McFarlane Lake Mining Limited provide an update on the progress made at the Company's High Lake property in Ontario, near the Ontario-Manitoba Border. The exploration program, which started early in November 2022, consists of ground geophysical data collection and its interpretation, accompanied by an 8,000 to 10,000-metre program of diamond drilling. To date, McFarlane has completed 36 holes totaling 8,566 metres and received assays for 16 holes.

A key focus is the Purdex Zone at the property, which has historically, only been tested to a depth of 100 metres and has significant potential for adding compliant gold ounces. company expect the initial drilling campaign to be complete in February this year, with assay results being released as the program progresses and final results issued later in mid-2023. Recent Results of the Drilling Program at High Lake Drilling has intersected 13.52 g/t gold over 6.5 metres in hole MLHL-22-12 from 229.00 to 235.5 metres as measured in drill core length from surface.

Visible gold was evident within this high-grade interval. This drill hole is approximately 20 to 30 metres away from the vertical section shown in figure 1, which highlights previous and latest drilling results and the projection to section of drill hole MLHL-22-12. A second narrow zone was intersected further down in the same hole of 5.35 g/t gold over 0.40 meters.

Intersected two zones in hole MLHL-22-05 from 242.51 to 250.00 metres grading 4.95 g/t gold over 7.49 metres and from 267.45 to 273.83 metres grading 4.49 g/t gold over 6.38 metres. The upper intersection included a higher-grade gold interval from 242.51 to 244.45 metres grading 11.18 g/t gold over 1.94 metres. This hole potentially extends mineralization 50 to 100 metres above drill hole MLHL-22-06, announced in the January 9th release.

This drill hole returned a grade of 24.96 g/t gold over 14.90 metres. Drill hole MLHL-22-23 also intersected two zones of 21.67 g/t gold over 1.75 metres from 171.05 to 172.80 metres and 13.30 g/t gold over 0.70 metres from 74.85 to 75.55 metres within the Purdex A zone. Drilling on the section has outlined a steeply dipping echelon vein system occurring within a 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.