McFarlane Intersects 13.52 g/t Gold over 6.5 Metres

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Extends mineralized zone on previous high-grade gold intercept announced January 9, 2023, on McFarlane’s High Lake Property.

Toronto, Ontario–(Newsfile Corp. – January 25, 2023) – 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.

McFarlane’s management team will be attending the 2023 Vancouver Resource Investment Conference from January 29-30, 2023, at booth #114 in the Vancouver Convention Centre West Building.

The exploration program, which started early in November 2022, consists of ground geophysical data collection and its interpretation, accompanied by an 8,000 to 10,000-metre program of diamond drilling. To date, McFarlane has completed 36 holes totalling 8,566 metres and received assays for 16 holes. A key focus is the Purdex Zone at the property, which has historically, only been tested to a depth of 100 metres and has significant potential for adding compliant gold ounces. We expect the initial drilling campaign to be complete in February this year, with assay results being released as the program progresses and final results issued later in mid-2023.

Recent Results of the Drilling Program at High Lake

Drilling has intersected 13.52 g/t gold over 6.5 metres in hole MLHL-22-12 from 229.00 to 235.5 metres as measured in drill core length from surface. Visible gold was evident within this high-grade interval. This drill hole is approximately 20 to 30 metres away from the vertical section shown in Figure 1, which highlights previous and latest drilling results and the projection to section of drill hole MLHL-22-12. A second narrow zone was intersected further down in the same hole of 5.35 g/t gold over 0.40 meters.

Further drilling on the vertical section shown in Figure 1, intersected two zones in hole MLHL-22-05 from 242.51 to 250.00 metres grading 4.95 g/t gold over 7.49 metres and from 267.45 to 273.83 metres grading 4.49 g/t gold over 6.38 metres. The upper intersection included a higher-grade gold interval from 242.51 to 244.45 metres grading 11.18 g/t gold over 1.94 metres. This hole potentially extends mineralization 50 to 100 metres above drill hole MLHL-22-06, announced in the January 9th release. This drill hole returned a grade of 24.96 g/t gold over 14.90 metres, as outlined in Figure 1. Details on this intersection and other significant intersections are available in the press release of January 9, 2023, by following this link https://mcfarlanelakemining.com/news-jan-9-2023/.

Drill hole MLHL-22-23 also intersected two zones of 21.67 g/t gold over 1.75 metres from 171.05 to 172.80 metres and 13.30 g/t gold over 0.70 metres from 74.85 to 75.55 metres within the Purdex A zone.

“We are pleased with the progress we are making at High Lake, drilling continues to define a number of mineralized trends which have been traced down to 300 metres below surface,” said Bob Kusins, Vice President of Geology for McFarlane. “Ongoing drilling of the Purdex Zone will help us define how extensive these trends continue in and around our current drill results. It is clear that gold mineralization extends beyond historical intercepts.”

Drilling on the section, as shown in Figure 1, has outlined a steeply dipping echelon 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. The veins are typically quartz-tourmaline, with tourmaline occurring within and along the vein contacts. The veins generally have low sulphide content, often mineralized with up to 1% pyrite, pyrrhotite and chalcopyrite, with occasional lesser sphalerite and arsenopyrite. Gold occurs within quartz-tourmaline veins and in the adjacent sheared and altered host lithologies.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152503