Mr. Patrick Evans reports

MAYFAIR GOLD INCREASES FENN-GIB OPEN-PIT INDICATED RESOURCE ESTIMATE TO 3.38M OUNCES AND REPORTS INFERRED RESOURCE OF 0.16M OUNCES

Mayfair Gold Corp. has released an updated interim mineral resource estimate at the company's 100-per-cent-controlled Fenn-Gib gold project, located in the Timmins region of Northeastern Ontario. Based on assay results from approximately 81 per cent of the company's continuing 140,000-metre infill and expansion drill program, the Fenn-Gib zone deposit now hosts a National Instrument 43-101 open-pit constrained indicated mineral resource estimate of 3.38 million ounces gold at a grade of 0.9 gram per tonne gold and an inferred mineral resource of 160,000 ounces gold at 0.85 gram per tonne gold. The near-surface Fenn-Gib gold mineralization is broadly disseminated striking east-west on the Pipestone fault over more than 1.5 kilometres and is over 500 metres wide at the west end.

Highlights:

• 16-per-cent increase in indicated resource since October, 2022, update report;
• 8-per-cent increase in indicated resource grade to 0.93 gram per tonne gold;
• Interim resource update includes assay results up to April 6, 2023, for approximately 113,800 metres, or 81 per cent, of continuing drill program;
• Infill and expansion drilling continuing; approximately 133,000 metres of 140,000-metre program completed to date;
• Drilling shows continued expansion of open-pit gold mineralization;
• Geotechnical program under way to determine optimal pit wall slope;
• Fenn-Gib footwall zone maiden resource estimate expected early 2024.

Mayfair Gold president and chief executive officer Patrick Evans commented: "We are pleased to report both a 16-per-cent increase in indicated resource ounces and an 8-per-cent increase in indicated resource grade. The increase in the indicated resource ounces reported today comes from a combination of the expansion zone in the centre of the Fenn-Gib deposit, the footwall mafics in the northern portion of the conceptual pit, the east side of the higher-grade main zone and from the conversion of inferred to indicated resource ounces. The Fenn-Gib mineralization remains open for further expansion in most directions, and we are excited about the potential to further increase the resources with the ongoing drill program supported by three drill rigs. Mayfair expects to provide a further updated mineral resource estimate on the Fenn-Gib open-pit deposit in early 2024." Mr. Evans added: "Resource drilling on the higher-grade footwall zone, located approximately 100 metres to the northwest of the Fenn-Gib zone, is ongoing and supported by two drill rigs. Based on results to date, Mayfair expects to report a maiden underground footwall zone resource in early 2024."

Highlights of the updated Fenn-Gib mineral resource estimate at 0.40-gram-per-tonne-gold cut-off grade:

• Fenn-Gib zone open-pit-constrained indicated resource of 3,382,788 ounces at 0.93 gram per tonne gold;
• Fenn-Gib zone open-pit-constrained inferred resource of 157,292 ounces at 0.85 gram per tonne gold.

Fenn-Gib gold project -- summary of mineral resources

An attached table contains the updated interim Fenn-Gib zone open-pit-constrained mineral resource estimate; another table details the Fenn-Gib zone open-pit-constrained resource sensitivity by gold cut-off grades; and another table demonstrates the Fenn-Gib zone open-pit-constrained resource sensitivity comparison by open-pit wall slope angle.

Mayfair is currently conducting a geotechnical field campaign to acquire open-pit wall slope stability data to determine the optimal open-pit wall slope angle at a prefeasibility study level. The program includes a recently completed 3,200-metre, six-hole, HQ-core-size-orientated core drill program, a 4,000-metre televiewer survey on selected historical drill holes and point load tests to calculate rock strength.

The pit wall angle sensitivity comparison in an attached table details the potential to significantly increase the indicated resource ounces by increasing the open-pit wall slope angle from the 50-degree angle used in the current resource estimate. The final report of the geotechnical study to determine the optimal pit wall slope angle is expected in September, 2023.

Qualified person statement

The disclosure of technical and scientific information in this news release has been reviewed and approved by Tim Maunula, PGeo, of T. Maunula & Associates Consulting Inc., who is deemed a qualified person as defined by NI 43-101 and was responsible for the completion of the updated mineral resource estimation. Mayfair Gold's disclosure regarding the technical drilling program information in this news release has been reviewed and approved by Howard Bird, PGeo, vice-president, exploration, for the company, who oversaw the Mayfair Gold drill program and serves as a qualified person under the definition of National Instrument 43-101.

Quality assurance/quality control

Mayfair Gold employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by Major/Norex Drilling of Timmins, Ont., 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, Ont. 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., both located in Timmins, Ont., and Swastika Laboratories Ltd., located in Swastika, Ont. 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, Ont. Gold was analyzed by 30-gram fire assay with AA finish. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Mayfair completes routine third party check assays. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.

About Mayfair Gold Corp.

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100-per-cent-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 113.69 million tonnes containing 3.38 million ounces at a grade of 0.93 gram per tonne gold and an inferred resource of 5.72 million tonnes containing 160,000 ounces at a grade of 0.85 gram per tonne gold at a 0.40-gram-per-tonne-gold cut-off grade (source: Tim Maunula, PGeo, of T. Maunula & Associates Consulting Inc., who is deemed a qualified person as defined by NI 43-101). The Fenn-Gib deposit has a strike length of over 1.5 kilometres 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 Fenn-Gib deposit can deliver robust gold recoveries of up to 94 per cent.

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