Mayfair Gold Corp. provided a review of the Company's first year of operations at the 100%-controlled Fenn-Gib gold project (“Fenn-Gib”) in the Timmins region of Ontario and also outline plans for 2022. Mayfair Gold acquired Fenn-Gib one year ago on December 31, 2020.

Fenn-Gib currently hosts an Indicated Resource of 70.2M tonnes containing 2.08M ounces at a grade of 0.921 g/t gold (“Au”). Mayfair's vision is to grow the Fenn-Gib resource to +3M ounces through the current 80,000-meter (m) infill and expansion drill program. By late December 2021, when drilling paused for the Christmas break, a total of 54,741m had been drilled in 89 holes.

Drilling is scheduled to resume on January 10, 2022, and the 80,000m program is expected to be completed by Second Quarter 2022, with a resource update scheduled for Third Quarter 2022. Concurrent with the drill program, Mayfair resumed metallurgical testing of Fenn-Gib mineralization in 2021. The program is being managed by Ausenco Engineering Canada Inc. (“Ausenco”) and samples are currently being tested at SGS Lakefield.

The final results of the flowsheet trade off study are expected in Second Quarter 2022. Through this program, Mayfair is seeking to maximize gold recoveries, minimize projected capital and operating costs, and expedite permitting. Following completion of the 80,000m drill program and metallurgical test campaign, Mayfair is planning a preliminary economic assessment (“PEA”) for the Fenn-Gib deposit.

The PEA will be prepared by Ausenco and is expected to be completed by Fourth Quarter 2022. In the quest to discover additional deposits at the 4,800-hectare Fenn-Gib project, Mayfair flew the first ever high-resolution triaxial MAG survey at 75m spaced flight lines over both the North and South Blocks at Fenn-Gib in April 2021. Based on very encouraging results, a regional exploration program has been designed to test priority gold targets.

Ground geophysics on the North Block will commence shortly, followed by a 7,000m Phase 1 regional drill program. At the South Block, line cutting will also commence shortly to allow access for ground geophysics in preparation for a 3,000m Phase 1 drill program. Mr. Evans commented: “Outside the current deposit, Fenn-Gib has never seen methodical regional exploration using modern technology.

Compelling targets have been identified on the North Block, which straddles the gold-bearing Pipestone fault. The South Block straddles the prolific Porcupine-Destor Fault and is on trend with producing and past-producing mines to the northwest and east. Compelling exploration targets have also been identified on the South Block.

While vision is to grow the current deposit to plus 3M ounces, the company believes prospects for the discovery of additional deposits on both the North and South Blocks are very good.” On December 13, 2021, Mayfair closed a $4.64M flow-through financing. Combined with cash in treasury, the Company's current 2022 plan is fully funded.