Mayfair Gold Reports High-Grade Results from Fenn-Gib Drill Program, Including Ultra High-Grade Gold Intercept of 225 g/t (7.2 oz/t) over 1.5m

Rhea-AI Summary

Mayfair Gold Corp. announced positive drill results from its Fenn-Gib Project, confirming significant gold mineralization. Highlights include drill hole FG22-259, which showed 1.11 g/t Au over 145.2m, with a higher grade of 3.17 g/t Au over 40.3m. The company's drill program has completed over 101,000m of the planned 110,000m, expecting a resource update in Q2 2023 and a pre-feasibility study by Q4 2023. The project has a total Indicated Resource of 3.06 million ounces of gold, reinforcing its potential as an exceptional deposit in Ontario's mining sector.

Positive

• Completed over 101,000m of a 110,000m drill program, indicating strong project progress.
• Significant gold mineralization confirmed with drill hole FG22-259 showing 1.11 g/t Au over 145.2m.
• Resource update expected in Q2 2023, potentially enhancing investor outlook.
• Pre-feasibility study planned for Q4 2023, signaling further development steps.

Negative

• None.

• 1.11 g/t Au over 145.2m, including 3.17 g/t Au over 40.3m
• 101,000m of 110,000m Infill and Expansion Drill Program Completed
• Resource update scheduled for Q2, 2023
• Pre-feasibility Study scheduled for 2023
  

VANCOUVER, British Columbia, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce the seventh set of drill results for 2022 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.

Mayfair Gold President and CEO Patrick Evans commented: “The results of our 2022 drill program confirm that Fenn-Gib is an exceptional gold deposit located in the first-tier mining jurisdiction of Timmins, Ontario. The broadly disseminated gold mineralization continues from near surface to depths below 600 meters. We have already completed over 101,000m of our planned 110,000m drill program and it’s apparent that mineralization remains open in most directions. A further resource update is scheduled for Q2 2023 and preparations are underway for a Pre-Feasibility study, which is expected to be completed in Q4 2023.”

Highlight drill results include:

1. FG22-247A intersected 225.00 g/t Au over 1.5m;
2. FG22-259 intersected 1.11 g/t Au over 145.2m, including 3.17 g/t Au over 40.3m;
3. FG22-263A-W1 intersected 0.93 g/t Au over 140.0m, including 2.91 g/t Au over 22.1m; and
4. FG22-230 intersected 0.83 g/t Au over 153.1m, including 1.05 g/t Au over 108.7m.

The latest drill results continue to intersect significant gold mineralization building on the previously reported Fenn-Gib results, including: 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).

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 Name		From	To	Interval	Gold
		(metres)	(metres)	(metres)	(grams/tonne)
FG22-230		398.9	552.0	153.1	0.83
	including	398.9	507.6	108.7	1.05
FG22-247A		273.0	274.5	1.5	225.00
FG22-255		560.0	574.0	14.0	1.13
		595.5	816.9	221.4	0.73
	including	653.5	758.2	104.7	0.98
FG22-259		537.0	682.2	145.2	1.11
	including	584.0	624.3	40.3	3.17
FG22-262A		421.5	566.5	145.0	0.51
	including	421.5	448.3	26.8	1.06
FG22-263A-W1		559.0	699.0	140.0	0.93
	including	631.2	653.3	22.1	2.91
FG22-264A		342.5	523.0	180.5	0.67
	including	342.5	392.2	49.7	1.26
FG22-266		408.9	526.0	117.1	0.87
	including	421.3	462.8	41.5	1.32

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.)
FG22-230	558627.8	5374902.2	5313	663	356	-55
FG22-247A	558874.1	5375157.7	5312	513	356	-52
FG22-255	558881.0	5374769.0	5313	897	354	-61
FG22-259	558754.0	5374811.0	5313	897	356	-60
FG22-262A	558752.0	5374957.0	5313	816	356	-66
FG22-263A-W1	558754.0	5374811.0	5313	930	351	-64
FG22-264A	558650.0	5374930.0	5313	828	356	-58
FG22-266	558650.0	5374930.0	5313	834	356	-62

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 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 were the latest drill results for Mayfair Gold Corp. (MFGCF)?

The latest drill results include FG22-259, which intersected 1.11 g/t Au over 145.2m, with 3.17 g/t Au over 40.3m.

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

The resource update is scheduled for Q2 2023.

What is the significance of Mayfair Gold's drilling program for MFGCF investors?

The drilling program has confirmed significant gold mineralization, potentially increasing resource estimates and investor interest.

What is the current Indicated Resource of Mayfair Gold Corp.'s Fenn-Gib Project (MFGCF)?

The Fenn-Gib Project has an Indicated Resource of 3.06 million ounces of gold.

When can we expect the pre-feasibility study from Mayfair Gold Corp. (MFGCF)?

The pre-feasibility study is expected to be completed in Q4 2023.