McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) ('McFarlane Lake' or the 'Company'), a Canadian gold exploration and development company, is pleased to announce the Initial Mineral Resource Estimate ('MRE') of the Purdex Zone on our 100% owned High Lake Property west of Kenora, Ontario.
This MRE has been classified in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2014) and follows the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). It is based on our recently completed drilling program and mineralization modelling.
Mineral Resource Estimate Highlights
McFarlane completed 46 drill holes totalling 10,437 metres in the Purdex Zone from November of 2022 to February of 2023, which delivered multiple impressive near-surface and at depth gold intersections, including;
December 12, 2022 - 9.82 g/t gold over 9.75 metres within 20 metres from surface
January 9, 2023 - 24.96 g/t gold over 14.9 metres, 325 metres from surface
January 25, 2023 - 13.52 g/t gold over 6.5 metres, 229 metres from surface
February 7, 2023 - 148.37 g/t gold over 1.3 metres, 107 metres from surface
February 28, 2023 - 6.14 g/t gold over 24.55 metres within 15 metres from surface
March 6, 2023 - 9.2 g/t gold over 26.4 metres, from 280 metres downhole
April 11, 2023 - 8.27 g/t gold over 3.95 metres from 201 metres downhole
The MRE was independently prepared by P&E Mining Consultants Inc in accordance with National Instrument 43-101 ('NI-43-101'), with an effective date of April 14, 2023. The full Technical Report, which is being prepared in accordance with NI-43-101 will be available on SEDAR (www.sedar.com) under the Corporation's issuer profile within 45 days of this news release.
Most of the estimated Mineral Resource tonnage related to the High Lake Deposit is contained in three stacked zones within a 75-metre-wide corridor starting at surface and covering an area of 420 metres vertical by 220 metres along strike. The true thickness of the High Lake Zones varies from 1.2 to 9.0 metres.
Mark Trevisiol, President, and CEO stated: 'Few exploration properties match the gold grades we have seen at High Lake....and we just started exploring there. We are delighted to cross this initial milestone now having compliant Mineral Resources at High Lake. The potential to expand these Mineral Resources is significant as the geophysical anomaly over our existing gold Mineral Resource area at the Purdex Zone extends 300 metres to the southeast, where the anomaly is stronger yet. Four other priority targets have been identified on High Lake including one along strike of the R Zone where historical drilling returned 54.89 grams per tonne gold over 6.7 metres. Another significant and exciting development is the identification of near surface resources in the Purdex Zone. We have been able to identify a high-grade gold resource creating the potential for extraction using low-cost open pit mining methods generating early revenue for McFarlane. We are encouraged by all these developments on our High Lake Property and are highly motivated to keep the momentum going through further exploration.'
About McFarlane Lake Mining
McFarlane Lake 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 and owns 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.
These resources are non-compliant under National Instrument 43-101, Use the following link for the historic resource disclosure statement, which is located on the Company's website: mcfarlanelakemining.com/historic-resource-disclosure.
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, including but not limited to the proposed use of proceeds of the Offering and the anticipated closing date of the Offering. 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 Annual Information Form dated as of November 22, 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.
Contact:
Tel: (705) 665 5087
MCFARLANE LAKE MINING LIMITED 
