McFarlane Lake Announces Strategic Acquisition of New Claims for Its High Lake Property

Toronto, Ontario--(Newsfile Corp. - August 29, 2022) - McFarlane Lake Mining Limited (NEO: MLM) ("McFarlane Lake" or "the Company"), a Canadian gold exploration and development company, today announced that it has acquired fourteen new claims surrounding its High Lake property (see Figure 1). The acquisition includes seven claims acquired by purchase and seven claims acquired by staking by McFarlane Lake. The acquisition significantly expands the exploration property at High Lake from 341.49 hectares to 584.43 hectares. It also adds to the Company's overall land position in the High Lake and West Hawk Lake property area (see Figure 3).

"This acquisition gives McFarlane Lake significant potential to discover new gold mineralization adjacent to our existing property", said Mark Trevisiol, President and CEO of McFarlane Lake Mining Limited. "Some of our new claims lie on the same geological trends as our existing claims which have known gold mineralization. In particular we are encouraged by the exploration drilling opportunity that exists around our Purdex Zone with the mineralization in this area trending towards our newly acquired claims in the northeast."

As previously announced, the Purdex Gold Zone ("Purdex Zone") is the Company's priority target at High Lake as it has only been tested to a depth of 100 metres and has significant potential for further mineralization (see Figure 2). In 2006, a 10-metre panel sample from a trench on surface on the Purdex Zone averaged 9.84 g/t gold (NI43-101 Report High Lake/Electrum Lake Property by Seymour Sears December 10, 2009), earlier drilling had intersected drill core returning 12.58 g/tonne gold over 9.6 meters (Consolidated Jalna Resources report February 28, 1989). The newly acquired claims will allow for deeper exploration of this target area.

As well, the new claims allow McFarlane to expand the P zone and previously discovered D Zone (Figure 2). A soil sampling survey (Report by Barrier Reef Resources Ltd. January 5, 1984) covering the western portions of the High Lake property and a portion of the newly acquired claims outlined several soil trends over 100 parts per billion ("ppb") gold. Local sample results within the D Zone in claim 562791 detected soil trends as high as 12,200 ppb gold.

Limited drilling was completed by Calnor Resources Ltd in 1986 on the Zone D trend, with the best results obtained from hole SC86-21 of 1.27 g/t gold over 15.2 metres, including an intersection of 3.09 g/t gold over 1.5 metres (Calnor Resources Assessment Report March 31, 1986). These intersections are historical in nature and predate NI43-101. The addition of claim 562791 provides McFarlane with exploration opportunities at the D zone and strike and down dip extensions of the P Zone which will be tested as part of the fall drilling program.

Seven of the fourteen new claims were acquired by the Company through private purchase for a cash settlement. They were acquired from an individual who had the rights to the claims under the Ontario Mining Lands Administration System ("MLAS"). The remaining seven claims were staked through the MLAS by McFarlane Lake Mining Limited.

Figure 1 - Newly acquired claims at High Lake

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Figure 2 - Soil survey and various gold assay intersects

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Figure 3 - McFarlane Lake Mining property location - High Lake and West Hawk Lake Properties

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Qualified Person

The technical contents of this news release have been reviewed and approved by Robert Kusins, Vice President of Geology of McFarlane Lake. 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 Canadian gold exploration and development company with six gold properties with historic mineralization; two straddling the Ontario - Manitoba border, which are geologically similar to a number of significant gold deposits in Ontario and an additional two west of Sudbury in a region consistently on the top gold exploration opportunities as identified by the Ontario Geological Survey (reports of 2011 and 2018). The two remaining properties are located in the historic Timmins area along the prolific Porcupine Destor fault, home to dozens of mines over the last century and several current producing mines. Three of the properties are past producers of gold, and all six properties are near infrastructure (roads, power), significant population bases and in a geopolitically stable environment.
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. 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 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 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
mtrevisiol@mcfarlanelakemining.com
1 705-665-5087

Craig MacPhail
NATIONAL Capital Markets
cmacphail@national.ca
1 416-525-5709

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