78
	and	514.0	530.7	16.7	2.15
FG22-277A		272.5	606.5	334.0	0.56
	including	272.5	502.2	229.7	0.67
	including	272.5	293.8	21.3	1.34
	and	322.0	424.0	102.0	0.86
	including	322.0	341.1	19.1	1.76
	and	361.7	374.6	12.9	1.23
FG22-291		652.1	815.2	163.1	1.06
	including	706.7	729.9	23.2	2.92
	including	719.0	729.9	10.9	4.61
	including	725.0	726.0	1.0	18.96

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.
FG22-240	558882	5375042	5312	564	356	-60
FG22-269	558800	5374875	5313	666	356	-59
FG22-270	558375	5375350	5313	630	357	-53
FG22-273	558375	5375350	5313	519	358	-66
FG22-275A	558350	5375355	5313	534	358	-78
FG22-276A	558850	5374875	5313	903	355	-60
FG22-277A	558575	5374960	5313	687	356	-46
FG22-291	558650	5374852	5313	1022	356	-65

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

Resource drilling is continuing at Fenn-Gib supported by three drill rigs. Two of the rigs are currently drilling at the Fenn-Gib Footwall Zone, while the third is focused on the “small pit” area west of the main deposit. Moving forward, the focus of resource drilling will be fourfold:

1. expanding potentially open-pittable gold mineralization in the higher-grade areas on the east side of the deposit;
2. defining the full extent of the higher-grade Footwall Zone mineralization immediately to the northwest of the deposit;
3. exploring the potential of underground mineralization on the west side of the deposit; and
4. testing high priority drill targets identified by the regional exploration program nearing completion.

Additional drill results from the infill, expansion and step-out drill program will be announced 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 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 Gold

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 of a total open-pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au and an Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, dated October 15, 2022). The Fenn-Gib 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 are the latest drill results from Mayfair Gold Corp. (MFGCF)?

Mayfair Gold Corp. reported drill results from its Fenn-Gib Project, including notable intersections like 1.06 grams per tonne of gold over 163.1 meters.

When is the resource update for Mayfair Gold Corp. (MFGCF) scheduled?

The resource update for Mayfair Gold Corp. is scheduled for Q2 2023.

What is the size of the indicated and inferred resource for Mayfair Gold Corp. (MFGCF)?

Mayfair Gold Corp. has an indicated resource of 3.06 million ounces and an inferred resource of 0.31 million ounces.

What is the purpose of the geotechnical drilling planned by Mayfair Gold Corp. (MFGCF)?

The geotechnical drilling will support Mayfair's upcoming pre-feasibility study planned for H2 2023.