Mr. Patrick Evans reports

MAYFAIR GOLD DRILLS 1.97 G/T AU OVER 68.9M INCLUDING 3.01 G/T AU OVER 12.5M 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 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 (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 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.

Patrick Evans, Mayfair Gold's president and chief executive officer, commented: "The 3.38 Moz Fenn-Gib deposit is a high-quality anchor asset with very favourable geology capable of delivering industry-leading gold recoveries with standard flowsheet options. Resource drilling on the Footwall zone discovery immediately adjacent to the Fenn-Gib deposit continues to identify wide zones of high-grade gold mineralization. Drilling has so far extended the strike of the outcropping Footwall zone to more than one kilometre -- and it remains open to both the northeast and southwest -- and confirmed continuity to a depth of more than 600 m."

The winter resource drilling campaign at the Footwall zone has extended the strike of the mineralized structure over approximately one kilometre. The mineralization reported today in drill holes FG24-385, -387 and -388 is located within the northern portion of the 2023 Fenn-Gib resource conceptual open-pit, and is expected to increase the Fenn-Gib open-pittable resource. A maiden resource on the Footwall zone is expected to be completed by mid-2024.

Highlight drill results include:

1. FG24-385 intersected 0.88 g/t Au over 71 m, including 1.40 g/t Au over 28.3 m, including 19.81 g/t Au over 1.8 m;
2. FG24-387 intersected 0.80 g/t Au over 194.5 m, including 3.02 g/t Au over three m, 2.54 g/t Au over five m and 8.56 g/t Au over 3.3 m, including 23.90 g/t Au over one m and 4.60 g/t Au over 2.2 m;
3. FG24-388 intersected 1.97 g/t Au over 68.9 m, including 4.82 g/t Au over 9.4 m, including 11.25 g/t Au over 2.1 m, 3.01 g/t Au over 12.5 m, 6.63 g/t Au over 1.1 m and 4.15 g/t Au over 5.9 m;
4. FG24-390 intersected 10.72 g/t Au over one m, 0.55 g/t Au over 28.5 m, 6.12 g/t Au over 14 m, including 68.13 g/t Au over 0.9 m and 3.24 g/t Au over six m, including 9.13 g/t Au over one m.

The latest drill results continue to intersect significant gold mineralization building on Mayfair's previously reported Footwall zone drill results that included: hole FG21-139 intersected 1.94 g/t Au over 38 m, including 4.06 g/t Au over 15 m (news release June 1, 2021). FG21-166 intersected 1.42 g/t Au over 66 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 m, including 11.49 g/t Au over one m; FG21-170 intersected 37.51 g/t Au over 2.6 m and 59.05 g/t over one m; hole FG21-186 intersected 2.31 g/t Au over 30 m, including 6.58 g/t Au over seven m (news release Oct. 25, 2021). FG21-188 intersected 25.93 g/t Au over 1.5 m, 1.37 g/t Au over 25.5 m, including 5.4 g/t Au over five m; FG21-203 intersected 2.70 g/t Au over 15 m; including 4.04 g/t Au over nine m, including 7.18 g/t Au over four m; FG21-215 intersected 2.88 g/t Au over 49 m, including 6.53 g/t Au over 17.5 m; and FG22-218 intersected 0.71 g/t Au over 92 m, including 2.15 g/t Au over 10 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 seven m (news release 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 Feb. 27, 2023), and hole FG23-328 returned 15.65 g/t Au over 1.5 m and 7.94 g/t Au over seven m; and hole FG23-344A intersected 4.72 g/t Au over 30 m, including 6.59 g/t Au over 19.6 m (news release June 21, 2023). FG23-304 intersected 1.46 g/t Au over 25.9 m, including 14.32 g/t Au over one m and three g/t Au over 3.5 m and 5.88 g/t Au over 1.9 m; FG23-314 intersected 2.19 g/t Au over 17.1 m, including 13.67 g/t Au over two m; FG23-326 intersected 3.67 g/t Au over eight m, including 6.47 g/t Au over 4.2 m, including 19.89 g/t Au over 0.9 m; and 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 three m (news release Sept. 11, 2023).

The Footwall zone target consists of multiple mineralized zones hosted primarily in the footwall mafic volcanic assemblage, located immediately northwest of the Fenn-Gib gold deposit. The Footwall zone strikes 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 tests conducted on a Footwall zone underground sample showed excellent metallurgy. Whole-ore cyanidation confirmed the high gold recovery of 94.2 per cent at a P80 59-micrometre grind size and 48-hour leach time (news release dated March 28, 2022).

The latest reported drill results are summarized in the table entitled "Footwall zone reported drill hole results summary."

Plan and section maps of the drill holes reported herein are available at the company's website.

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

Quality assurance/quality control (QA/QC) controls

Mayfair Gold (Mayfair) employs a QA/QC program consistent with National Instrument 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. (AGAT), 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 (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 National Instrument 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 g/t Au at a 0.40 g/t Au cut-off grade (source: Tim Maunula, PGeo, of T. Maunula & Associates Consulting Inc., who is deemed a qualified person as defined by National Instrument 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.

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 for the company, who serves as a qualified person under the definition of National Instrument 43-101.

We seek Safe Harbor.