Mayfair Gold drills 0.75 g/t gold over 922.8 metres at Fenn-Gib, Ontario

Mayfair Gold Corp. [MFG-TSXV; MFGCF-OTCQB] has discovered a new zone of gold mineralization at the 100%-controlled Fenn-Gib project, located in the Timmins region of Northeastern Ontario.

Fenn-Gib hosts a NI 43-101 open-pit constrained indicated mineral resource estimate of 3.38 million ounces (Moz) gold (Au) grading 0.93 g/t gold, and an inferred mineral resource of 160,000 oz gold at 0.85 g/t gold. The contact zone was discovered in the first two of five planned deep holes testing mineralization below the pit-constrained resource.

Mayfair Gold President and CEO Patrick Evans commented: “Successful exploration is a key driver of shareholder value. Since acquiring Fenn-Gib 32 months ago, we have increased the pit-constrained resource by over 70%, continued delineation of the adjacent higher-grade Footwall Zone discovery, and now made a new discovery at the Contact Zone. These significant achievements are credited to the knowledge, experience, and dedication of Mayfair’s entire exploration team under the leadership of Howard Bird, Vice President Exploration and Paul Degagne, Manager Exploration.”

Highlight Contact Zone drill results include FG23-350A that intersected 1.06 g/t gold over 124.0 metres, with higher grade intervals including 3.22 g/t gold over 11.0 metres. FG23-356 intersected 1.16 g/t gold over 421.0 metres, including higher grade intervals 12.42 g/t gold over 10.0 metres and 76.12 g/t over 1.5 metres (Further assays pending).

The new zone of mineralization, called the Contact Zone, is located within the mafic volcanics below the Main Zone of the Fenn-Gib deposit. Both holes FG23-350A and FG23-356 intersected substantial widths of gold mineralized altered mafic volcanic rocks situated below the contact of the predominantly syenite intrusive body that comprises the Main Zone of the Fenn-Gib deposit. Discovery of the Contact Zone is significant as it confirms the continuation of gold mineralization at depth below the bottom of the current pit-constrained resource. In addition, the higher-grade gold internal intersections demonstrate the potential for underground minable grades and widths.

The two drill holes reported today are the first of five deep holes planned to test the mineralization in the Contact Zone. Assays remain pending for the lower portion of hole FG23-356 below 858 metres.

Additional Contact Zone drill results will be announced as they are received.

Mayfair Gold also reports that resource drilling on the higher-grade Footwall Zone, located approximately 100 metres north of the Fenn-Gib deposit, continues to make encouraging progress. The program is supported by two drill rigs. Further Footwall Zone drill results will be reported as soon as they are available. Based on results to date, Mayfair expects to report a maiden underground Footwall Zone resource in early 2024.

The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500 metres. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fen-Gib deposit can deliver robust gold recoveries of up to 94%.

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