McFarlane Lake Mining Awards Drilling Contract at Its McMillan Mine Property; Strengthens Its Geological Team

TORONTO, October 16, 2024 - McFarlane Lake Mining Ltd. ("McFarlane" or the "Company") (CBOE:MLM)(OTCQB:MLMLF), is please to announce that it has awarded a diamond drilling contract for its winter drilling program at its 100% owned McMillan Mine property.

The past producing McMillan Gold Mine is located 70 kilometers west of Sudbury, Ontario. It is located within 3 km from major highways and power lines. Located geologically in the Huronian Gold Belt 70 km west of Sudbury (Figure 1), this area of the province has been consistently identified as a top gold and polymetallic exploration opportunity as highlighted in the Ontario Geological Survey's "Recommendation for Exploration 2010 to 2011" and "Recommendation for Exploration 2017 to 2018".

FIGURE 1 - Property Location - McMillan Gold Mine

Drilling Program
The company plans to drill a minimum of 3,000 meters to test and expand on historic high-grade gold intercepts at the McMillan Gold Mine (Figure 2) and to better understand the geology of the deposit.

A recent sample taken at the site, from what is interpreted to have been historic ore from the McMillan Gold Mine, returned 87.4 gpt gold, 0.59% copper and anomalous cobalt and nickel. This has demonstrated the potential for high-grade gold within the setting of a polymetallic mineralized system. Thus far, McFarlane has not seen any historic assays for copper and other base metals in historic data from the mine. This presents an opportunity to add significant value to the property.

FIGURE 2 - McMillan Mine Longitudinal Section - Historic Gold Intercepts and Mine Workings

Geological Team
McFarlane has added two new members to its geological team, Wesley and Winston Whymark, brothers, who have highly tailored careers in mineral exploration including a strong familiarity with the geological setting of the McMillan Mine.

Wesley is a professional consulting geologist with over 14 years of experience in mineral exploration and registered with the Professional Geoscientists Ontario (PGO). He has held senior management roles, including Vice President of Exploration at Inventus Mining, where he led greenfields and advanced exploration projects including resource modeling initiatives. Wesley holds a B.Sc. from Laurentian University and has contributed to multiple scientific publications in the field of geoscience.

Winston is a project manager and logistics consultant with over 16 years of experience, including 9 years in management roles most recently with Argonaut Gold and Inventus Mining. He has supervised various exploration projects, notably making the significant "Pardo Gold" discovery in 2013. Winston has successfully led bulk sample programs and developed extensive expertise in project management, permitting, and field operations, working with teams of up to 15 geologists and technicians. He holds a diploma in Geological and Mining Engineering Technology from Cambrian College and is an OACETT associate member with multiple certifications in safety and equipment operation.

Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the company, and a Qualified Person as defined under National Instrument 43-101.

Technical Information
The samples collected by McFarlane Lake Mining and described in this news release were transported in secure sealed bags for preparation and assay by Agat Labs. The samples reported were crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and pulverized to 95% passing 150 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an AAS finish. Samples over 10 g/t gold were subject to a 50 g aliquot FA with gravimetric finish. Multi-element assays were done by ICP-OES finish.

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

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.

For Further Information, Please Contact:
Mark Trevisiol, Chief Executive Officer
McFarlane Lake Mining Limited
info@mcfarlanelakemining.com

SOURCE: McFarlane Lake Mining Limited