Interim resource update includes assay results up to July 31, 2022, for approx. 67,000m drilled, or 61% of current drill program
Infill and expansion drilling ongoing: approx. 96,000m completed to date
110,000m drill program on schedule for completion in January 2023
Drilling shows continued expansion of the gold mineralization
Further resource update scheduled for Q2 2023
Incremental gold ounces added for average drilling cost of approx. C$6.00 per ounce
VANCOUVER, British Columbia, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQX: MFGCF) is pleased to announce an updated mineral resource estimate at the Company’s 100% controlled Fenn-Gib Gold Project, located in the Timmins region of Northeast Ontario. Based on assay results from 61 percent of the Company’s current 110,000-meter (m) infill and expansion drill program, the Fenn-Gib deposit now hosts a NI 43-101 pit constrained Indicated mineral resource estimate of 3.06 million (M) ounces (oz) gold (Au) and an Inferred mineral resource of 0.31M oz Au. The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone Fault over more than 1.25 kilometers (km) and is up to 300m wide at the west end.

Mayfair Gold President and CEO Patrick Evans commented: “With the expansion of the Fenn-Gib gold zones, the mineral resources have shown significant improvement over the previous estimates. Within 18 months of acquiring Fenn-Gib, Mayfair has increased the Indicated resource size by 47 percent. The Fenn-Gib mineralization remains open for expansion in most directions, and we are excited about the near-term potential to further increase the resources with the ongoing drill program supported by three drill rigs.”

Mr. Evans added: “A large portion of the incremental tonnes reported today come from the Expansion Zone in the center of the Fenn-Gib deposit and to the east of the higher-grade Main Zone. Previously poorly defined, the Expansion Zone has been the focus of Mayfair’s drill program, supported by two of the three drill rigs, and has added significant tonnage to the Fenn-Gib mineral resources.”

The 30,000m Phase 3 infill and expansion drill program is ongoing with gold mineralization continuing to be intersected in all holes reported to date. Based on the continuing success, Mayfair expects to declare a further resource update in Q2 2023 on completion of the 110,000m drill program. The potential exists for a further significant increase in the Fenn-Gib resource.

Highlights of the Updated Fenn-Gib Mineral Resource Estimate:

Pit constrained Indicated resource: 47% increase in Au to 3,061,991 oz from 2,077,661 oz
Pit constrained Inferred resource: 315% increase in Au to 311,356 oz from 74,967 oz
Maiden underground resource: Inferred underground Au resource of 103,586 oz
Fenn-Gib Gold Project: Summary of Mineral Resources

Table 1 below contains the updated Fenn-Gib pit constrained mineral resource estimate; Table 2 is a comparison between the February 5, 2021 and October 15, 2022 pit-constrained mineral resource estimates; Table 3 provides the maiden Fenn-Gib underground resource estimate; and Table 4 details the pit constrained resource sensitivity by cut-off grades.

Table 1. Fenn-Gib NI 43-101 Open Pit Mineral Resource Estimate, October 15, 2022

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