お知らせ • May 26
McFarlane Lake Mining Limited Advances Geophysical Targeting Work And Mobilizes Third Drill To Test 826 Zone Strike Extension
McFarlane Lake Mining Limited has advanced its geophysical targeting work which has identified new priority drill targets along the interpreted 826 Zone trend on its 100%-owned Juby Gold Project, located west of Gowganda, Ontario, within the southern part of the Abitibi Greenstone Belt. The Company is continuing its planned exploration program, having completed approximately 10,000 metres of drilling to date. Over the last several months, McFarlane has compiled over 20 years of magnetic and geophysical datasets across the Juby Gold Project. 826 Zone Geophysical Induced Polarization (IP) model completed: IP data over the 826 Zone has been digitized and inverted into a modern 3 Dimensional (3D) model, generating new drill targets along the interpreted 826 Zone geophysical trend. A third drill is being mobilized to test potential strike extensions of the 826 Zone toward Golden Lake, located approximately 1.6 kilometres northwest of the 826 Zone. A total of 10-12 holes, totalling 1000m, are planned to test the near-surface mineralization. Geoscience North Ltd., a consultant to McFarlane, is completing additional 3D inversions to support integration of historic geophysical data into McFarlane’s Juby 3D geological model. McFarlane has been working with Mr. Alan King (M.Sc., P.Geo) of Geoscience North Ltd., to collect, organize, and evaluate available geophysical data across the entire Juby Gold Project. This work has identified a substantial amount of historic geophysical data, primarily IP data, which management estimates would have a replacement value of well over $1 million if completed today. Much of this historic data had not previously been digitized or inverted into a modern 3D model. Geoscience North, working with Laurentian University geophysical students, has undertaken the task of digitizing and inverting this data to incorporate it into the Company’s broader Juby 3D geological model. While this larger project-wide geophysical compilation remains ongoing, the Company has completed a focused 3D IP model over the 826 Zone area. The model has outlined chargeability and resistivity features that appear to align with the Company’s current geological and analytical interpretation of the 826 Zone trend. Based on this work, McFarlane has identified multiple priority targets along the suspected strike extension of the 826 Zone. The Company is currently mobilizing a third drill to site to begin testing these targets, including potential extensions along strike toward the Golden Lake area, located approximately 1.6 km northwest of the 826 Zone. The Company believes the 826 Zone represents an important emerging exploration area south of the current Juby resource. Recent drilling has demonstrated near-surface gold mineralization in this area, and the new IP model provides additional support for testing the potential strike extension of the zone. The 826 Zone has quickly become one of the most important near-surface exploration targets at Juby. The 3D IP model supports the geological interpretation that the zone may continue along trend. Mobilizing a third drill allows the company to accelerate testing of this target corridor while continuing the broader resource expansion program. The Company cautions that geophysical anomalies are exploration targets only. IP chargeability and resistivity responses may be caused by sulphide mineralization, alteration, graphite, structure, or other geological features, and do not necessarily indicate the presence of economic gold mineralization. Drill testing is required to determine whether the identified targets host gold mineralization. The 826 Zone is located south of the existing Juby resource area and has become a priority target following recent drilling that intersected near-surface gold mineralization. Geological interpretation, analytical results, and the newly completed 3D IP model suggest the potential for additional mineralized structures along trend. The Company’s current interpretation indicates the 826 trend may extend northwest toward the Golden Lake deposit, which is approximately 1.6 km from the 826 Zone. This target corridor will be tested as part of the ongoing Juby drill program. The Juby geophysical compilation includes historic magnetic and IP survey datasets completed across multiple areas of the project. The current work program includes compiling available historic geophysical data across the Juby Gold Project; digitizing historic IP and magnetic data where required; completing modern 3D inversions of priority IP datasets; integrating geophysical results into the Juby 3D geological model; and ranking targets for follow-up drilling based on geophysical response, geology, structure, and assay data. As discussed earlier, McFarlane is continuing its current planned drilling program on Golden Lake and Juby deposits. Currently, two drills are active on the Golden Lake deposit, and in total, over 10,000 m of a planned 13,000 m program have been completed. Current drilling at site is being completed by two separate contractors, each of which has a business partnership with one of the First Nation communities having territorial rights on the Project area. The Juby Gold Project hosts a current (effective September 29, 2025) NI 43-101 compliant Mineral Resource Estimate of 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the Inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). The estimate was calculated using a long-term gold price of USD 2,500 per ounce, applying cut-off grades of 0.25 g/t gold for open pit and 1.85 g/t gold for underground resources. A sensitivity analysis completed at a higher gold price of USD 3,750 per ounce resulted in an Indicated Mineral Resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tonnes) and an Inferred Mineral Resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tonnes) applying cut-off grades of 0.25 g/t gold for open pit and 1.15 g/t gold for underground resources. The independent Mineral Resource Estimate was prepared by BBA E&C Inc. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The full technical report supporting the resource estimate was filed on SEDAR+ on November 21, 2025. The scientific and technical information disclosed in this news release was reviewed and approved by Bob Kusins, P.Geo, a consultant to the Company and Qualified Person under National Instrument 43-101. The technical information was also reviewed by Mark Trevisiol, P.Eng., an officer of McFarlane and a Qualified Person under National Instrument 43-101.