Mr. Mark Trevisiol reports

MCFARLANE FINDS MORE GOLD - EXTENDS GOLD MINERALIZATION ON THE PURDEX ZONE AT ITS HIGH LAKE PROPERTY; SUPPORTS CONTINUED EXPLORATION AT HIGH LAKE

McFarlane Lake Mining Ltd. has provided an update on the recent exploration drilling progress made at the company's High Lake property in Ontario, near the Ontario-Manitoba border, 40 kilometres west of Kenora, Ont.

At High Lake, drilling in both hole MLHL-23-50 and hole MLHL-24-53 has intersected gold, extending the gold mineralization from its National Instrument 43-101-compliant gold resource area known as the Purdex zone. High-grade gold intersections from drilling last year, such as drill hole MLHL 22-06, which intersected 24.96 grams per tonne of gold over 14.9 metres, and drill hole MLHL 22-17, which intersected 148.27 grams per tonne over 1.3 metres, helped generate a very high compliant gold resource grade. This year drilling in hole MLHL-23-50 intersected 13.96 grams per tonne of gold over 1.17 metres while hole MLHL-24-53 intersected 4.04 grams per tonne of gold over 2.25 metres. Hole MLHL-23-50 has extended the gold mineralization to the east of the Purdex zone while hole MLHL-25-53 has extended the gold mineralization at depth.

"The results from the recent drilling at High Lake are very encouraging. Having extended the gold mineralization to the east and at depth at Purdex zone is positive to our overall development of the property. It is management's view that further drilling will help delineate more gold and add to our resource base," said chief executive officer Mark Trevisiol. "Of the five kilometres of strike length within the High Lake property, only 500 metres has been explored thus far. This property has numerous historic high-grade gold intercepts, which have yet to be properly followed up with a concentrated drill program. The potential for this site to add to its resource base is still very much untapped," added Mr. Trevisiol.

Within this winter's drilling program, McFarlane Lake has also started to explore parts of the western area of the High Lake property. Specifically, McFarlane Lake explored historical prospective areas of the R zone, B zone, A zone, A-D extension and the Porphyry zone. Assays are still pending on this part of the program. Specific to the Porphyry zone, historical exploration has indicated a presence of both gold and copper in mineralized samples assayed.

Results from the remaining holes of the drill program will be released when they are available.

The current program at the Purdex zone at High Lake is a follow-up to the filing of an NI 43-101-compliant mineral resource estimate in July, 2023, that identified 96,200 inferred ounces and 45,800 indicated ounces of gold at a grade of 10.43 grams per tonne of gold and 9.38 grams per tonne of gold, respectively.

A technical report prepared in accordance with National Instrument 43-101 with respect to the High Lake and West Hawk Lake properties is available under the company's profile on SEDAR+ and on the company's website.

Quality assurance/quality control procedures

McFarlane Lake has implemented a quality assurance/quality control 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 core has been retained in a locked facility for future examination. Certified reference material standards and blanks are inserted every 10 samples into the sample stream. Gold was analyzed by 30-gram fire assay with AA-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 Robert Kusins, vice-president of geology of McFarlane Lake. Mr. Kusins is a qualified person, as defined by NI 43-101. However, Mr. Kusins is not independent of the company by virtue of his position.

Historic data

Some of the data listed in this press release are historic in nature.

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 Lake holds the McMillan and Mongowin mineral property located 70 kilometres west of Sudbury, which hosts the past-producing McMillan gold mine. McFarlane Lake also owns the Michaud/Munro mineral property situated 115 kilometres east of Timmins along the so-called Golden Highway. McFarlane Lake is a reporting issuer under applicable securities legislation in the provinces of British Columbia, Alberta and Ontario.

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