Mr. Roger Emdin reports

MCFARLANE COMPLETES GEOPHYSICAL SURVEY AT ITS PAST PRODUCING MCMILLAN GOLD MINE

McFarlane Lake Mining Ltd. has provided an update on the recent exploration activities at its past-producing McMillan gold mine 70 kilometres west of Sudbury.

McFarlane contracted Dan Patrie Exploration Ltd. to provide geophysical services to conduct an induced polarized (IP) geophysical survey on the property. An IP survey is typically used where gold is found within iron-sulphide-bearing minerals, this is the case for the McMillan deposit. The survey covered 1.4 square kilometres on surface around the McMillan mine. A 10-kilometre east-west-trending fault system called the House Lake fault traces through the property. The McMillan mine occurs near this fault system as well as a number of historical gold showings. Results of the geophysical survey are pending.

The McMillan property hosts some past historic high-grade gold intercepts. Drill hole MM-05-13 intersected 7.2 grams per tonne gold over 21.3 metres while drill hole MM-05-04 intersected 11.2 grams per tonne over 4.7 metres. Historical information has the mine producing 60,000 tonnes of gold ore at a grade of six grams per tonne.

In addition to the McMillan mine, McFarlane also has a significant land position in the adjacent Mongowin property. Mongowin has the past-producing gold mine of Fox Lake mine, which was developed next to the Fox Lake fault. The Fox Lake fault runs northeast and southwest and intersects the House Lake fault. There is potential for more gold resources to be found around these two fault systems through future exploration.

McFarlane has compliant gold resources within its property portfolio. In 2023, McFarlane delineated a National Instrument 43-101 compliant gold resource for its High Lake property, located 40 kilometres west of Kenora, Ont., near the Ontario/Manitoba border (see attached table for the resource statement). McFarlane is still awaiting some drilling assays on its recently completed drilling program at High Lake (see the press release dated April 9, 2024, for the latest on the drilling program).

A technical report prepared in accordance with NI 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.

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 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 and cannot be relied upon for future resource assessments. The issuer has not verified the data but has obtained the data from a report titled "Technical (Geological) report for McMillan Gold Mine property for Garson Resources Limited" by H.R. Butler (2006). Please reference McFarlane's website for the company's disclosure on historical information.

About McFarlane Lake Mining Ltd.

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

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