MFG

Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce positive results from the Company’s 2022-23 advanced metallurgical test program performed on a core‐based bulk sample from the Fenn-Gib deposit. Metallurgical testing was conducted at SGS-Lakefield (“SGS”) under the supervision of Mr. Steve Haggarty, P. Eng. (Haggarty Technical Services), metallurgical consultant to Mayfair Gold.

The 100% controlled Fenn-Gib deposit, located in the Timmins region of Northeast Ontario, hosts an NI 43-101 pit-constrained Indicated Resource of 3.06M gold (“Au”) ounces (see the “About Mayfair” section below) with disseminated gold mineralization striking east-west on the Pipestone Fault over more than 1.25 kilometers (km) and is up to 300 meters (m) wide at the west end.

Preliminary metallurgical tests conducted in 2021-22, based on a feed grind size of P80 75 microns (µm), returned whole-ore cyanidation gold recoveries of 84.3% and gold flotation recoveries to a final concentrate approaching 94% (news release dated March 28, 2022). In late 2022, SGS conducted flotation rate kinetic tests at varying grind sizes to flotation and, in early 2023, undertook concentrate cyanidation tests at varying concentrate regrind sizes to optimize overall gold recovery from a flotation-cyanidation flowsheet alternative.

Recent test results confirm that there is a negligible difference in gold recovery when coarsening the grind size to flotation from P80 75 µm to P80 106 µm. Sulfide flotation to a rougher concentrate achieved 96% Au recovery with a target 20-25% mass pull. In addition, fine grinding of rougher concentrate at P80 10 µm followed by cyanidation yielded 95.0% Au extraction from the reground rougher concentrate, resulting in an overall 91.2% Au recovery from Flotation-Regrinding-Cyanidation.

Metallurgical testing completed to date is sufficient to advance conceptual engineering as a pre-feasibility study, which is planned to commence shortly. Processing concepts presently being studied include (i) pyrite flotation to produce a gold-bearing final concentrate for offsite treatment, and (ii) pyrite flotation-regrinding-cyanidation for onsite gold recovery.

Finally, approximately 112,000m of the planned 140,000m Fenn-Gib infill and expansion resource drill program has been completed to date. Based on assay results from 110,000m of drilling, a further resource update is planned in Q2 2023.

QA/QC

For this metallurgical study, NQ sized drill core from drill hole FG22-254 was logged, sawn in half with the half core sampled and bagged and sent to Swastika Laboratories in Swastika, Ontario for gold assays on individual samples (see Mayfair QA/QC below). For the metallurgical test work at SGS Canada Inc. (SGS) laboratories, the Swastika gold assay results were used by Mayfair to produce ¼ core sample composites from the remaining ½ core to represent the lithology and mineralization of the Fenn-Gib deposit. The ¼ core was sampled, bagged and directly delivered to SGS by Mayfair staff. SGS conducted the metallurgical test work at the SGS Lakefield, Ontario laboratory. SGS conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests that were undertaken.

Mayfair Gold (Mayfair) employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by Major/Norex Drilling of Timmins, Ontario and was supervised by the Mayfair exploration team. Mayfair’s drill program includes descriptive logging and sampling of the drill core for analysis at Mayfair’s secure facility located in Matheson, Ontario. Sampled drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Mayfair utilizes accredited laboratories that include, Activation Laboratories Ltd. (Actlabs) and AGAT Laboratories Ltd. (AGAT) both located in Timmins, Ontario, and Swastika Laboratories Ltd located in Swastika, Ontario. Mayfair personnel transport the samples directly and deliver to Actlabs, and samples are collected by both AGAT and Swastika personnel directly from Mayfair’s secure core logging facility in Matheson, Ontario. Gold was analyzed by 30-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every twenty samples. Mayfair completes routine third-party check assays. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.                                                                                      

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 including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70 g/t Au; and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date October 15, 2022). The Fenn-Gib 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: patrick@mayfairgold.caPhone: (480) 747-3032Web: www.mayfairgold.ca

Qualified Person Statement

Mayfair Gold’s disclosure of technical and scientific information in regard to the drill program, core sampling and assay results 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.

The metallurgical test program is managed and overseen by Mr. Steve Haggarty, P Eng., who serves as a Qualified Person under the definition of National Instrument 43-101. Mr. Haggarty has reviewed and approved the disclosure of the technical and scientific information regarding the metallurgical test program in this news release.

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.