McFarlane Lake Mining Limited announced that it is initiating an exploration diamond drilling campaign on its High Lake property targeting to expand its existing gold resources in the Purdex Zone and follow up on other priority targets. The drill program will be comprised of approximately 10,000 metres of diamond drilling focussed on the expansion of the known gold resources in the Purdex Zone with new drilling to test for continuity of the zone to the East, West and at depth. Previous drilling has delineated three mineralized zones within a 75-metre-wide corridor starting at surface and covering an area of 420 metres vertically by 220 metres along strike.

Significant high-grade intersections were found in a number of drill holes throughout the resource, including 24.96 grams per tonne of gold over 14.90 metres in MLHL-22-06 and 9.20 grams per tonne of gold over 26.4 metres in MLHL-23-45. Further details regarding these and other intersections are available in news releases dated December 12, 2022, January 9, 2023, January 25, 2023, February 7, 2023, February 28, 2023, March 6, 2023 and April 11, 2023. The program will also test a number of targets generated by the Induced Polarization ("IP") geophysical survey that was completed in February 2023 and the follow-up prospecting program completed in May 2023.

Prospecting was completed along priority IP trends and was successful in locating anomalous samples, including 15.90 and 9.35 grams per tonne of gold located West and East of the Purdex Zone, respectively. Additional details regarding the IP survey and the prospecting program are available in news releases dated April 11, 2023, and June 19, 2023. The drill contractor, Platinum Diamond Drilling, will mobilize equipment to the site on December 8, 2023.

In July 2023, McFarlane Lake filed an NI 43-101 compliant technical report 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, in the Purdex Zone on the High Lake property.