Mr. Patrick Evans reports

MAYFAIR GOLD MAKES NEW DISCOVERY AT FENN-GIB GOLD PROJECT

Mayfair Gold Corp. has discovered a new zone of gold mineralization at the company's 100-per-cent-controlled Fenn-Gib project, located in the Timmins region of Northeastern Ontario. Fenn-Gib hosts a National Instrument 43-101 open-pit-constrained indicated mineral resource estimate of 3.38 million ounces (Moz) gold (Au) at a grade of 0.93 gram per tonne (g/t) Au, and an inferred mineral resource of 160,000 oz Au at 0.85 g/t Au. 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 chief executive officer 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 per cent, 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:

1. FG23-350A intersected 1.06 g/t Au over 124 metres, with higher-grade intervals including 3.22 g/t Au over 11 m;
2. FG23-356 intersected 1.16 g/t Au over 421 m, including higher-grade intervals 12.42 g/t Au over 10 m and 76.12 g/t over 1.5 m (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 m.

Additional contact zone drill results will be announced as they are received.

Mayfair Gold is also pleased to report that resource drilling on the higher-grade footwall zone, located approximately 100 m to the 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.

Quality assurance/ quality control controls

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 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 Moz 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 Fenn-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 Mr. Bird, PGeo, vice-president, exploration, for the company, who serves as a qualified person under the definition of National Instrument 43-101.

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