Early Drill Results Intersect High Grade Gold - Expands Historic Mining Zone at McFarlane Lake Mining's West Hawk Lake Property

Toronto, Ontario--(Newsfile Corp. - April 21, 2022) - McFarlane Lake Mining Limited (NEO: MLM) ("McFarlane" or the "Company"), a Canadian mineral exploration and development company, is pleased to provide an update of the progress made at the Company's West Hawk Lake property in Manitoba, near the Ontario-Manitoba Border. A technical report (the "Technical Report") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") with respect to the West Hawk Lake and High 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/.

The first two drill holes of McFarlane's 3,000m drill program conducted this year have successfully intersected the historic Waverly Raise Zone and expanded the zone laterally with intersections in both MLWH-22-01 and MLWH-22-02.

2022 Drilling Highlights of Waverly Raise Zone include:

• MLWH-22-01 intersected two zones, 22.17g/t gold over 1.27m including 49.4g/t gold over 0.55m, and 9.85g/t gold over 1.62m.

• MLWH-22-02 intersected a single zone of 9.88g/t over 1.0m.

Past Drilling (2012) Highlights in Waverly Raise Zone include:

• CSM WH-12-05 intersected 24.68 g/t over 2.6 m.

• CSM WH-12-07 intersected 19.55 g/t over 1.3 m.

The intersections have expanded upon the previous drilling program conducted by Canadian Star Minerals Ltd. ("CSM") in 2012 at the Waverly Raise Zone, outlined in the Technical Report. The drill program has expanded the Waverly Raise Zone for a total length of 150m with the Waverly Raise Zone remaining open to depth and discovery of additional shoots along the established structural corridor and IP geophysics trend (Figure 1).

Drilling Program at West Hawk Lake

McFarlane initiated a 3,000m drill program in January 2022 to confirm past reported gold mineralization and to follow up on geophysical targets. Assay results from the first six holes have been received from the fifteen-hole program (which includes one abandoned hole). The drill program has confirmed prospective trends established by previous drilling and the recently completed IP survey, which outlined a number of favourable trends and anomalies (please refer to McFarlane's news release dated March 21, 2022).

Drilling has intersected zones of sheared and altered quartz monzonite with local sections of quartz veining mineralized with fine pyrite, arsenopyrite and locally minor chalcopyrite and sphalerite. Gold mineralization often occurs within these more mineralized intervals. Thin mafic dikes frequently intrude these sheared sections and the dikes are subsequently sheared, altered and mineralized.

Figure 1: Waverly Raise Zone Drilling - Plan View - West Hawk Lake Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8133/121108_688d642554a629ca_002full.jpg

Significant intersections are summarized in Table 1. Collar locations and details of the holes with assays received are summarized in Table 2.

Table 1: Significant Intersections.

Because insufficient drilling has been conducted to determine true width, the results are reported as core length.

Table 2: Collar Location Details (NAD83 Zone 15).

Results from the remaining nine holes of the drill program have been submitted to the lab and will be reported upon completion.

QA/QC Control Procedures

McFarlane 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 for processing. The remaining half core has been retained in a locked facility for future examination. Certified reference material 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 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 scientific and technical contents included in this news release have been reviewed, verified 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 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 east of Sudbury and holds options to purchase 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.

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 Limited
(705) 562-8520
remdin@mcfarlanelakemining.com

Ryan Volk
NATIONAL Public Relations Inc.
(416) 689-8655
rvolk@national.ca

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