McFarlane Lake Mining Limited (NEO: MLM) (OTCQB: MLMLF) ('McFarlane Lake' or the 'Company'), a Canadian gold exploration and development company, today announced the final assays returned on its recent drilling on the High Lake Property and the results of its induced polarization geophysical survey that has indicated a number of prospective exploration targets.

High Lake Drilling results

McFarlane completed 46 holes totalling 10,437 metres in the Purdex Zone, which delivered multiple world-class gold intersections, previously reported, both near surface and at depth, 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 26, 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

February 28, 2023 - 6.14 g/t gold over 24.55 metres within 15 metres of surface

March 6, 2023 - 9.2 g/t gold over 26.4 metres 280 metres from surface

The final assays to be returned on this drill program include drilling in hole MLM-23-43, which intersected 8.27 g/t gold over 3.95 metres from 251.4 to 255.3 and21.10 g/t gold over 0.33 metres from 248.7 to 249.0 as measured in drill core length from surface. The elevation of the intersections was 201 metres and 198 metres below surface, respectively. These intersections are the furthest east testing of the zone at this elevation, leaving the zone open for expansion with further drilling to the east and at depth.

With the completion of the drilling and IP surveying programs, we continue to see opportunities for expansion of known zones on the property and continued development of a resource base on the High Lake property,' said Bob Kusins, VP Geology of McFarlane Lake. 'Further drilling is warranted on these highly prospective targets.'

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.

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) 562-8520

Email: mtrevisiol@mcfarlanelakemining.com

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