TORONTO, CANADA, March 5, 2024 – McFarlane Lake Mining Limited (“McFarlane” or the “Company”) (CBOE (formerly NEO): MLM, OTCQB: MLMLF), a Canadian mineral exploration and development company, is pleased to announce the completion of a surface and subsurface Prospectivity Analysis performed by Mercator Geological Services (Mercator) on McFarlane’s  100% owned High Lake property with the use of Artificial Intelligence (AI).

“The information this study provides will be valuable as we continue to work on expanding the resource at High Lake,” said Roger Emdin, COO of McFarlane. “We are pleased to see that it validates our view of the high-quality resource available at the Purdex Zone and that it has identified additional targets in areas where we have recently added new claims.”

The Prospectivity Analysis used a combination of Knowledge-driven and Supervised Machine Learning algorithms to generate surface and subsurface exploration targets. These targets are generated using inputs such as geological structure, lithology, mineralization, and geochemistry within the High Lake property.  This is then related to the local geology, which is classed as a greenstone-hosted lode gold deposit. These generated target areas will help guide future exploration of the property. The Supervised Machine Learning algorithm utilized in the prospectivity analysis was Random Forest.

The 3D subsurface Prospective Analysis used all available geological data from historical and recent drilling, which was compiled and formatted within the geological software called Leapfrog Geo. Tables were imported and processed by Mercator’s proprietary machine-learning algorithm.

Downhole prospectivity results were interpolated within Leapfrog to create 3D contoured surfaces. These surfaces reflect the predicted prospectivity score, as highlighted in Figure 1. The Supervised Machine Learning model predicted a probability score which reflects similarity to gold mineralization observed within McFarlane’s Gold resource area – the Purdex zone. Probability scores were compared to gold assay results and were found to correlate well. The 3D contoured surfaces are projected to surface and are presented in Figure 1.

The downhole Supervised Machine Learning identified key geological features that are associated with the mineralization present within the Purdex Zone, as well as areas with the most similar features to the Purdex Zone. The High Lake prospects identified as the most like the Purdex Zone are the R Zone and the W Zones.

In Figure 2, targets generated from the surface prospectivity analysis are compared to the targets generated from the surface projection of the 3D contoured downhole prospectivity analysis. The surface prospectivity analysis defines a number of target areas that align with the results of the downhole prospectivity model. It also identified additional new areas of interest in the north of the property.

Figure 1 – Surface Projections of Downhole Prospectivity Solids

Figure 2 – Target areas identified in the Knowledge Driven and Random Forest surface analysis overlaying Surface Projections of Downhole Prospectivity Solids.

The results produced by machine learning models are not absolute and should be interpreted with some degree of caution. However, the results do confirm previous results from historical prospecting, geophysics, and diamond drilling, and serve as computer generated predictions that can help guide future exploration of the property.

McFarlane Lake is currently drilling a 10,000-metre drill program at the Purdex Zone as a follow up to the filing of an NI 43-101 compliant Mineral Resource Estimate in July 2023 that identified 96,200 Inferred ounces and 45,800 Indicated ounces of gold at a grade of 10.43 grams per tonne of gold and 9.38 grams per tonne of gold, respectively (Table 1).

Table 1: Current Purdex Zone Mineral Resource at 2.6 g/t Au cut-off

The technical report, prepared in accordance with National Instrument 43-101 (“NI 43-101”) with respect to the High Lake and West Hawk Lake properties, is available under the Company’s profile on SEDAR at www.sedarplus.ca and on the Company’s website at https://mcfarlanelakemining.com.

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 NI 43-101. However, Mr. Kusins is not independent of the Company by virtue of his position. The Prospectivity Analysis was supervised by Mr. Ryan Kressall, P.Geo, Director of Geoscience for Mercator Geological Services and a qualified person as defined by NI 43-101.

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]