McFarlane Applies for Exploration Permit on Its Past Producing McMillan Mine and Mongowin Properties

TORONTO, June 25, 2024 - McFarlane Lake Mining Ltd. ("McFarlane" or the "Company") (NEO:MLM)(OTCQB:MLMLF), a Canadian gold exploration and development company, is pleased to announce it has applied for an early exploration permit on it's McMillan Mine and Mongowin properties' located 70 kilometers west of Sudbury, Ontario (see Figure 1).

The McMillan Mine and Mill produced over 10,000 ounces of gold in the 1930's. More recently (2000 to 2006) drilling returned high grade historical gold intercepts in areas below old mine workings. Historical drilling in drill hole MM-05-13 intersected gold grades of 7.2 grams per tonne gold over an intersection of 21.3 meters while drill hole MM-05-04 intersected 11.2 grams per tonne gold over 4.7 meters. There was no follow up drilling on these intercepts under previous ownership. The intercepts are shown in Figure 2 along with a longitudinal section of the mine which illustrates some of the past underground workings of the mine.

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 Gold 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.

The company has applied for an early exploration permit covering the areas around the McMillan Mine and the Fox Lake trend in the area near the old Majestic Mine (Figure 1). A drilling program is planned for the fall of this year including line cutting for an extension of an Induced Polarization Survey east of the McMillan mine and diamond drilling in area of the McMillan Mine to confirm historical high grade gold intersections and to potentially expand gold mineralization to the east, west and at depth (Figure 3).

Figure 1 - Regional Map

Figure 2 - McMillan Mine - Historical Longitudinal Section

Figure 3 McMillan Mine - Proposed Diamond Drilling Exploration

Historical Information

Historical information has been taken from the "Technical Report on the McMillan Gold Mine Property compiled for Garson Resources 2006, by H.R. Butler.

Compliant Resources

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. https://mcfarlanelakemining.com/news-april-9-mcfarlane-finds-more-gold-extends-gold-mineralization-on-the-purdex-zone/

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

Qualified Person

The technical contents of this news release have been reviewed and approved by Mark Trevisiol, P.Eng, CEO of McFarlane. Mr. Trevisiol is a qualified person, as defined by NI43-101. However, Mr. Trevisiol is not independent of the Company by virtue of his position.

About McFarlane Lake Mining Limited

McFarlane is a gold exploration company focused on the exploration and development of its portfolio of properties. The past producing McMillan and Mongowin gold properties, located 70 km west of Sudbury, Ontario, the past producing West Hawk lake property located immediately west of the Ontario-Manitoba border, and the High Lake gold property (see Table 1 for resource statement) located immediately east of the Ontario-Manitoba border and 8 km from the West Hawk lake property. 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:

Mark Trevisiol, Chief Executive Officer
McFarlane Lake Mining Limited
info@mcfarlanelakemining.com

SOURCE: McFarlane Lake Mining Limited