MFG Mayfair Gold Corp

Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V: MFG; OTCQB: MFGCF) is pleased to announce that resource drilling has recommenced at the Company’s 100% controlled Fenn-Gib gold project in the Timmins region of Ontario. Mayfair Gold completed approx. 109,000 meters (m) of infill and expansion drilling in 166 holes up to the end of 2022, intersecting gold mineralization in every hole. With gold mineralization remaining open in most directions, a 30,000m Phase 4 drill program supported by three drill rigs is planned for H1 2023. This will take the global resource drill program to 140,000m.

Mayfair’s President and CEO Patrick Evans added: “The focus of the Phase 4 drill campaign is in three areas: defining the continuity of the higher grade open-pittable gold mineralization present at the east of the Fenn-Gib deposit; defining the depth extension of the higher-grade underground mineralization at the west of the deposit; and continuing to test the continuity of the higher-grade Footwall Zone mineralization outside and immediately to the north of the deposit.”

In parallel with the ongoing resource drilling, Mayfair is planning a further resource update in Q2 2023, which will be based on assay results from the Phase 1 to 3 (110,000m) drill programs. Subject to continuing success with the Phase 4 drill campaign, a further resource update is expected in Q3 2023.

Mayfair Gold is also pleased to report that advanced metallurgical testing is continuing through SGS Mineral Services (“SGS”). Preliminary metallurgical tests completed in Q1 2022 reported robust gold recovery results, including flotation recoveries of approximately 94% at a grind size of 75 microns, and whole ore cyanidation recoveries of 84.3% also at a grind size of 75 microns (News Release dated March 28, 2022). In late 2022, SGS conducted flotation rate kinetic tests at varying coarser flotation feed sizes, and in early 2023 undertook concentrate cyanidation tests at varying concentrate regrind sizes to optimize overall recovery from a flotation-cyanidation alternative. The results of these tests will be released during the current quarter.

As previously announced, Mayfair is also planning to commission a pre-feasibility study during the current quarter. Proposals from a number of engineering consultants are currently under review and a final decision is expected shortly.

Throughout 2022, Mayfair continued regional exploration at the 32.55 square kilometer (km2) Fenn-Gib North Block Approximately 150km of line cutting have been completed over two priority target areas and approximately 98 line-km of Inverse Polarization (IP) surveys have been completed to date. Line cutting and IP surveys resumed in early January. Approximately 50km of IP surveys remain to be completed over the North Block priority targets and a further 100km on the 14.72 km2 Fenn-Gib South Block.

Preliminary results from the North Block IP surveys have so far identified four compelling drill targets. Once all the IP surveys have been completed, plans for regional exploration drilling will be finalized and announced.

Lastly and very importantly, Mayfair Gold remains firmly committed to Fenn-Gib continuing as a carbon-neutral gold project. At the end of the first year of operations in 2021, Mayfair measured and reported the Company’s Scope 1, 2 and 3 carbon emissions. The results were independently reviewed and certified offsets were purchased by funding residential solar panel installations across Canada. The Scope 1, 2 and 3 emissions for 2022 are now being measured, following which Mayfair will continue to purchase certified Canadian offsets.

Mr. Evans added: “Climate change presents a significant risk to all industries. Although the mining industry is a relatively small emitter of greenhouse gases, pressure continues to grow for all mining companies to both measure and report their carbon emissions, and also offset those emissions. With the benefit of access to renewable hydroelectric grid power, Mayfair’s vision is to develop Fenn-Gib as Canada’s first carbon-neutral gold mine. This will be a key focus of the pre-feasibility study due to commence this quarter.”

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% 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 including a pit constrained Indicated Resource of 118.07M tonnes containing 3.06M ounces at a grade of 0.81 g/t Au; a pit constrained Inferred Resource of 13.8M tonnes containing 0.31M ounces at a grade of 0.70 g/t Au; and an underground Inferred Resource of 1M tonnes containing 0.104M ounces at a grade of 3.22 g/t Au. (Source: Garth Kirkham, P. Geo., of Kirkham Geosystems Ltd., who is deemed a qualified person as defined by NI 43-101, effective date October 15, 2022). The Fenn-Gib deposit has a strike length of approx. 1.25km with widths ranging up to 300m. 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%.

For further information contact:

Patrick Evans, President and CEO Email: patrick@mayfairgold.ca Phone: (480) 747-3032 Web: www.mayfairgold.ca

Qualified Person Statement

Mayfair Gold’s disclosure of technical and scientific information in this news release has been reviewed and approved by Howard Bird, P Geo., Vice President Exploration for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Mayfair’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.