McFarlane Intersects 148.37 Grams per Tonne Gold over 1.3 Metres

Continuing to extend a high-grade mineralized envelope far beyond historical drilling in the Purdex Zone on McFarlane's High Lake Property.

Toronto, February 7, 2023 - McFarlane Lake Mining Ltd. (NEO: MLM) (OTCQB: MLMLF) ("McFarlane" or the "Company"), a Canadian mineral exploration and development company, is pleased to provide a further update on the progress made at the Company's High Lake property in Ontario, near the Ontario-Manitoba Border. To date, McFarlane has completed 42 holes totalling 9,217 metres and received assays for 21 holes.

Drilling in hole MLM-22-17 has intersected 148.37 g/t gold over 1.3 metres from 113.20 to 114.50 as measured in drill core length from surface, including 538.00 g/t gold over 0.3 metres. Visible gold was evident within this high-grade interval. This drill hole also includes a second intersection from 56.00 to 60.60 of 3.89 g/t gold over 4.6 metres. Hole MLHL-22-25, approximately 100 metres vertically below MLM-22-17, intersected 6.85 g/t gold over 2.97 metres, including 27.50 g/t gold over 0.60 metres.

"Our drilling results to date are identifying several high-grade mineralized trends that extend down to 300 metres below surface in the prospective Purdex Zone at High Lake," said Bob Kusins, Vice President of Geology at McFarlane. "Clearly, gold mineralization extends beyond the historical intercepts below 100 metres, and ongoing drilling will help us define how extensive these trends continue about the current results."

The results of our drilling to date are beginning to outline a mineralized zone defined by a steeply dipping en echelon vein system occurring within a broader structural zone at or about the contact between quartz-feldspar porphyry and mafic volcanics. The porphyry and mafics are often highly sheared and may display silicification or sericitization. The veins are typically quartz-tourmaline, with tourmaline occurring within and along the vein contacts. The veins generally have low sulphide content, often mineralized with up to 1% pyrite, pyrrhotite and chalcopyrite, with occasional lesser sphalerite and arsenopyrite. Gold occurs within quartz-tourmaline veins and in the adjacent sheared and altered host lithologies.

Previous drill results showing attractive gold mineralization at High Lake were released by the company on December 12, 2022, January 9, 2023, and January 25, 2023.

The mineralized zone, along with our current drill results to date with multiple high-grade intersections is shown in figure 1 below.

Figure 1 - Longitudinal Section of Diamond Drill Holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8133/153897_62741e37045e98f5_002full.jpg

Note: non-compliant historical resources on High Lake were outlined to only 100 metres below surface. Use the following link for the historic resource disclosure statement, which is located on the Company's website: mcfarlanelakemining.com/historic-resource-disclosure.

"With only about half of the drilling results to date, we are pleased to see the continued development of a potential mineralized zone with multiple high-grade intersections in the Purdex Zone," added Roger Emdin, COO of McFarlane. "We look forward to receiving further drill results from this campaign and potentially defining a 43-101 compliant resource at High Lake."

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.

Reported as core length as insufficient drilling to ascertain true width.

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

Results from the remaining holes of the drill program will be released when they are available.

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.

QA/QC Control Procedures

McFarlane Lake 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, Ontario, for processing. The remaining half core has been retained in a locked facility for future examination. Certified reference material (CRM) 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 gold 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 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 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 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

Craig McPhail
NATIONAL
(416) 525-5709
cmacphail@national.ca

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