McFarlane Hits 95m Gold Intercept, Expanding Juby Project in Ontario

TORONTO, ON – March 02, 2026 – McFarlane Lake Mining Limited (CSE: MLM) has announced a significant gold discovery at its flagship Juby Gold Project in Ontario, potentially rewriting the scale of the already substantial deposit. The company reported a wide intersection of 95.4 metres grading 1.36 grams per tonne (g/t) gold from its ongoing diamond drilling campaign, a result that significantly expands the known mineralization in a world-class mining district.

The results, from drill hole GL 26-71 in the Golden Lake Zone, are notable not only for their impressive width but also for containing higher-grade intervals, including 55.4 metres of 1.96 g/t gold and a core of 9.9 metres at 3.22 g/t gold. Crucially, this discovery extends the mineralized envelope outside the boundaries of the project's most recent Mineral Resource Estimate (MRE), suggesting the system is larger than previously defined.

“What we have intersected so early in the drill program is extremely encouraging,” said Mark Trevisiol, CEO and Chairman of McFarlane. “The intersection at Golden Lake significantly widens the mineralized envelope that defines the current mineral resource estimate.”

Decoding the Discovery: A Major Expansion

The Juby Gold Project, located in the prolific Abitibi Greenstone Belt, already boasts an MRE (effective September 2025) of 1.01 million ounces of gold in the Indicated category and an additional 3.17 million ounces in the Inferred category. This estimate was based on a long-term gold price of US$2,500 per ounce. The latest drilling success at Golden Lake was not included in that calculation, indicating a clear path to potential resource growth.

For context, gold grades in the 1 to 4 g/t range are often considered economic for large-scale, open-pit mining operations, which are common in the Abitibi region. The intersection of 1.36 g/t over nearly 100 metres is highly significant for a potential bulk-tonnage operation, where size and consistency can be more critical than ultra-high grades.

Further bolstering the project's potential, the company also reported that drilling at the 826 Zone, located 1.5 kilometres from the main resource area, has successfully expanded its gold mineralization envelope to stretch approximately 300 metres along strike. This adds another layer of discovery potential to the property.

“The additional discovery of gold at our 826 Zone introduces another mineralized area on the project,” Trevisiol added. “These discoveries further support how untested the Juby Gold Project remains with the potential to add significant gold mineralization with the aim of expanding gold resources.”

Accelerating the Path Forward

In response to these encouraging results, McFarlane is moving to accelerate its exploration program. The company announced it will add a second diamond drill to the site in the second week of March 2026. This will help expedite the planned 13,000-metre drilling program designed to test extensions of mineralization at the Golden Lake and Juby deposits.

The immediate focus for the next six to eight weeks will be on the Golden Lake deposit, where another drill hole is already underway 100 metres to the southwest to test the continuity of this new, wide mineralization. Subsequent drilling will target the main Juby deposit and potentially conduct further work at the expanding 826 Zone.

This aggressive drilling campaign is a key step in the company’s strategy to deliver an updated resource statement by the middle of 2026. Following the resource update, McFarlane anticipates completing a full scoping study before the end of the year, which will provide the first comprehensive economic picture of the project and move it closer to becoming a tangible development story.

Responsible Development in a Premier Jurisdiction

Beyond the drill bit, McFarlane is systematically de-risking the Juby project by advancing its environmental and social governance initiatives. The company is actively conducting environmental baseline studies, including the drilling of groundwater wells around the Juby deposit. This work is a prerequisite for gathering the technical information needed to support a future application for a bulk sample, a critical step toward potential production and early cash flow.

This methodical approach is bolstered by strong community relations. The company has established business partnerships with drilling contractors connected to all three First Nation communities with territorial rights on the property: the Matachewan First Nation, Temagami First Nation, and Atikameksheng Anishnawbek First Nation. This commitment to local and Indigenous partnership is a cornerstone of modern, responsible resource development in Canada.

By simultaneously proving out a larger resource, accelerating exploration, and laying the groundwork for permitting and community engagement, McFarlane Lake Mining is executing a multi-faceted strategy. The latest drill results provide compelling evidence that the multi-million-ounce Juby Gold Project has significant room to grow, positioning it as a key asset to watch within the historic Abitibi Greenstone Belt.