Mayfair Gold Commences 2024 Environmental Field Program at Fenn-Gib Gold Project

MATHESON, Ontario, March 28, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. ("Mayfair" or the "Company") (TSX-V: MFG; OTCQB: MFGCF) today announced the start the 2024 environmental field program in support of a potential environmental assessment for the 100% controlled Fenn-Gib project in the Timmins region of Ontario. The program is being managed by a multi-disciplinary group led by Environmental Applications Group Inc. of Sudbury, Ontario.

Mayfair's president and CEO, Patrick Evans, commented: "This represents the fourth annual environmental field program at Fenn-Gib since Mayfair acquired the project in 2021. Environmental programs to date have confirmed that there are no species at risk within the Fenn-Gib project area. The 2024 field program will provide additional data to support a potential environmental assessment and future permitting for the Fenn-Gib project."

Major elements of the 2024 field program include:

• Groundwater hydrogeology studies, including the drilling of 12 monitoring wells, logging of overburden, hydraulic testing, and seasonal water quality sampling;
• Surface water sampling and hydrology monitoring;
• Wetland evaluation and mapping;
• Terrestrial and aquatic wildlife monitoring;
• Geochemical testing; and
• Archeological surveys.

Reports on the results of the 2024 environmental field program are expected to be completed in Q1 2025 and will guide planning for the 2025 field program.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair's flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: NI 43-101 Technical Report on Fenn-Gib Project, Ontario, Canada, prepared by Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., dated April 6, 2023). Mr. Maunula is deemed a qualified person as defined by NI 43-101. The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.

For further information contact:

Patrick Evans, President and CEO
Phone: (480) 747-3032
Email: [email protected]
Web: www.mayfairgold.ca

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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