Mayfair Gold drills 38m at 1.94 g / t gold at Newly

15044m completed in 20 holes

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VANCOUVER, British Columbia, June 1, 2021 (GLOBE NEWSWIRE) – Mayfair Gold Corp. (“Mayfair“or the”Company”) (TSX-V: MFG) is pleased to announce the first drilling results from the ongoing 50,000 meter (“m”) Phase 1 drilling program at the Fenn-Gib project. The infill and resource expansion drilling is supported by three rigs and 20 holes have been completed to date for a total of 15,044m.

Previous limited drilling by Lake Shore Gold in 2011 identified gold mineralization in mafic volcanics 200 to 300 m north of the Fenn-Gib deposit. Drilling by Mayfair has now confirmed the presence of a high grade wall zone. Mayfair’s survey FG21-139 intersected 1.94 grams per tonne (“g / t”) Au over 38 m from a bottom depth of 529 m, including 4.06 g / t Au over 15 m and 6.45 g / t Au over 6 m.

This high grade intersection corresponds to the gold mineralized intervals reported by Lake Shore Gold, including 3.54 g / t Au over 10.0 m (FG-11-04), 3.93 g / t Au over 53.0 m (FG-11-05), 4.03 g / t Au over 3.0 m (FG-11-07) and 4.50 g / t Au over 5.7 m and 2.81 g / t Au over 16 , 8 m (FG-11-08). Mayfair continues to drill to determine the extent of gold mineralization in the high interest wall hanging.

Mayfair Gold President and CEO Patrick Evans said, “Confirmation of the high grade wall zone outside and immediately north of the Fenn-Gib deposit is an important development. The recently completed high resolution helicopter-borne MAG survey is now helping us better understand the hanging wall area as we plan further exploration drilling to determine the direction, extent and tonnage potential of this new mineralized zone.

The Phase 1 infill and expansion program is primarily designed to identify additional gold mineralization both within and below the current conceptual open pit. The current Fenn-Gib mineral resource is located only in the conceptual open pit. Many historic drill holes in the upper Fenn-Gib deposit did not drill through all of the mineralized stratigraphy, with some holes terminating in mineralization. The infill drilling program in the current conceptual open pit mine is also designed to improve inferred indicated resources.

Previously identified underground mineralization is not included in the Fenn-Gib deposit, although it was included by the former owners of the asset. Most of the drill holes in the Phase 1 drill program also target mineralization under the open pit concept pit. Individual drill holes are typically over 500m, allowing both areas to be tested with each drill hole.

Drilling results

Although 20 holes have been drilled to date, assay results have only been received for the first six holes. The first results are summarized in Table 1 below. Additional results will be published as they are received.

Table 1 Summary of 2021 Fenn-Gib Initial Drill Results

HRD DE (m) To M) INTERVAL (m) Au (gpt)
FG21-135 461.0 705.0 244.0 0.41
including 481.0 512.0 31.0 0.82
and 498.0 512.0 14.0 1.5
including 609.0 637.8 28.8 0.61
and 609.0 619.0 10.0 1.11
including 677.0 705.0 28.0 0.71
and 697.0 705.0 8.0 1.35
FG21-136 550.0 595.5 45.5 0.89
including 561.0 574.0 13.0 2.05
FG21-137 150.4 156.0 5.6 2.28
FG21-138 314.0 449.0 135.0 0.31
including 314.0 367.0 53.0 0.36
and 360.0 365.0 5.0 1.08
including 412.0 427.0 15.0 0.61
575.0 671.0 96.0 0.57
including 575.0 580.0 5.0 1.12
including 621.0 642.0 21.0 1.13
including 662.0 668.0 6.0 2.17
and 662.0 663.0 1.0 7.66
735.7 756.1 20.4 0.67
FG21-139 105.0 117.0 12.0 0.57
529.0 567.0 38.0 1.94
including 539.0 567.0 28.0 2.50
and 552.0 567.0 15.0 4.06
and 552.0 558.0 6.0 6.54
FG21-140 245.0 337.5 92.5 0.41
including 245.0 259.0 14.0 0.50
492.5 497.5 5.0 5.52
including 492.5 493.5 1.0 23.60
552.0 578.0 26.0 1.03
including 558.0 564.0 6.0 2.45
608.0 617.0 9.0 0.51

Mayfair Gold commissioned two analytical labs to improve processing times. Many test results are pending and will be communicated when received and complied with.

QA / QC controls

Mayfair uses a QA / QC program that complies with NI 43-101 and industry best practices. Surface drilling was carried out by Major / Norex Drilling of Timmins, Ontario, and was overseen by the Mayfair exploration team. Mayfair’s drilling program includes descriptive logging and sampling of drill core for analysis at the Mayfair secure facility located in Matheson, Ontario. The sampled drill core intervals were sawed in half with a diamond blade saw. Half of the sampled carrots were left in the carrot box and the remaining half were bagged and sealed. Mayfair uses accredited laboratories and samples were transported by Mayfair staff to the Actlabs laboratory in Timmins, Ontario. The gold was analyzed by fire assay of 30 grams with AA finish. Certified Reference Material (CRM) standards and coarse virgin material are inserted every 20 samples. Drill interceptions cited do not necessarily represent actual widths, unless otherwise noted.

About Mayfair

Mayfair is a Canadian mining exploration company focused on advancing the 100% owned Fenn-Gib gold project in the Timmins area of ​​northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset. An update of the open pit NI 43-101 finite resource estimate (February 5, 2021) reported a total indicated resource of 70.2 million tonnes containing 2.08 million ounces grading 0.921 g / t Au and an inferred resource of 3.8 million tonnes containing 75,000 ounces grading 0.618 g / t Au. The deposit has a strike length of approx. 1.25 km with widths of up to 300 m. Gold mineralized zones remain open at depth and along the easterly and westerly direction.

For more information contact:

Patrick Evans, President and CEO
Email: [email protected]
Telephone: (416) 670-5114
Website: www.mayfairgold.ca

Qualified Person Declaration

The disclosure of technical and scientific information by Mayfair Gold in this press release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration of the Company, who acts as a Qualified Person as defined by the National Instrument 43-101.

Forward-looking statements

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements“) that relate to Mayfair’s current expectations and opinions about future events. Any statement that expresses or involves discussions about expectations, beliefs, plans, goals, assumptions or future events or performance (often, but not always, through words or phrases such as “is likely to result”, “should”, “expects”, “will continue”, “is expected”, “anticipates”, “believes”, “estimated” “,” intends “,” plans, “” forecast “,” projection “,” strategy “,” goal “and” outlook “) are not historical facts and may be forward-looking statements and may involve estimates , assumptions and uncertainties that may cause actual results or results to vary. materially from those expressed in these forward-looking statements. No assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this press release should not be improperly relied upon. These statements speak only as of the date of this press 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 the control of Mayfair, which could cause actual results and events to differ. substantially from those disclosed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or to assess the impact of each of these factors or the extent to which one factor, or a combination of factors, may. make the results differ materially from these. contained in any forward-looking statement. All forward-looking statements contained in this press 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 press release.


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