Mayfair Gold Reports Significant High-Grade Gold Intercepts on the Footwall Zone at Fenn-Gib

• 19.2m at 3.40 g/t Gold within 66.0m at 1.42 g/t Gold
• Mineralization outside current pit constrained Indicated 2.08M ounce Resource
• Four drill rigs active at Fenn-Gib
• 44,052m completed in 65 holes
• Metallurgical testing underway

VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce further drill results from the higher-grade Footwall Zone located between 100 and 200 meters (m) to the north of the Fenn-Gib deposit. The Fenn-Gib deposit, located in the Timmins region of Northeast Ontario, hosts a pit-constrained Indicated Resource of 2.08M ounces with disseminated gold mineralization striking east-west on the Pipestone Fault over 1.25 kilometers and up to 300m wide. The Footwall Zone mineralization is not included in the current Fenn-Gib resource and is a priority target in Mayfair’s Phase 1 50,000m drilling campaign. The infill and expansion drilling is being supported by four drill rigs with 44,052m completed to date in 65 holes.

Mayfair Gold President and CEO Patrick Evans commented: “The new drill holes at the Fenn-Gib Footwall Zone confirm the continuity of the significant high-grade gold mineralization immediately to the north of the deposit. This Footwall Zone mineralization outcrops at surface and continues to more than 500m below surface. It is very encouraging to see the gold mineralization present in multiple zones.”

The Footwall Zone target consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage within the general east-west trending Pipestone Fault mineralized corridor. Mineralization consists of bleached, buff-altered (silica-albite-carbonate alteration) pillowed mafic volcanic with pyrite ranging from 2% to over 20%.

Drill Results

The latest Footwall Zone drill results continue to intersect significant gold mineralization, building on the previously reported results. Highlights of the newly reported mineralized intervals include:

Drill Section 558525E which includes 2011 historical drill hole FG-11-05 that intersected 3.62 g/t gold (Au) over 59.0m and 4.22 g/t Au over 6.0m.

1. FG21-166 intersected 1.42 g/t Au over 66.0m, including 3.4 g/t Au over 19.2m and also 6.20 g/t Au over 9.2m. This intersection is located approximately 180m above the mineralized intersection in historical hole FG-11-05 (see above). A lower zone in hole FG21-166 returned 1.02 g/t Au over 34.0m, including 11.49 g/t Au over 1.0m;
2. FG21-170 intersected 37.51 g/t Au over 2.6m and 59.05 g/t over 1.0m; and
3. Assay results are pending for holes FG21-173 and 179 drilled on the same section.

Drill Section 558575E which includes 2011 historical drill hole FG-11-08 that intersected 2.24 g/t Au over 39.4m and 4.50 g/t Au over 5.7m.

1. FG21-186 intersected 2.31 g/t Au over 30.0m, including 6.58 g/t Au over 7.0m. This intersection is located approximately 220m above the mineralized intersection in historical hole FG21-11-08 (see above);
2. FG21-195 intersected 1.28 g/t Au over 28.0m, including 1.74 g/t Au over 16.0m. This intersection is located approximately 160m above the mineralized intersection in historical hole FG21-11-08; and
3. Assay results are pending for holes FG21-183, 188 and 192 drilled on the same section.

The Footwall Zone drilling is continuing on Drill Section 558600E which includes Mayfair drill hole FG21-139 that intersected 1.94 g/t Au over 38.0m, including 4.06 g/t Au over 15.0m (June 1, 2021 news release). FG21-199b, the first follow-up drill hole on this section, has been completed (assay results pending), and the second hole FG21-203 is in progress. The drill rig will continue testing the northeast-trending Footwall Zone at 50m step-outs with 3 to 4 holes per set-up.

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

Table 1: Fenn-Gib 2021 Footwall Zone Drill Results Summary

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

Metallurgy

The metallurgical test work is progressing with the selection of representative samples from seven different locations. Sample intervals were selected to align with the average annual grades from the potential mine schedule and provide representation from each hole within the conceptual pit. Five of the samples are from the Fenn-Gib deposit; one is from the Footwall Zone that lies within the conceptual Fenn-Gib pit; and the seventh sample is from the Footwall Zone outside the conceptual pit.

The Company has retained Ausenco Engineering Canada Inc. to manage the metallurgical program in preparation for a Preliminary Economic Assessment. The metallurgical samples have been dispatched to SGS Canada Inc., located in Lakefield, Ontario, which has over eighty years of metallurgical testing experience. The results will be reported when they are received.

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 CEOEmail: [email protected]: (416) 670-5114Web: 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.

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