McFarlane Completes Geophysical Survey at Its Past Producing McMillan Gold Mine

TORONTO, April 23, 2024 - McFarlane Lake Mining Ltd. ("McFarlane" or the "Company") (NEO:MLM)(OTCQB:MLMLF), a Canadian mineral exploration and development company, is pleased to provide an update on the recent exploration activities at its past producing McMillan Gold mine 70 km 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. Figure 1 identifies the area were where the survey was conducted. The survey covered 1.4 square kilometers on surface around the McMillan Mine. A 10 km east west trending fault system called the "House Lake Fault" traces through the property (Figure 3). 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. These historic intercepts are shown in Figure 2. Drill hole MM-05-13 intersected 7.2 grams per tonne gold over 21.3 meters while drill hole MM-05-04 intersected 11.2 gram per tonne over 4.7 meters. Historical information has the mine producing 60,000 tonnes of gold ore at a grade of 6 grams per tonne. A longitudinal section of the mine is shown in Figure 2 illustrating some of the past underground workings of the mine as well as historic high grade gold intercepts.

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 (Figure 3). 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.

Figure 1 - McMillan Geophysical Survey Area

Figure 2 - McMillan Mine - Historical Longitudinal Section-

Figure 3 - Fault Systems on McMillan and Mongowin Properties

McFarlane has compliant gold resources within its property portfolio. In 2023 McFarlane delineated a National Instrument standard 43-101 compliant gold resource for its High Lake Property located 40 kilometres west of Kenora, Ontario near the Ontario/Manitoba border. See Table 1 for the resource statement. McFarlane is still awaiting some drilling assays on its recently completed drilling program at High Lake, see announcement on April 9, 2004 and this link https://mcfarlanelakemining.com/news-april-9-mcfarlane-finds-more-gold-extends-gold-mineralization-on-the-purdex-zone/ to the press release for the latest on the drilling program.

Table 1: Current Purdex Zone Mineral Resource at 2.6 g/t Au cut-off

A technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") with respect to the High Lake and West Hawk Lake properties is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at https://mcfarlanelakemining.com .

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 NI43-101. 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 is 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 the following link for the company's disclosure on historical information https://mcfarlanelakemining.com/historic-resource-disclosure/

About McFarlane Lake Mining Limited
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 and Mongowin mineral property located 70 km west of Sudbury, which hosts the past-producing McMillan Gold Mine. McFarlane also owns the Michaud/Munro mineral property situated 115 km 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.

Additional information on McFarlane 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. 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, including without limitation; anticipated results of geophysical surveys or drilling programs, estimated timing, geological interpretations and potential mineral recovery processes. 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 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 "Risk Factors" in the Filing Statement dated as of January 14, 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 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'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 this press release, please contact:
Roger Emdin, Chief Operating Officer
McFarlane Lake Mining Ltd.
(705) 562-8520
remdin@mcfarlanelakemining.com

SOURCE: McFarlane Lake Mining Ltd.