Mr. Patrick Evans reports

MAYFAIR GOLD DRILLS 6.59 G/T GOLD OVER 19.6M WITHIN 30.0M AT 4.72 G/T GOLD AT FENN-GIB FOOTWALL ZONE

Mayfair Gold Corp. has released further results from the higher-grade footwall zone located approximately 100 metres to the northwest of the Fenn-Gib gold deposit. Mayfair's 100-per-cent-controlled Fenn-Gib project, located in the Timmins region of Northeast Ontario, hosts a National Instrument 43-101 open-pit-constrained indicated mineral resource estimate of 3.38 million ounces gold at a grade of 0.93 gram per tonne gold and an inferred mineral resource of 160,000 Au at 0.85 g/t Au. 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 m wide at the west end.

Mayfair Gold president and chief executive officer Patrick Evans commented: "Two of the three drill rigs at Fenn-Gib are focused on delineating the higher-grade footwall zone mineralization. Ongoing drilling this year has extended the strike of the near-surface footwall zone mineralization to approximately 500 m and vertically down to more than 500 m below surface. The footwall zone target consists of multiple parallel mineralized zones and is open in all directions. Based on the progress to date, Mayfair expects to report a maiden underground footwall zone resource in early 2024."

Highlight drill results:

1. FG23-344A intersected 4.72 g/t Au over 30.0 m, including 6.59 g/t Au over 19.6 m.
2. FG23-328 intersected 15.65 g/t Au over 1.5 m and 7.94 g/t Au over 7.0 m.
3. G23-330 intersected 3,782.70 g/t Au over 0.5 m.

The footwall zone is located immediately to the northwest of the Fenn-Gib deposit, striking in a northeasterly direction and with a steep northerly dip. The target consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage. Mineralization consists of bleached, buff-altered (silica-albite-carbonate alteration), pillowed mafic volcanics with pyrite ranging from 2 per cent to over 20 per cent.

Limited past drilling identified gold mineralization within the footwall mafic volcanics immediately to the northwest of the Fenn-Gib deposit in drill holes FG11-04 (3.54 g/t Au over 10.0 m), FG11-05 (3.62 g/t Au over 59.0 m), FG11-07 (4.03 g/t Au over 3.0 m) and FG11-08 (2.24 g/t Au over 39.4 m).

The latest drill results continue to intersect significant gold mineralization, building on Mayfair's previously reported footwall zone drill results. FG21-139 intersected 1.94 g/t Au over 38.0 m, including 4.06 g/t Au over 15.0 m (news release dated June 1, 2021). FG21-166 intersected 1.42 g/t Au over 66.0 m, including 3.4 g/t Au over 19.2 m, including 6.20 g/t Au over 9.2 m. A lower zone in FG21-166 returned 1.02 g/t Au over 34.0 m, including 11.49 g/t Au over 1.0 m. FG21-170 intersected 37.51 g/t Au over 2.6 m and 59.05 g/t over 1.0 m. FG21-186 intersected 2.31 g/t Au over 30.0 m, including 6.58 g/t Au over 7.0 m. FG21-195 intersected 1.28 g/t Au over 28.0 m, including 1.74 g/t Au over 16.0 m (news release dated Oct. 25, 2021). FG21-188 intersected 25.93 g/t Au over 1.5 m and 1.37 g/t Au over 25.5 m, including 5.4 g/t Au over 5.0 m. FG21-203 intersected 2.70 g/t Au over 15.0 m, including 4.04 g/t Au over 9.0 m, including 7.18 g/t Au over 4.0 m; FG21-215 intersected 2.88 g/t Au over 49.0 m, including 6.53 g/t Au over 17.5 m, and FG22-218 intersected 0.71 g/t Au over 92.0 m, including 2.15 g/t Au over 10.0 m. A lower zone returned 2.40 g/t Au over 47.4 m, including 3.83 g/t Au over 4.7 m, 5.26 g/t Au over 6.6 m and 6.78 g/t Au over 7.0 m (news release dated June 15, 2022). FG23-300 intersected 2.05 g/t Au over 16.2 m, including 3.72 g/t Au over 6.2 m (news release dated Feb. 27, 2023).

The latest reported drill results are summarized in an attached table.

Additional drill results from the infill, expansion and stepout drill program will be released as they are received.

Quality assurance/quality control program

Mayfair Gold employs a quality assurance/quality control 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, including 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 an atomic absorption 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, of a total indicated resource of 113.69 million tonnes containing 3.38 million ounces at a grade of 0.93 g/t Au and an inferred resource of 5.72 million tonnes containing 160,000 ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade. The Fenn-Gib deposit has a strike length of over 1.5 kilometres, with widths ranging over 500 m. 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 per cent.

Qualified person statement

Mayfair Gold's disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, PGeo, vice-president of exploration, who serves as a qualified person under the definition of NI 43-101.

We seek Safe Harbor.