Mr. Mark Trevisiol reports

MCFARLANE LAKE ANNOUNCES RECENT GOLD EXPLORATION CONFIRMS HIGH GRADE HISTORICAL RESOURCE AND EXPANDS IT BY 75% IN NI-43-101 COMPLIANT RESOURCE

McFarlane Lake Mining Ltd. has released the initial mineral resource estimate (MRE) of the Purdex zone on its 100-per-cent-owned High Lake property west of Kenora, Ont.

This MRE has been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum 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 the company's 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:

• Dec. 12, 2022 -- 9.82 grams per tonne gold over 9.75 metres within 20 metres from surface;
• Jan. 9, 2023 -- 24.96 g/t gold over 14.9 metres, 325 metres from surface;
• Jan. 25, 2023 -- 13.52 g/t gold over 6.5 metres, 229 metres from surface;
• Feb. 7, 2023 -- 148.37 g/t gold over 1.3 metres, 107 metres from surface;
• Feb. 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 down hole;
• April 11, 2023 -- 8.27 g/t gold over 3.95 metres from 201 metres down hole.

The MRE was independently prepared by P&E Mining Consultants Inc. in accordance with National Instrument 43-101, with an effective date of April 14, 2023. The full technical report, which is being prepared in accordance with NI 43-101, will be available on SEDAR under the corporation's issuer profile within 45 days of this news release.

Most of the estimated mineral resource tonnage related to the High Lake deposit is contained in three stacked zones within a 75-metre-wide corridor starting at surface and covering an area of 420 metres vertical by 220 metres along strike. The true thickness of the High Lake zones varies from 1.2 to nine metres.

Mark Trevisiol, president and chief executive officer, stated: "Few exploration properties match the gold grades we have seen at High Lake ... and we just started exploring there. We are delighted to cross this initial milestone now having compliant mineral resources at High Lake. The potential to expand these mineral resources is significant as the geophysical anomaly over our existing gold mineral resource area at the Purdex zone extends 300 metres to the southeast, where the anomaly is stronger yet. Four other priority targets have been identified on High Lake, including one along strike of the R zone where historical drilling returned 54.89 grams per tonne gold over 6.7 metres. Another significant and exciting development is the identification of near-surface resources in the Purdex zone. We have been able to identify a high-grade gold resource creating the potential for extraction using low-cost open-pit mining methods generating early revenue for McFarlane. We are encouraged by all these developments on our High Lake property and are highly motivated to keep the momentum going through further exploration."

These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred mineral resources in this news release are uncertain in nature and there has been insufficient exploration to define these mineral resources as indicated or measured; however, it is reasonably expected that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

The qualified person is not aware of any factors or issues that materially affect the mineral resource estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing and political factors, and additional risk factors regarding inferred mineral resources.

The mineralized zone on the Purdex zone extends to surface and there may be an opportunity to mine these mineral resources early in a development project through an open pit. P&E has reviewed two potentially feasible pit options and subsets of the mineral resource that could be exploited through these options.

Continued exploration potential on High Lake

The Purdex zone was McFarlane's first exploration of the High Lake property and covers only a small portion of one known zone, down to 350 m, and remains open at depth and to the east. In addition to the Purdex zone, there are also several additional known zones on the High Lake property, such as the W zone, P zone and R zone, that the company looks forward to exploring on the western side of the property.

In addition, the induced polarization survey completed during January and early February, 2023, has identified five priority targets: Purdex East, Conglomerate, A-D Extension, Porphyry and Gap.

Quality assurance/quality control procedures

McFarlane Lake has implemented a quality assurance/quality control (QA/QC) program consistent with industry best practices. The drill core is being logged and sampled at a nearby facility with sawn half core samples, including QA/QC samples, being sent to an accredited lab (Actlabs) in Thunder Bay, Ont., for processing. The remaining half drill core has been retained in a locked facility for future examination. Certified reference material (CRM) and blanks are inserted every 10 samples into the sample stream. Gold was analyzed by 30-gram fire assay with atomic absorption finish. Samples above five grams per tonne gold were reassayed for gold with a gravimetric finish, while those above 10 grams per tonne were reassayed utilizing the pulp metallic method.

Qualified person

The technical contents of this news release have been reviewed and approved by Eugene Puritch, PEng, FEC, CET, president and principal mining engineer, P&E Mining Consultants. Mr. Puritch is a qualified person as defined by NI 43-101 and is independent of the company.

About McFarlane Lake Mining Ltd.

McFarlane Lake is a mineral exploration company focused on the exploration and development of the High Lake mineral property located immediately east of the Ontario-Manitoba border and the West Hawk Lake mineral property located immediately west of the Ontario-Manitoba border. In addition, McFarlane holds the McMillan and Mongowin mineral property located 70 kilometres west of Sudbury and owns the Michaud/Munro mineral property 115 km east of Timmins. McFarlane is a reporting issuer under applicable securities legislation in the provinces of Ontario, British Columbia and Alberta.

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