Mr. Mark Trevisiol reports

HIGH-GRADE GOLD SAMPLES RETURNED IN AREAS TARGETED IN FUTURE MCFARLANE LAKE MINING DRILLING CAMPAIGN - SUPPORTS RECENT GEOPHYSICAL SURVEY IDENTIFYING THESE AREAS AS PRIORITY TARGETS

McFarlane Lake Mining Ltd. has released the initial results of a surface fieldwork (prospecting) program on the Purdex zone on the company's 100-per-cent-owned High Lake property west of Kenora, Ont. A recent press release of May 23, 2023, established a mineral resource estimate for the Purdex zone of 96,200 inferred ounces and 45,800 indicated ounces of gold at a grade of 10.32 grams per tonne gold and 9.38 grams per tonne gold, respectively.

The program was successful in outlining numerous anomalous areas with 12 samples returning values containing gold. Gold samples were returned in four target areas identified in the recent geophysical survey (company announcement of April 11, 2023). The highest-grade gold samples collected in the recent fieldwork were obtained west of the recently drilled Purdex zone (15.9 grams per tonne gold) and east of the Purdex zone (9.35 grams per tonne gold). The eastern and western area of Purdex is a top target area as identified from the geophysical survey. The gold samples from these areas were in elevated areas of conductivity, supporting geophysical data as having the potential to contain gold mineralization. Of key interest are samples which returned up to 1.55 grams per tonne gold with associated copper values up to 0.87 per cent in the Porphyry zone.

Anomalous samples were returned from the Purdex zone, A-D extension, Gap and Porphyry zone. The most significant samples were obtained from 350 metres east and 120 metres west of the Purdex zone along the trend of elevated chargeability. A trend of increasing chargeability is noted to the east of the Purdex zone.

Sampling on the western portion of the property returned elevated gold and locally copper values. Elevated gold values were returned from the A-D extension, Gap and Porphyry zones, which respectively returned grades of 1.87, 1.50 and 1.55 grams per tonne Au. The A-D extension represents the potential on-strike continuation of the historical A, B, C and D zones drilled by Electrum Lake Gold Mines and Calnor Resources in 1960 and 1986, respectively. Elevated chargeability east of these zones on the High Lake property suggests their continuation in conjunction with the sampling in the area.

The Gap is a 200-metre-in-length break in drilling between the W and P zones, which remains untested. Elevated chargeability and adjacent recent sampling further enhance this target.

Potential copper zone

Of key interest is the copper-gold showing (the Porphyry zone) on the southwest of the property. Here over 22 metres of historical trenching completed in the 1950s graded 0.95 per cent copper with associated gold values of up to 1.5 grams per tonne gold. Recently the Porphyry zone prospecting and sampling program produced a number of elevated gold and copper values, including 1.55, 1.46 and 0.96 g/t gold associated with 0.87, 0.78 and 0.59 per cent copper, respectively. This represents another opportunity for McFarlane as this wide vein system has been tracked for over 600 metres along surface. This also supports the geological theory that the gold mineralization found elsewhere on the property may have been as a result of a porphyry system within the area.

Artificial intelligence

The company is reviewing the potential use of artificial intelligence (AI) in the geological sector and is reaching out to consultants that currently employ AI for exploration or have the capability to do so. Using AI to review and compile both current and historical geological data may allow it to identify other targets for exploration to advance the development of its High Lake property and other properties in its portfolio in the future.

Qualified person

The technical contents of this news release have been reviewed and approved by Robert Kusins, vice-president of geology of McFarlane. Mr. Kusins is a qualified person, as defined by National Instrument 43-101. However, Mr. Kusins is not independent of the company by virtue of his position.

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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