McFarlane Adds Strategic Gold Claims Contiguous To Its High Lake Property

With historical intercept of 168 grams per tonne gold over 2.4 metres

TORONTO, February 26, 2024 - McFarlane Lake Mining Ltd. ("McFarlane" or the "Company") (CBOE (formerly NEO):MLM)(OTCQB:MLMLF), a Canadian mineral exploration and development company, is pleased to announce the addition of four additional claims on its High Lake property (40 kilometres west of Kenora, Ontario) extending its property position in an area with known gold zones and their extensions in the northwest of the current property package.

The claims increase McFarlane's land position at High Lake from 584.82 to 626.00 hectares. These claims are strategically important (See Figures 1 and 2) as they fill in a gap on the western part of McFarlane's property, which hosts the extension of both the D and R zones and provides access and expansion opportunities for the A, B and C Zones.

Figure 1 - Newly Added claims

Historical drilling (non-NI 43-101 compliant) has outlined three zones straddling the boundary between the High Lake property and the newly added claims. Highlights from this drilling, as shown in Figure 2, include 32.2gpt Au over 3.7m in hole E-1, 22.0gpt Au over 7.3m in hole E-13 and 168.8gpt Au over 2.4m in hole E-36, respectively from Zones A, B and C. All of the above intercepts are considered historical. McFarlane Lake Mining's historical resource disclosure can be viewed here.

The addition of these new claims will allow for expansion of the known zones and potential new discoveries along projections of the mineralizing trend. Prior to adding these claims, exploration would have been limited in this highly prospective area. By having these additional claims, much deeper diamond drilling exploration can occur, increasing McFarlane's ability to explore at depth. Deeper drilling has proven to add significant gold resources elsewhere on the property at the Purdex zone.

Figure 2 - Historical Drilling Highlights

McFarlane Lake is currently drilling a 10,000-metre drill program at the Purdex Zone as a follow-up to the filing of an NI 43-101 compliant technical report in July 2023 that identified 96,200 Inferred ounces and 45,800 Indicated ounces of gold at a grade of 10.43 grams per tonne of gold and 9.38 grams per tonne of gold, respectively.

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

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.sedarplus.ca and on the Company's website at https://mcfarlanelakemining.com.

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.sedarplus.ca.

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

SOURCE: McFarlane Lake Mining Ltd.