Mr. Patrick Evans reports

MAYFAIR GOLD DRILLS 1.44 G/T GOLD OVER 49.5M INCLUDING 9.20 G/T GOLD OVER 2.5M AT FENN-GIB FOOTWALL ZONE

Mayfair Gold Corp. has released further drill results from the higher-grade footwall zone located approximately 100 metres to the north 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 Au, and an inferred mineral resource of 160,000 oz 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 metres wide at the west end.

Mayfair Gold president and chief executive officer Patrick Evans commented: "The Fenn-Gib pit-constrained deposit is a high-quality cornerstone asset with highly favourable geology capable of delivering industry-leading gold recoveries with standard flowsheet options. Beyond that, ongoing drilling at the footwall zone and contact zone discoveries immediately adjacent to the Fenn-Gib deposit continues to identify wide zones of higher-grade gold mineralization. Stepout drilling supported by two drill rigs has so far extended the strike of the outcropping footwall zone to more than 500 m, remaining open both to the northeast and southwest, and confirmed continuity to a depth of more than 600 m. Mayfair expects to report a maiden underground footwall zone resource in early 2024."

Highlight drill results include:

1. FG23-345 intersected 1.44 g/t Au over 49.5 m, including 9.20 g/t Au over 2.5 m and 2.92 g/t Au over 3.0 m.
2. FG23-304 intersected 1.46 g/t Au over 25.9 m, including 14.32 g/t Au over 1.0 m, 3.0 g/t Au over 3.5 m and 5.88 g/t Au over 1.9 m.
3. FG23-314 intersected 2.19 g/t Au over 17.1 m, including 13.67 g/t Au over 2.0 m.
4. FG23-326 intersected 3.67 g/t Au over 8.0 m, including 6.47 g/t Au over 4.2 m, including 19.89 g/t Au over 0.9 m.

The latest drill results continue to intersect significant gold mineralization, building on Mayfair's previously reported footwall zone drill results that included: 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 hole 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 (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; 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); FG23-328 intersected 15.65 g/t Au over 1.5 m and 7.94 g/t Au over 7.0 m; and FG23-344A intersected 4.72 g/t Au over 30.0 m, including 6.59 g/t Au over 19.6 m (news release dated June 21, 2023).

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

Metallurgical testwork on a footwall zone underground composite sample indicated favourable performance, with whole-ore cyanidation yielding 94.2 per cent Au extraction at a P80 60-micrometre grind and 48-hour leach time from a head grade of 4.15 g/t Au with 2.5 per cent S2- (news release dated March 28, 2022). Alternative processing schemes considered flotation at 80 per cent passing 100 micrometres to a rougher concentrate at 20 per cent mass pull, followed by fine-grinding to 80 per cent passing 10 micrometres and cyanidation of the concentrate, which yielded similar 94-per-cent overall Au recovery for the footwall underground composite. The hybrid approach involving flotation-regrinding-cyanidation demonstrated consistent overall Au recovery over the expected variability in deposit lithology, gold and sulphide content.

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.