McFarlane Intersects 148.37 Grams per Tonne Gold over 1.3 Metres

Continuing to extend a high-grade mineralized envelope far beyond historical drilling in the Purdex Zone on McFarlane’s High Lake Property.

Toronto, Ontario–(Newsfile Corp. – February 7, 2023) – McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) (“McFarlane” or the “Company”), a Canadian mineral exploration and development company, is pleased to provide a further update on the progress made at the Company’s High Lake property in Ontario, near the Ontario-Manitoba Border. To date, McFarlane has completed 42 holes totalling 9,217 metres and received assays for 21 holes.

Drilling in hole MLM-22-17 has intersected 148.37 g/t gold over 1.3 metres from 113.20 to 114.50 as measured in drill core length from surface, including 538.00 g/t gold over 0.3 metres. Visible gold was evident within this high-grade interval. This drill hole also includes a second intersection from 56.00 to 60.60 of 3.89 g/t gold over 4.6 metres. Hole MLHL-22-25, approximately 100 metres vertically below MLM-22-17, intersected 6.85 g/t gold over 2.97 metres, including 27.50 g/t gold over 0.60 metres.

“Our drilling results to date are identifying several high-grade mineralized trends that extend down to 300 metres below surface in the prospective Purdex Zone at High Lake,” said Bob Kusins, Vice President of Geology at McFarlane. “Clearly, gold mineralization extends beyond the historical intercepts below 100 metres, and ongoing drilling will help us define how extensive these trends continue about the current results.”

The results of our drilling to date are beginning to outline a mineralized zone defined by a steeply dipping en echelon vein system occurring within a broader 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.

Previous drill results showing attractive gold mineralization at High Lake were released by the company on December 12, 2022, January 9, 2023, and January 25, 2023.

The mineralized zone, along with our current drill results to date with multiple high-grade intersections is shown in figure 1 below.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153897