Mayfair Gold Reports Positive Metallurgical Test Results for Fenn-Gib Deposit, Ontario

Rhea-AI Summary

Mayfair Gold Corp. reports positive results from its 2022 metallurgical gold recovery test on the Fenn-Gib deposit. The direct whole ore cyanidation yields an average recovery of 84.3%, with specific samples achieving up to 94.2% recovery rates. Additionally, flotation tests show recovery rates of approximately 94%. Ausenco is managing the tests, supporting a planned preliminary economic assessment (PEA) expected by Q4 2022. The deposit holds an indicated resource of 2.08 million ounces of gold, enhancing project economics and reducing potential costs significantly.

Positive

• Direct whole ore cyanidation averages 84.3% Au recoveries.
• Flotation tests yield approximately 94% Au recoveries.
• Indicated resource of 2.08 million ounces enhances project potential.
• Flotation process may reduce capital and operating costs.

Negative

• None.

• Direct whole ore cyanidation averages 84.3% Au recoveries
  
• Cyanidation result for Central Pit Lower sample 91.4% Au recoveries
• Cyanidation result for Footwall Zone Underground 94.2% Au recoveries
• Floatation averages approx. 94% Au recoveries

VANCOUVER, British Columbia, March 28, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGCF) is pleased to announce positive results from the Company’s 2022 preliminary metallurgical gold recovery test (“MET”) program performed on seven separate composited core‐based bulk samples from the Fenn-Gib deposit. The MET campaign is managed by Ausenco Engineering Canada Inc. (“Ausenco”) as part of the planned preliminary economic assessment (“PEA”) expected to be completed by Q4 2022. The 100% controlled Fenn-Gib deposit, located in the Timmins region of Northeast Ontario, hosts a NI 43-101 pit-constrained 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 is up to 300 meters (m) wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “Our maiden MET campaign confirms that the Fenn-Gib deposit can deliver robust recoveries for both direct whole ore cyanidation and flotation. While varying in sulfide content, values associated with Fenn-Gib ore are not considered refractory. We are particularly excited about the benefits that flotation may potentially offer for the project economics. The MET results indicate that Fenn-Gib can deliver a clean, high-grade sulfide-and-iron-rich gold concentrate that would be very suitable for milling in conventional leaching or autoclave operations. Importantly, flotation has the potential to significantly reduce capital and operating costs, expedite permitting and materially reduce final closure and reclamation costs.”

The MET program was conducted to assess the potential gold recoveries and to support the selection of the most appropriate process flowsheet for the Fenn-Gib deposit. Ausenco selected seven different drill hole sample locations to be spatially distributed within the conceptual open pit shell, as well as to align with the estimated average gold grade. The program was performed on the seven composited diamond drill core samples collected from NQ size half core taken from the 2021 drill program. Five of the samples are from the central, south, and east areas of the Fenn-Gib deposit, and the sixth is from the Footwall mineralization that lies within the conceptual open pit. The seventh composited sample is from the Footwall Zone outside of the conceptual open pit, which has potential for inclusion in future conceptual mine plans.

Three primary processing options for gold recovery were undertaken by SGS Minerals Services, including whole ore leach, flotation and flotation regrind leach. The tables below summarize the MET test results.

Table 1 below summarizes the whole ore cyanidation leach test results for the Fenn-Gib Main/Deformation Zone.

Table 1 - Main/Deformation Zone whole ore cyanidation results

Sample	Head Grade (Au g/t)	Grind P80 (μm)	Leach Time (h)	Recovery (Au %)
Central Pit Upper	1.00	59	48	79.0
Central Pit Mid	1.27	62	48	83.4
Central Pit Lower	2.93	55	48	91.4
South Pit	0.98	63	48	88.8
East Pit	0.75	59	48	78.8

The overall average recovery is 84.3%, with the best results in the central and south portions of the conceptual open pit.

Table 2 below summarizes the flotation test results for the Fenn-Gib Main/Deformation Zone.

Table 2 - Main/Deformation Zone flotation results

Sample	Head Grade		Rougher Concentrate			Cleaner Concentrate
			Recovery (% of circuit feed)		Grade	Recovery (% of circuit feed)		Grade
	Au (g/t)	S (%)	Mass	Au	Au (g/t)	Mass	Au	Au (g/t)
Central Pit Upper	1.00	3.02	15.6	96.0	6.46	6.3	93.7	15.6
Central Pit Mid	1.27	2.22	12..2	95.3	8.80	3.8	93.0	27.4
Central Pit Lower	2.93	0.94	14.7	95.8	9.32	2.0	94.3	66.7
South Pit	0.98	2.62	24.4	95.1	3.59	3.8	93.0	13.3
East Pit	0.75	1.84	20.8	97.9	3.58	4.7	95.1	15.4

Samples were ground to 80% passing approximately 70 µm prior to flotation, and flotation concentrates were reground to approximately 80% passing approximately 15 µm. Concentrate grades and recoveries were achieved with three cleaning stages. Concentrates contain between 80% and 95% pyrite. Final concentrate gold grades are sufficiently high to be sold for potential third-party processing in conjunction with the high pyrite contents.

Table 3 below summarizes the flotation regrind leach test results for the Fenn-Gib Main/Deformation Zone.

Table 3 - Main/Deformation Zone flotation regrind leach test results

Sample	Head Grade (Au g/t)	Regrind P80 (μm)	Leach Time (h)	Recovery (Au %)
				Rougher Concentrate	Leach	Overall
Central Pit Upper	1.00	17	48	96.0	87.9	84.4
Central Pit Mid	1.27	14	48	95.3	89.9	85.7
Central Pit Lower	2.93	12	48	95.8	96.6	92.5
South Pit	0.98	18	48	95.1	87.9	83.6
East Pit	0.75	15	48	97.9	88.3	86.4

Regrinding and leaching of flotation concentrates provides slightly higher recoveries than whole ore leaching subject to economic analysis.

Table 4 below summarises whole ore cyanidation results for the Fenn-Gib Footwall Zone.

Table 4 - Footwall Zone whole ore cyanidation results

Sample	Head Grade (Au g/t)	Grind P80 (μm)	Leach Time (h)	Recovery (Au %)
Footwall	0.55	59	48	59.8
Footwall U/G	3.38	59	48	94.2

The low head grade of the Footwall sample is a contributing factor in the low recovery.   The Footwall U/G sample shows good metallurgy with high recoveries at a typical underground gold grade.

Table 5 below summarises the flotation test results for the Fenn-Gib Footwall Zone.

Table 5 - Footwall Zone flotation results

Sample	Head Grade		Rougher Concentrate			Cleaner Concentrate
			Recovery (% of circuit feed)		Grade	Recovery (% of circuit feed)		Grade
	Au (g/t)	S (%)	Mass	Au	Au (g/t)	Mass	Au	Au (g/t)
Footwall	0.55	4.64	22.0	94.3	2.33	9.7	89.3	5.01
Footwall U/G	3.38	2.81	17.94	93.5	17.9	5.0	91.5	58.4

Table 6 below summarizes the flotation regrind leach test results for the Fenn-Gib Footwall Zone.

Table 6 - Footwall Zone flotation regrind results

Sample	Head Grade (Au g/t)	Regrind P80 (μm)	Leach Time (h)	Recovery (Au %)
				Rougher Concentrate	Leach	Overall
Footwall	0.55	23	48	94.3	63.6	60.0
Footwall U/G	3.38	15	48	93.5	97.5	91.2

The Footwall sample recovery is comparable to the whole ore leach recovery, while the Footwall U/G sample is lower.

Based on the above results, Ausenco will undertake a trade-off study between the three selected process flowsheets in preparation for the PEA that will commence on completion of the 80,000m infill and expansion drill program currently underway. Approx. 66,000m of drilling has been completed to date. The drill program is on target for completion by mid-2022 and is expected to support a resource update by Q3 2022.

QA/QC

For this metallurgical study, NQ sized drill core was logged, sawn in half with the half core sampled and bagged and sent to Actlabs laboratory in Timmins for gold assays on individual samples (see Mayfair QA/QC below). For the metallurgical test work at SGS Canada Inc. (SGS) laboratories, the Actlabs gold assay results were used by Mayfair and Ausenco (managing the SGS test work) to produce seven sample composites from the remaining sawn half core to best represent a range of locations within the Fenn-Gib deposit. The remaining half core was sampled by Mayfair staff, bagged and sent to SGS. SGS conducted the metallurgical test work at the SGS Lakefield, Ontario laboratory. SGS conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests undertaken.

Mayfair employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling is conducted by Major/Norex Drilling of Timmins, Ontario and is supervised by Mayfair’s 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 are sawn in half with diamond blade saws. Half of the sampled core is left in the core box and the remaining half is bagged and sealed. Mayfair utilizes accredited laboratories and the samples are transported by Mayfair personnel to the Actlabs laboratory in Timmins, Ontario. Gold is analyzed by 30-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted. 

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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 70.2 M tonnes containing 2.08 M 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. 1.25 km with widths ranging up to 300 m. 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: (416) 670-5114
Web: www.mayfairgold.ca

Qualified Person Statement

Mayfair Gold’s disclosure of technical and scientific information in regard to the drill program, core sampling and assay results 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.

The metallurgical test program is managed and overseen by Ausenco Engineering Canada Inc. and the disclosure of the technical and scientific information regarding the metallurgical test program in this news release has been reviewed and approved by Tommaso Roberto Raponi, P. Eng. of Ausenco Engineering Canada Inc., 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 gold recovery results from Mayfair Gold's MET program for MFGCF?

The MET program indicates an average gold recovery of 84.3% from whole ore cyanidation and about 94% from flotation.

When is the preliminary economic assessment (PEA) expected for Mayfair Gold's Fenn-Gib deposit?

The PEA is expected to be completed by Q4 2022.

What is the indicated resource size of the Fenn-Gib deposit for Mayfair Gold (MFGCF)?

The Fenn-Gib deposit hosts an indicated resource of 2.08 million ounces of gold.

Who is managing the metallurgical test program for Mayfair Gold's Fenn-Gib deposit (MFGCF)?

The metallurgical test program is managed by Ausenco Engineering Canada Inc.

How does flotation potentially benefit Mayfair Gold's project economics?

Flotation may significantly reduce capital and operating costs while providing high-grade concentrates suitable for milling.