McFarlane Lake Announces Recent Gold Exploration Confirms High Grade Historical Resource and Expands It by 75% in NI-43-101 Compliant Resource

Updated NI 43-101 Technical Report Reveals 10.32 Grams per Tonne Gold and 9.38 Grams per Tonne Gold Contained in 96,200 Inferred Ounces and 45,800 Indicated Ounces of Gold Respectively at High Lake Property

Near Surface High Grade Gold Resource Identified

Toronto, Ontario–(Newsfile Corp. – May 23, 2023) – McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) (“McFarlane Lake” or the “Company“), a Canadian gold exploration and development company, is pleased to announce the Initial Mineral Resource Estimate (“MRE“) of the Purdex Zone on our 100% owned High Lake Property west of Kenora, Ontario.

This MRE has been classified in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2014) and follows the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). It is based on our recently completed drilling program and mineralization modelling.

Mineral Resource Estimate Highlights

McFarlane completed 46 drill holes totalling 10,437 metres in the Purdex Zone from November of 2022 to February of 2023, which delivered multiple impressive near-surface and at depth gold intersections, including;

• December 12, 2022 – 9.82 g/t gold over 9.75 metres within 20 metres from surface
• January 9, 2023 – 24.96 g/t gold over 14.9 metres, 325 metres from surface
• January 25, 2023 – 13.52 g/t gold over 6.5 metres, 229 metres from surface
• February 7, 2023 – 148.37 g/t gold over 1.3 metres, 107 metres from surface
• February 28, 2023 – 6.14 g/t gold over 24.55 metres within 15 metres from surface
• March 6, 2023 – 9.2 g/t gold over 26.4 metres, from 280 metres downhole
• April 11, 2023 – 8.27 g/t gold over 3.95 metres from 201 metres downhole

See figure 1 for location. For the full press releases see,

Figure 2: High Lake Property Longitudinal Projection looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8133/166905_3d8ae7a454ec8819_003full.jpg

In addition, the IP survey completed during January and early February 2023 has identified five priority targets: Purdex East, Conglomerate, A-D Extension, Porphyry and Gap, as highlighted in Figure 3. The Purdex East Target is the highest priority target, and the Porphyry Zone is a potential copper-gold target.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166905