McFarlane Intersects 9.20 Grams per Tonne Gold over 26.40 Metres - Intersection Includes 15.43 Grams per Tonne Gold over 4.60 Metres

Purdex Zone continues to deliver world-class gold intersections.

McFarlane to attend the upcoming PDAC conference in Toronto from March 5 to 8^th, booth number 3208.

Toronto, March 6, 2023 - McFarlane Lake Mining Ltd. (NEO: MLM) (OTCQB: MLMLF) ("McFarlane" or the "Company"), a Canadian mineral exploration and development company, is pleased to provide a further update on the progress made at the Company's High Lake property in Ontario, near the Ontario-Manitoba Border. McFarlane completed 46 holes totalling just over 10,000 metres and is awaiting assays for a handful of holes.

Drilling in hole MLM-22-45 intersected a broad mineralized zone of 9.20 g/t gold over 26.4 metres from 292.1 to 318.5 as measured in drill core length from surface, including 15.43 g/t gold over 4.6 metres. The elevation of the broader intersection was -285.3m below surface.

"The Purdex Zone continues to deliver world-class gold intersections both near surface and at depth. Our High Lake property hasn't seen this intensity of drilling in its history but has proved if you are willing to do the work, the gold mineralization is there to be found," said Mark Trevisiol, CEO of McFarlane Lake Mining.

The mineralized zone in hole MLM-25-45 was comprised of altered mafic volcanics and quartz-feldspar porphyry intruded by numerous quartz-tourmaline veins. The zone occurs at the contact between the metasediments and mafic metavolcanics.

"Follow-up drilling in drill hole MLHL-22-45, above previously reported drill hole MLHL-22-06 (24.96 gpt Au over 14.9m), has confirmed the widening and high-grade nature of the Purdex Zone in this area," said Bob Kusins, Vice President of Geology at McFarlane. "We look forward to continuing exploration on our prospective target areas and developing a compliant resource on the Purdex Zone."

The Company released previous drill results showing attractive gold mineralization at High Lake on December 12, 2022, January 9, 2023, January 25, 2023, February 7, 2023, and February 28, 2023.

The mineralized zone and our current drill results to date with multiple high-grade intersections are shown in figures 1 and 2 below.

Figure 1 - Cross Section of Diamond Drill Holes

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Figure 2 - Longitudinal Section of Diamond Drill Holes

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Note: non-compliant historical resources on High Lake were outlined to only 100 metres below surface. Use the following link for the historic resource disclosure statement, which is located on the Company's website: mcfarlanelakemining.com/historic-resource-disclosure.

"As we wrap up a successful exploration program in the field, we continue to see high-grade intersections in our assays and are eager to see the results of the final holes to be returned," said Roger Emdin, COO of McFarlane. "We look forward to the work of developing and publishing a technical report that includes a mineral resource for the Purdex Zone on our High Lake property later this year."

Significant intersections are summarized in Table 1. Collar locations and details of the holes with assays received are summarized in Table 2.

Table 1: Significant Intersections.

Reported as core length as insufficient drilling to ascertain true width.

Table 2: Collar Location Details (NAD83 Zone 15).

Results from the remaining holes of the drill program will be released when they are available.

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

QA/QC Control Procedures

McFarlane Lake has implemented a Quality Assurance/ Quality Control (QA/QC) program consistent with industry best practices. The drill core is being logged and sampled at a nearby facility with sawn half-core samples, including QA/QC samples, being sent to an accredited lab (Actlabs) in Thunder Bay, Ontario, for processing. The remaining half core has been retained in a locked facility for future examination. Certified reference material (CRM) standards and blanks are inserted every 10 samples into the sample stream. Gold was analyzed by 30-gram fire assay with AA-finish. Samples above 5 grams per tonne gold were re-assayed for gold with a gravimetric finish, while those above 10 grams per tonne were re-assayed utilizing the pulp metallic method.

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 NI43-101. However, Mr. Kusins is not independent of the Company by virtue of his position.

PDAC Conference, March 5-8, Toronto, Canada

McFarlane Lake Mining will attend the Prospectors & Developers Association of Canada in Toronto from March 5 to 8. Management will be at Booth 3208 and available for one-on-one meetings.

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.sedar.com.

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

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