Macfarlane Lake Mining Company Limited (Private search engine: MLM; OTC: MLMLF; FRA: W2Z) announced further results from a diamond exploration campaign being conducted at the 100% owned Juby Gold Project, located west of Gowganda, Ontario, within the southern portion of the Abitibi Greenstone Belt. Drilling on the property began in December 2025, starting in Block 826, which is now in the Golden Lake area.
Highlights: Golden Lake Deposit It continues to show excellent potential to add significant gold mineralization. From recent exploration, the length of gold mineralization has now extended to 1.9 km from the previously reported 0.75 km. Additional holes GL26-83 and GL26-83A show an expansion of mineralization from the existing open hole crust, and this not only increases revenue potential, but also positively impacts the economics of extraction.
Most of the West Hole drilled extends 1.9 km: Assays of hole GL26-87 (93 meters grading 0.89 g/t gold) have confirmed the presence of a significant intersection in the West Hole drilled in the program in the Golden Lake deposit. This intersection not only extends the strike length to 1.9 km, but shows that the deposits remain open to the west and at depth in this area.
The new metal lens enlarges the outline of the open hole in the hanging wall: getting started At 34 meters from surfaces, hole GL- 83A intersected 179.10 meters of 0.87 g/t gold. Which includes 15.55 meters of 1.58 grams/ton gold and 6.9 meters of 2.33 grams/ton gold. start on 65.85 meters from the intersection surface of hole GL-83 155 meters of gold weighing 0.9 g/t Which includes 11.4 meters of gold weighing 2.37 grams/ton. Both holes intersected near-surface gold mineralization approximately 250 meters ahead of the target mineralization zone. Mineralization in the hanging wall area of the hole layout was unexpected but is now creating an opportunity to step back and test extension (expansion) in this area.
New multiple mineralization intercepts in Area 826: MacFarlane recently drilled eight new holes in Block 826 covering an additional 1,350 metres. Full inspections of the pits are expected to be carried out in the coming weeks. Geologists reported in the core logs that several intercepts of mineralization were encountered. These intercepts follow previous mineralization trends seen from previous drilling and expand the “dome” of mineralization reported in detail in the March 2, 2026 announcement.
The drilling was targeting geophysical anomalies in chargeability that follow a southeast/northwest trend and were detailed in a previous announcement (26 May 2026). McFarlane is currently working with Geoscience North, which has teamed up with support from Laurentian University to analyze previous geophysical data on the property and suggest next steps.
Mark Trevisiol, CEO of McFarlane, commented: “Both Golden Lake and Area 826 continue to impress. We look forward to updating the MRE and demonstrating to our stakeholders the breadth of the gold system at our property. We believe we are just ‘scratching the surface’ on this property with significant upside to adding significantly more gold mineralization.”
Drilling continues on site at both Golden Lake and Juby. Drilling at Golden Lake will focus on drilling and some exploratory drilling. The focus of drilling the Juby deposit will be on grade control sampling for the next combined sample which is planned for 2027.
All drilling for the upcoming Mineral Resource Estimation (MRE) has been completed at the end of June. There was an unplanned delay of 10 days in receiving assays due to equipment failure in the assay laboratory; However, as of today’s announcement, all upcoming MRE assays have been received. McFarlane now expects the MRE to be released within the next two to three weeks.
McFarlane also continues essential environmental work on the property. So far, about 19 groundwater wells have been drilled, with monthly samples of surface and groundwater continuing. Field studies have begun to analyze vegetation and land cover. Basic environmental work was reviewed with the three First Nations communities that have territorial rights in the area. There are three First Nations communities recognized as having territorial rights within the Juby Gold Project. They include the Matachewan First Nation, the Temagami First Nation, and the Atikamekxing Anishnaupik First Nation.
McFarlane Lake Mining Limited is focused on developing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt. The Juby Gold Project hosts a current NI 43-101 compliant Mineral Resource Estimate (MRE) (as of 29 September 2025) of 1.01 million ounces of gold in the indicated category with an average grade of 0.98 g/t gold (31.74 million tons) and an additional 3.17 million ounces of gold in the inferred category with an average grade of 0.89 g/t gold (109.48 million tons). The estimate was calculated using a long-term gold price of US$2,500 per ounce, applying specific 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 US$3,750 per ounce resulted in an Indicated Mineral Resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tons) and an Inferred Mineral Resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tons) applying cut grades of 0.25 g/t gold for open pit and 1.15 Gram/ton of gold for underground resources. Independent MRE was prepared by BBA E&C Inc. According to NI 43-101 standards.
In addition to Juby, McFarlane has a portfolio of 100% owned gold assets across Ontario, including the former producing McMillan Gold Mine and Mongowin properties located approximately 70 km west of Sudbury and the Michaud/Munro properties located 115 km east of Timmins. MacFarlane is the source for reports in Ontario, British Columbia and Alberta.
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