McFarlane Lake Receives Exploration Permit for Its High Lake Property near Kenora, Ontario

Toronto, Ontario–(Newsfile Corp. – August 22, 2022) – McFarlane Lake Mining Limited (NEO: MLM) (“McFarlane Lake” or “the Company”), a Canadian gold exploration and development company, today announces that it has been granted an exploration permit from the Ontario Ministry of Mines, for its High Lake property.

This property is located on the traditional lands of the First Nation communities of Shoal Lake 39 and Shoal Lake 40 in Northwestern Ontario.

The permit allows the Company to conduct an exploration program including line-cutting, geophysical survey and an 8,000 to 10,000 metre drilling campaign. Field preparations will begin in September with drilling anticipated to follow in the fall to winter months. Further details regarding the work program can be found on the Companies web site https://mcfarlanelakemining.com/properties/.

“When we first assembled our group of 6 gold exploration properties, High Lake was viewed as our Flagship Property” said Mark Trevisiol, President and CEO of McFarlane Lake. “Based on past exploration at High Lake and our success at expanding the mineralization at West Hawk Lake, we see great potential for defining an economic resource. We have a high confidence level with several targets, including the Purdex Zone, which has only been tested to 100 metres and has shown attractive mineralization levels and significant exploration potential at depth.”

High Lake is located near Kenora in Ontario, about two kilometres south of the Trans-Canada Highway and about ten kilometres from the Company’s West Hawk Lake property in Manitoba (see Figure 1). It has historical gold intercepts grading up to 54.9 g/t gold over 6.7 meters core length (see report by J.H. Reedman and Associates, October 1987, Report on Trenching, Sampling and Compilation of Drill data at High Lake). A NI 43-101 report was published on both properties on June 22, 2021. High Lake was previously explored with trenching and drilling, outlining four zones with historical resources. It has recorded a historical (non-NI 43-101 compliant) resource of 270,00 tonnes at 9.8 g/t gold (see the following link for details on historic resource disclosure. A NI 43-101 Technical Report, High Lake and West Hawk Lake Property, was published June 22, 2021 available at www.sedar.com and www.mcfarlanelakemining.com) The exploration program will focus on proving up and expanding on historical resources within the Purdex Zone and expanding the known mineralization within the W and R Zones.

The Purdex Zone, our priority target, has only been tested to a depth of 100m and has a significant exploration potential at depth. It contains multiple zones within quartz veins and silicified shear zones adjacent to porphyry/mafic volcanic contacts with pyrite and chalcopyrite mineralization associated with gold as well as tourmaline, sericite, chlorite and carbonate alteration associated with the zones. Archean deposits of similar style show long plunge lengths relative to their strike length indicating good depth potential.

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