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McFarlane Lake Mining Ltd
Symbol MLM
Shares Issued 198,618,851
Close 2023-12-05 C$ 0.10
Market Cap C$ 19,861,885
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McFarlane Lake to resume High Lake exploration drilling

2023-12-06 12:50 ET - News Release

Mr. Roger Emdin reports

MCFARLANE LAKE MINING LIMITED TO RESUME EXPLORATION DRILLING ON ITS HIGH-GRADE GOLD PURDEX ZONE

McFarlane Lake Mining Ltd. is initiating an exploration diamond drilling campaign on its High Lake property targeting to expand its existing gold resources in the Purdex zone and follow up on other priority targets.

The drill program will comprise approximately 10,000 metres of diamond drilling focused on the expansion of the known gold resources in the Purdex zone with new drilling to test for continuity of the zone to the east, west and at depth.

Previous drilling has delineated three mineralized zones within a 75-metre-wide corridor starting at surface and covering an area of 420 metres vertically by 220 metres along strike. Significant high-grade intersections were found in a number of drill holes throughout the resource, including 24.96 grams per tonne of gold over 14.90 metres in MLHL-22-06 and 9.20 grams per tonne of gold over 26.4 metres in MLHL-23-45. Further details regarding these and other intersections are available in news releases dated Dec. 12, 2022, Jan. 9, 2023, Jan. 25, 2023, Feb. 7, 2023, Feb. 28, 2023, March 6, 2023, and April 11, 2023.

The program will also test a number of targets generated by the induced polarization (IP) geophysical survey that was completed in February, 2023, and the follow-up prospecting program completed in May, 2023. Prospecting was completed along priority IP trends and was successful in locating anomalous samples, including 15.90 and 9.35 grams per tonne of gold located west and east of the Purdex zone, respectively. Additional details regarding the IP survey and the prospecting program are available in news releases dated April 11, 2023, and June 19, 2023.

"We are very pleased to have raised more than $4.6-million in our recently closed private placement in a very tough capital market regime for junior explorers," said Roger Emdin, chief operating officer of McFarlane Lake. "This financing allows us to resume our successful exploration activities and seek to expand our high-grade mineral resource estimate on the Purdex zone and follow up on other high-priority targets."

The drill contractor, Platinum Diamond Drilling, will mobilize equipment to the site on Dec. 8, 2023.

In July, 2023, McFarlane Lake filed a National Instrument 43-101 compliant technical report 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, in the Purdex zone on the High Lake property.

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.

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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