• Four drill rigs active at Fenn-Gib North Block
  
• 23,241m completed in 32 holes

VANCOUVER, British Columbia, July 27, 2021 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTC: MFGCF) is pleased to announce the initial drill results from the Expansion Zone at the Fenn-Gib Project located in the Timmins region of northeast Ontario. The Expansion Zone lies below the shallow central section of the current conceptual open pit, which strikes east-west over approx. 1.25 kilometers. The drill results reported below are part of the fully-funded, ongoing 50,000-meter (m) Phase 1 drill program at the Fenn-Gib Project. Resource infill and expansion drilling is being supported by four drill rigs, and 32 holes have been completed to date for a total of 23,241m.

Mayfair Gold President and CEO Patrick Evans commented: “The western portion of the plus 2-million-ounce Fenn-Gib deposit was well defined by the previous operators Lake Shore Gold and Tahoe Resources, with disseminated mineralization constrained within a conceptual open pit up to 300m wide and to a depth of approx. 400m below surface. There was only limited wide-spaced resource drilling in the central and eastern sections of the deposit to a depth of approx. 200m below surface. Two of our four drill rigs are targeting this Expansion Zone. We are extremely pleased to be defining additional, higher-grade mineralization in the Expansion Zone, which increases our confidence in the potential to upgrade Fenn-Gib’s resource estimate to plus 3 million ounces by the end of 2021.”

Numerous historic drill holes in the upper portion of the Fenn-Gib deposit did not drill through the entire mineralized stratigraphy, with some holes ending in mineralization. The infill and expansion drill program within and below the current conceptual open-pit is designed to identify additional mineralization.

The Phase 1 drill program commenced at the western section of the Fenn-Gib deposit. Infill drilling in hole FG21-155 returned 241.1m at an average grade of 1.67 g/t gold (Au) from a downhole depth of 11.5m, including 46.4m grading 2.27 g/t Au (news release June 29, 2021). Expansion drilling has also confirmed the presence of a higher-grade Footwall Zone outside and to the north of the Fenn-Gib deposit. Hole FG21-139 intersected 1.94 g/t Au over 38m from a downhole depth of 529m, including 4.06 g/t Au over 15m and 6.45 g/t Au over 6m (news release June 1, 2021). Surface reconnaissance has identified historic trenches with geology that corresponds to the Footwall Zone, indicating that the Footwall Zone extends from surface to at least 500m below surface at a dip of approx. 75 degrees. The lateral extent of the Footwall Zone has been traced over at least 120m to the northeast and appears to remain open along strike. One of the four drill rigs at Fenn-Gib is continuing to delineate the Footwall Zone.

Previously identified underground mineralization below the western section of the Fenn-Gib deposit is not currently included in the Fenn-Gib deposit. Most of the drill holes of the Phase 1 program are between 600 and 800m in length targeting potential additional underground mineralization below the conceptual open-pit. A conceptual underground mine plan will be developed to enable Mayfair to include this mineralization in the planned yearend updated resource statement.

Drill Results

The initial drill results from the central Expansion Zone are summarized in Table 1 below. Additional results will be released as they are received.

Table 1 - Fenn-Gib 2021 Initial Expansion Zone Drill Results Summary

Plan and section maps including the above drill holes can be found at https://mayfairgold.ca/fenn-gib/#drillplanmap&sections.

QA/QC Controls

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, and the samples were transported by Mayfair personnel to the Actlabs laboratory in Timmins, Ontario. Gold was 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.

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: [email protected]
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.