Mayfair Gold Provides Drilling Update and Announces Completion of Heli-Borne Magnetic Survey at the Fenn-Gib Gold Project, Northern Ontario

  • Over 10,000 meters of infill and expansion drilling completed to date
  • First property-wide triaxial magnetic survey completed
  • Drill target selection underway for regional exploration program

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VANCOUVER, British Columbia, May 04, 2021 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG) is pleased to provide an update on its fully funded 2021 ongoing gold exploration program on its 100% owned Fenn-Gib Project (“Fenn-Gib”), located 80 kilometers east of Timmins, in northern Ontario.

Infill and expansion drilling commenced within three weeks following the acquisition of Fenn-Gib and has progressed well, with over 10,000m of the planned 50,000m drill program completed to date. The drill program includes both infill and step-out drilling at 25m to 50m centers and is designed to expand the gold mineralized zones beyond the current resource.

Mayfair Gold President and CEO Patrick Evans commented: “We are very pleased with the excellent progress being made at Fenn-Gib. With three drill rigs active, we are currently well on track to achieve our planned 50,000m drill program.”

Mr. Evans added: “We are also pleased to have completed the first ever heli-borne high-resolution triaxial MAG survey at 75-metre spaced flight lines over both the North and South blocks at Fenn-Gib. Based on initial results, target selection has commenced and plans are underway to mobilize additional drill rigs to Fenn-Gib to support a regional exploration program.”

Although drilling at Fenn-Gib is progressing very well, the turnaround time at the assay laboratories remains slow. Mayfair has contracted a second assay laboratory to improve the turnaround time. Numerous assay results are pending and will be reported when received and compiled.

About Mayfair Gold

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.

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.

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