Geophysical anomaly over the existing gold mineralized zone extends eastward along strike for 300 metres - five priority geophysical targets identified at McFarlane's High Lake property.

Toronto, Ontario--(Newsfile Corp. - April 11, 2023) - McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) ("McFarlane Lake" or the "Company"), a Canadian gold exploration and development company, today announced the final assays returned on its recent drilling on the High Lake Property and the results of its induced polarization geophysical survey that has indicated a number of prospective exploration targets.

High Lake Drilling results

McFarlane completed 46 holes totalling 10,437 metres in the Purdex Zone, which delivered multiple world-class gold intersections, previously reported, both near surface and at depth, including;

• December 12, 2022 - 9.82 g/t gold over 9.75 metres within 20 metres from surface
• January 9, 2023 - 24.96 g/t gold over 14.9 metres, 325 metres from surface
• January 26, 2023 - 13.52 g/t gold over 6.5 metres, 229 metres from surface
• February 7, 2023 - 148.37 g/t gold over 1.3 metres
• February 28, 2023 - 6.14 g/t gold over 24.55 metres within 15 metres of surface
• March 6, 2023 - 9.2 g/t gold over 26.4 metres 280 metres from surface

The final assays to be returned on this drill program include drilling in hole MLM-23-43, which intersected 8.27 g/t gold over 3.95 metres from 251.4 to 255.3 and21.10 g/t gold over 0.33 metres from 248.7 to 249.0 as measured in drill core length from surface. The elevation of the intersections was 201 metres and 198 metres below surface, respectively. These intersections are the furthest east testing of the zone at this elevation, leaving the zone open for expansion with further drilling to the east and at depth.

"With the completion of the drilling and IP surveying programs, we continue to see opportunities for expansion of known zones on the property and continued development of a resource base on the High Lake property," said Bob Kusins, VP Geology of McFarlane Lake. "Further drilling is warranted on these highly prospective targets."

The mineralized zone and our current drill results to date with multiple high-grade intersections are shown in Figure 1 below.

New Gold Mineralization

Figure 1 - Longitudinal Section of Diamond Drill Holes

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The final drill results and locations of drill collars are shown below in Tables 1 and 2.

Table 1: Significant Intersections.

Reported as core length as insufficient drilling to ascertain true width.

Table 2: Collar Location Details

Geophysical Induced Polarization ("IP") Survey

A program of IP surveying covering 18.7 line kilometres was completed during January and early February 2023. Surveying was completed on two grids, the eastern grid covering the Purdex zone and a western grid covering the P, R, W and Porphyry zones. Five priority targets, Purdex East, Conglomerate, A-D Extension, Porphyry and Gap, were defined from the survey data as shown in Figure 2.

Figure 2 - IP Chargeability Plan

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Purdex East is the continuation of the chargeability anomaly that occurs over the Purdex zone where existing gold mineralization has been identified. This is our highest priority for continued exploration. The zone displays increasing chargeability as it approaches a potential fold nose area which may bode well for additional gold mineralization. To the west along strike, the Purdex zone transgresses into conglomerate units with elevated chargeability, possibly providing a favourable host to gold mineralization. It is very rare that conglomerates carry chargeability; this shows potential for gold mineralization. Details of these two targets are shown in Figure 3.

Eastern Target

Figure 3 - IP Chargeability Plan - Purdex Area

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Two gold targets are defined on the western grid with favourable chargeability anomalies associated with extensions to known gold mineralization at the A-D Extension and the Gap, as shown in Figure 2. The A-D extension represents the eastward extension of four known gold zones onto McFarlane Lake ground. A potential fold nose, as defined by the IP, may provide a favourable site for gold mineralization. The Gap area is situated between two historical zones, the W and P zones. A chargeability trend between the two zones has not previously been drilled.

The Porphyry target covers historical trenches in the High Lake Porphyry, which have returned copper values of 0.95% and up to 1 g/t of gold over 22.9m (see ODM Report 41, Davies 1965). This large chargeability target remains largely untested with significant potential.

QA/QC 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, Ontario, for processing. The remaining half core has been retained in a locked facility for future examination. Certified reference material (CRM) 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 5 grams per tonne gold were re-assayed for gold with a gravimetric finish, while those above 10 grams per tonne were re-assayed 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. 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

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 km 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.

To learn more, visit: https://mcfarlanelakemining.com/

Additional information on McFarlane Lake can be found by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including but not limited to the proposed use of proceeds of the Offering and the anticipated closing date of the Offering. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of McFarlane Lake to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in the Company's Annual Information Form dated as of November 22, 2022, which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and McFarlane Lake disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

McFarlane Lake's' operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

Further Information

For further information regarding McFarlane Lake, please contact:

Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 562-8520
mtrevisiol@mcfarlanelakemining.com

Craig MacPhail
NATIONAL
(416) 525-5709
cmacphail@national.ca

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