Early Drilling Intersects High-Grade Gold Within 20 Meters of Surface, 9.82 g/t Gold Intersected over 9.75 Meters at McFarlane Lake Mining’s High Lake Property

Toronto, Ontario–(Newsfile Corp. – December 12, 2022) – McFarlane Lake Mining Limited (NEO: MLM) (“McFarlane” or the “Company“), a Canadian mineral exploration and development company, is pleased to provide an update on the progress made at the Company’s High Lake property in Ontario, near the Ontario-Manitoba Border. A 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.SEDAR.com and on the Company’s website at https://mcfarlanelakemining.com/.

Drilling Program at High Lake

Drilling has intersected 9.82 g/t gold over 9.75 meters. Included in this intersection is 117 g/t of gold over 0.55 meters, 17.6 g/t of gold over 0.49m and 12.0 g/t of gold over 1.00 meter. A higher grade gold interval from 29.62m to 35.0m returned a grade of 15.35 g/t gold over 5.38m. This was all part of hole MLHL-22-28 which was a near-surface hole drilled to a depth of 63.0 meters. The intersection of mineralization started at a depth of 17.8 meters from surface and extended to 24.0 meters depth. Noted in this intersection were two distinct visible gold occurrences in the diamond drill core.

Hole MLHL-22-28 was an unplanned hole drilled as a follow-up to MLHL-22-01 where gold mineralization was intersected. Hole MLHL-22-01 intersected 0.6 meters of 6.6 g/t gold approximately 34 meters from surface. On the same mineralized trend hole, MLHL-22-02 intersected 10.7 g/t gold over 1.00 meter, approximately 61.5 meters from surface.

“We are pleased that the early part of the drilling program has returned some significant gold intercepts. Our plan is to continue to drill off the Purdex Zone where we believe more opportunity exists to intersect additional gold mineralization,” said Bob Kusins, Vice President of Geology for McFarlane.

The first five drill holes of McFarlane Lake’s 8,000 to 10,000-metre drill program, started in November this year, have successfully intersected high grade at the Purdex Zone in MLHL-22-01, MLHL-22-02, MLHL-22-03, MLHL-22-16 and MLHL-22-28 confirming the expected high grade based on the existing historical resources.

Drilling on the first section, as shown in Figure 1, has outlined a steeply dipping vein system occurring within a structural zone at or about the contact between quartz-feldspar porphyry and mafic volcanics. The porphyry and mafics are often highly sheared and may display silicification or sericitization. Gold occurs within quartz tourmaline veins and in the adjacent sheared and altered host lithologies which may be either quartz-feldspar porphyry or mafic volcanics. These veins are often mineralized with pyrite, pyrrhotite and chalcopyrite, with occasional lesser sphalerite and arsenopyrite.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147594