From Mark Trevisiol, President, CEO and Chair of the Board

When we founded McFarlane Lake Mining, our High Lake property was identified as our most promising exploration target. Historical gold intercepts at surface (9.84 g/t gold over 10 metres) and within 100 metres of surface (11.66 g/t gold over 7.01 metres) had given us good reason to believe so. This coupled with our review of the geology where historically, similar types of Archean gold systems have been known to have continuity of gold mineralization along strike and depth, with some deposits extending thousands of meters at depth and hundreds of meters on surface. Our recent drilling results (highlighted below) have proved up our strategy in a way that exceeded our expectations.

We commenced a 10,000-metre drilling program (the “Drill Program”) at High Lake in early November of last year. Since then, we completed 46 holes totalling 10,438 metres of diamond drilling and intersected some world-class gold intersections, three of which made the top weekly intercepts list on the “Junior Mining Hub” (an organization which lists current worldwide gold exploration results, Figure 1)  We were further encouraged by the discovery of a high-grade gold pod within 20 to 30 metres of surface (see figure 2) opening the potential for a sizable bulk sample using low-cost open pit mining methods. Further, our geophysical survey identified a high chargeability anomaly over our existing gold mineralization (see Figure 1A and Figure 5). This anomaly continues east in unexplored ground for 300 metres opening up the potential for more gold discoveries.

We were also attracted to High Lake as it is well-located near the city of Kenora, Ontario and close to power lines, major highways and a skilled labour force to aid future mine development.

Exploration Highlights:

• MLHL-22-06 intersected 24.96 grams per tonne of gold over 14.9 metres, from 325.56 to 340.46 metres from surface and was Junior Mining Hub’s top 5 weekly intercepts for week of January 9, 2023
• MLHL-22-17 intersected 148.37 g/t gold over 1.3 metres from 113.20 to 114.50 metres from surface and was Junior Mining Hub’s top 3 weekly intercept for the week of February 10, 2023.
• MLHL-22-45 intersected 9.20 g/t gold over 26.4 metres from 292.1 to 318.5 metres from surface and was Junior Mining Hub’s top 7 weekly intercept for the week of March 3, 2023.
• MLHL-22-40 intersected 6.14 g/t gold over 24.55 metres from 14.61 to 41.80 metres from surface.
• MLHL-22-12 intersected 13.52 g/t gold over 6.5 metres from 229.00 to 235.5 metres from surface.
• MLHL-22-28 intersected 9.82 g/t gold over 9.75 metres from 25.25 to 35.00 metres from surface.
• Holes MLHL-22-45, with MLHL-22-40 and MLHL-22-28 (shown above), has defined a near-surface gold mineralized pod, which has the potential for near-term bulk sample of ore
• Figure 1A –Geophysical Highlights – IP Chargeability Plan – Purdex Area – Exploration target to the east of recent drilling, anomaly extends from gold mineralized area to the east

Our focus for the Drill Program was the Purdex Zone, which had attractive historical resources but had not been tested below 100 metres. This Drill Program has identified several high-grade mineralized trends that extend well below 300 metres (see Figure 3) with some exceptional intercepts (see Table 1) and confirms our outlook that the geology supports a continuance of gold mineralization. This, coupled with our geophysical survey, which further supports the extension of elevated chargeability levels east of our existing drilling (Figure 1A and Figure 5) is a strong indicator that more gold mineralization lies along strike of our existing discoveries.

Figure 1 – Junior Mining Hub Top Intercepts for the Week of February 10, 2023

Figure 2 – Cross Section of Diamond Drill Holes

Figure 3 – Longitudinal Section of Diamond Drill Holes

Table 1: Significant Intersections

For additional information, see our previous results for the Drill Program showing attractive gold mineralization at High Lake on December 12, 2022, January 9, 2023, January 25, 2023, February 7, 2023, February 28, 2023, March 6, 2023, and April 11, 2023.

Geophysical Induced Polarization (“IP”) Survey

A program of IP surveying covering 18.7 line kilometres was completed during January and early February 2023. Surveying was completed on two grids, the eastern grid covering the Purdex zone and a western grid covering the P, R, W and Porphyry zones. Five priority targets, Purdex East, Conglomerate, A-D Extension, Porphyry and Gap, were defined from the survey data as shown in Figure 4.

Figure 4 – IP Chargeability Plan

Purdex East is the continuation of the chargeability anomaly that occurs over the Purdex zone where existing gold mineralization has been identified, this is our highest priority for continued exploration. The zone displays increasing chargeability as it approaches a potential fold nose area which may bode well for additional gold mineralization. To the west along strike, the Purdex zone transgresses into conglomerate units with elevated chargeability, possibly providing a favourable host to gold mineralization.  It is very rare that conglomerates carry chargeability. This shows potential for gold mineralization. Details of these two targets are shown in Figure 5.

Figure 5 – IP Chargeability Plan – Purdex Area

Two gold targets are defined on the western grid with favourable chargeability anomalies associated with extensions to known gold mineralization at the A-D Extension and the Gap, as shown in Figure 4. The A-D extension represents the eastward extension of four known gold zones onto McFarlane Lake ground. A potential fold nose, as defined by the IP, may provide a favourable site for gold mineralization. The Gap area is situated between two historical zones, the W and P zones. A chargeability trend between the two zones has not previously been drilled.

The Porphyry target covers historical trenches on surface in the High Lake Porphyry, which have returned copper values of 0.95% and up to 1 g/t of gold over 22.9m (see ODM Report 41, Davies 1965). This large chargeability target remains largely untested with significant potential.

Looking Ahead

With the successful conclusion of this Drill Program, we will be developing and publishing an NI 43-101 technical report that includes a mineral resource for the Purdex Zone on our High Lake property later this year.

Based on available funding, we are aiming to begin another 10,000-metre drilling program at the High Lake property as the results from the Drill Program indicate gold mineralization is open to the east of the Purdex Zone. Early geophysics data also show anomalies to the east of the Purdex Zone where no drilling has been done and are similar to where the Drill Program intersected high-grade gold mineralization. We also will be investigating the near surface mineralized pod and potential options around its extraction.

Besides High Lake, we are also looking to further explore our West Hawk Lake property later this year. We completed a drill campaign at the property last year and announced results that supported historical reports of gold mineralization.

These are exciting times for the company as we successfully execute our overall strategy. With our high-quality property portfolio that has significant potential to define economic resources, and nearby infrastructure that provides the necessary support for exploration and any potential mine development, as well as our seasoned team with decades of experience in exploration, resource development, mining and processing development, we are well-positioned to provide value for our shareholders.

If you have any questions or want more information, please visit our website or contact us – the details are below.

Regards,

Mark Trevisiol  CEO

QA/QC Control Procedures

McFarlane Lake has implemented a Quality Assurance/ Quality Control (QA/QC) program consistent with industry best practices. The drill core is being logged and sampled at a nearby facility with sawn half-core samples, including QA/QC samples, being sent to an accredited lab (Actlabs) in Thunder Bay, Ontario, for processing. The remaining half core has been retained in a locked facility for future examination. Certified reference material (CRM) standards and blanks are inserted every 10 samples into the sample stream. Gold was analyzed by 30-gram fire assay with AA-finish. Samples above 5 grams per tonne gold were re-assayed for gold with a gravimetric finish, while those above 10 grams per tonne were re-assayed utilizing the pulp metallic method.

Qualified Person

The technical contents of this news release have been reviewed and approved by Robert Kusins, Vice President of Geology of McFarlane. Mr. Kusins is a qualified person, as defined by NI43-101. However, Mr. Kusins is not independent of the Company by virtue of his position.

About McFarlane Lake Mining Limited

McFarlane is a mineral exploration company focused on the exploration and development of the High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane holds the McMillan and Mongowin mineral property located 70 km west of Sudbury, which hosts the past-producing McMillan Gold Mine.  McFarlane also owns the Michaud/Munro mineral property situated 115 km east of Timmins along the so-called “Golden Highway”. McFarlane is a “reporting issuer” under applicable securities legislation in the provinces of, British Columbia, Alberta and Ontario.

Additional information on McFarlane can be found by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including without limitation; anticipated results of geophysical surveys or drilling programs, estimated timing, geological interpretations and potential mineral recovery processes. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of McFarlane to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Filing Statement dated as of January 14, 2022, which is available for view on SEDAR at www.SEDAR.com Forward-looking statements contained herein are made as of the date of this press release, and McFarlane disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

McFarlane’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

Further Information

For further information regarding this press release, please contact:

Roger Emdin, Chief Operating Officer
McFarlane Lake Mining Limited
(705) 562-8520
[email protected]

Craig MacPhail
NATIONAL
(416) 525-5709
[email protected]