McFarlane Lake hires exploration team for Juby

Executive Summary

• McFarlane Lake Mining Ltd. provided an update on its Juby gold project, highlighting a new NI 43-101-compliant Mineral Resource Estimate (MRE) and upcoming exploration plans.
• The company announced the grant of 35.1 million stock options to directors, officers, and consultants, exercisable at $0.10 per share.
• Key operational updates include the hiring of exploration staff, engagement with First Nations, a review of historic core data, and preparation for a 10,000–15,000-metre diamond drilling program.

Key Details

• Mineral Resource Estimate (Effective Sept. 29, 2025):
  • Indicated: 1.01 million ounces of gold at an average grade of 0.98 g/t gold (31.74 million tonnes).
  • Inferred: 3.17 million ounces of gold at an average grade of 0.89 g/t gold (109.48 million tonnes).
  • Calculation Parameters: Long-term gold price of $2,500 USD/oz; cut-off grades of 0.25 g/t for open-pit and 1.85 g/t for underground.
  • Sensitivity Analysis ($3,750 USD/oz): Indicated resource of 1.20 million ounces at 0.94 g/t (39.51 million tonnes); Inferred resource of 4.23 million ounces at 0.85 g/t (154.50 million tonnes).
  • Technical Report: Prepared by BBA E&C Inc.; full report to be filed on SEDAR+ within 45 days.
• Stock Option Grant:
  • Quantity: Aggregate of 35.1 million stock options.
  • Recipients: Certain directors, officers, and consultants.
  • Exercise Price: $0.10 per share.
  • Expiration: November 2, 2030.
  • Vesting: Subject to various vesting provisions approved by the Board.
• Exploration and Corporate Updates:
  • Staffing: Hired geologists and technicians based in Northern Ontario for upcoming fieldwork.
  • First Nations Engagement: Early-stage correspondence with First Nations holding territorial rights; requests for bids on drilling work sent to capable First Nations entities.
  • Historic Core Review: Reviewed over 110,000 metres of historic core (2000–2011); identified nearly 10,000 metres of unsampled core, with ~2,000 metres prioritized for sampling. Assay results expected in coming weeks.
  • Drilling Program: Preparing for a 10,000-to-15,000-metre diamond drill program to expand resources in the Juby and Golden Lake areas.
  • Investor Relations: Engaged Alliance Advisors IR.
  • Conferences: Presenting at Red Cloud Mining Showcase (Toronto, Nov 4-5); previously presented at Northern Ontario Prospectors Conference (Kirkland Lake).
  • Environmental Studies: Received proposals for environmental baseline studies (surface and groundwater) to support future permitting.

Notable Quotes

• "The importance of this is noteworthy; there is a significant potential to add gold ounces to the resource base without having to incur the cost and the time associated with diamond drilling."
• "The team at McFarlane is extremely excited to be participating in what is one of Ontario's larger gold resource properties, located in the prolific Abitibi greenstone belt."