McFarlane Lake Mining Expands Golden Lake Gold Deposit to 1.9 km, Uncovers New Hanging Wall Mineralization Lens

Golden Lake Deposit Strike Length Nearly Tripled by Western Extension Drilling

McFarlane Lake Mining’s recent exploration campaign has significantly expanded the known gold mineralization at the Golden Lake deposit, a key asset within the Abitibi Greenstone Belt. The strike length has grown to 1.9 kilometres from the previously reported 0.75 kilometres, marking a substantial increase in the resource footprint. This was confirmed by hole GL26-87, which intersected 93 metres grading 0.89 grams per tonne gold at the westernmost point drilled in the program.

The extension of mineralization both at depth and along strike indicates the Golden Lake deposit remains open to the west, suggesting further resource potential and exploration upside beyond current boundaries. The geological team notes that the deposit continues to exhibit favorable characteristics for extension, particularly in underexplored zones.

New Hanging Wall Mineralization Broadens Open Pit Potential

A key highlight from the drilling program is the identification of a new mineralized lens in the hanging wall area of the Golden Lake deposit’s expected pit outline. This unexpected discovery alters the previously understood deposit geometry. Hole GL-83A, starting at 34 metres from surface, intersected 179.10 metres grading 0.87 grams per tonne gold, including higher-grade intervals of 15.55 metres at 1.58 g/t gold and 6.9 metres at 2.33 g/t gold.

Hole GL-83, beginning at 65.85 metres depth, intersected 155 metres at 0.9 grams per tonne gold, with internal high-grade sections of 11.4 metres grading 2.37 grams per tonne gold. Both holes intercepted mineralization significantly closer to surface and approximately 250 metres ahead of their originally targeted zones, indicating the new hanging wall lens expands the deposit’s economic footprint. The near-surface location of this mineralization may improve stripping ratios and overall open pit mining economics.

Multiple Mineralization Intercepts at 826 Zone from Recent Drilling

Drilling at the 826 Zone has been expanded with eight new holes totaling 1,350 metres. Core logging by company geologists reports several mineralization intercepts consistent with prior exploration trends, widening the mineralization "dome" described in McFarlane’s March 2, 2026 announcement. This suggests continuity and potential resource growth in the area.

The 826 Zone drilling targeted geophysical chargeability anomalies trending southeast to northwest. Full assay results are expected in the coming weeks. McFarlane is collaborating with Geoscience North and Laurentian University to analyze historical geophysical data and guide further exploration.

Updated Mineral Resource Estimate Expected Within Weeks

McFarlane completed all drilling for the upcoming Mineral Resource Estimate (MRE) by the end of June 2026. Although assay results were delayed ten days due to laboratory equipment failure, as of July 23, 2026, all necessary assays have been received. The updated resource estimate is expected within two to three weeks from the announcement date.

The current MRE, effective September 29, 2025, estimates the Juby Gold Project contains 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t (31.74 million tonnes) and 3.17 million ounces in the Inferred category at 0.89 g/t (109.48 million tonnes). These estimates assume a long-term gold price of US$2,500 per ounce. A sensitivity analysis at US$3,750 per ounce gold shows increased resource classifications: 1.20 million ounces Indicated at 0.94 g/t and 4.23 million ounces Inferred at 0.85 g/t.

Ongoing Drilling Focused on Infill and Bulk Sample Grade Control

Drilling continues at both Golden Lake and the Juby deposit. At Golden Lake, efforts focus on infill drilling to enhance resource definition and exploratory drilling to test extensions beyond known mineralization. This infill work is critical for upgrading inferred resources to indicated status and supporting mine planning.

At the Juby deposit, drilling targets grade control sampling ahead of a planned bulk sample in 2027. Grade control drilling refines understanding of ore grade distribution and supports optimized mining strategies, advancing the project toward preliminary development.

Environmental Baseline Studies and First Nations Engagement Progress

McFarlane is advancing environmental baseline studies at the Juby Gold Project, including drilling approximately 19 groundwater wells and ongoing monthly surface and groundwater sampling. Vegetation and terrestrial field studies have also commenced as part of standard environmental assessments for future permitting.

The company has engaged with the Matachewan First Nation, Temagami First Nation, and Atikameksheng Anishnawbek First Nation, all recognized as having territorial rights in the project area. Early consultation and data sharing align with industry best practices and regulatory requirements in Ontario.

McFarlane’s Ontario Gold Portfolio and Project Locations

The Juby Gold Project, McFarlane’s flagship asset, is situated west of Gowganda, Ontario, within the southern Abitibi Greenstone Belt, a prolific gold mining region. The property is 100% owned by McFarlane and is progressing through systematic exploration and development.

Additional 100%-owned gold assets include the past-producing McMillan Gold Mine and Mongowin properties near Sudbury, and the Michaud/Munro properties east of Timmins. McFarlane is a reporting issuer in Ontario, British Columbia, and Alberta, trading on the Canadian Securities Exchange as MLM, OTC markets as MLMLF, and Frankfurt Exchange under W2Z.

Quality Assurance and Drilling Protocols

McFarlane follows strict quality assurance and control procedures. Core samples are collected by company personnel, boxed by contracted drill crews, and transported securely. Samples are geologically logged, verified, and halved for analysis, with certified reference materials inserted at a minimum 10% rate to ensure accuracy and detect contamination.

Samples are sent to MSA Labs in Timmins, Ontario, a certified laboratory accredited under AC89 and IAS, compliant with ISO/IEC 17025:2017. Samples are crushed to 70% passing 2 mm, subsampled (300–500 grams), and analyzed by photon assay, with results fully traceable to sample tags.

Qualified Person Review and Technical Oversight

The technical information was reviewed and approved by Bob Kusins, P.Geo, a consultant and Qualified Person under NI 43-101, and by Mark Trevisiol, P.Eng., McFarlane’s officer and Qualified Person. CEO Mark Trevisiol stated that "both Golden Lake and 826 Zone continue to impress," expressing anticipation for the updated MRE to demonstrate the extensive gold system on the property and noting the company is "just 'scratching the surface' with significant upside potential."

Investor Guidance and Resource Classification Notes

Investors are reminded that mineral resources are classified per the Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) standards incorporated into NI 43-101. Mineral resources are not mineral reserves, and economic viability has not been established for resources not classified as reserves. Estimates may be affected by geological, environmental, permitting, legal, socio-political, or market factors.

There is no guarantee that inferred resources will be upgraded to indicated or measured categories, though McFarlane expects most inferred resources could be upgraded with further exploration. Under NI 43-101, inferred resources cannot form the basis of feasibility or pre-feasibility studies except in preliminary assessments. Readers should not assume further work will result in economically mineable reserves. The immediate impact on share price was not evident from public information.