This morning, released an update regarding its High Lake Drilling Program. The company believes new drilling results highlight the strength of the company's current strategy at the project. 10,000 meters of drilling commenced in November of last year has since completed 46 holes totaling 10,438 meters of diamond drilling and intersected some world-class gold intersections, three of which made the top weekly intercepts list on the Junior Mining Hub.
Highlights of this update included:
- MLHL-22-06 intersected 24.96 grams per tonne of gold (24.96 g/t) over 14.9 meters, from 325.56 to 340.46 meters from surface, and was Junior Mining Hub's top 5 weekly intercepts for the week of January 9, 2023
- MLHL-22-17 intersected 148.37 g/t gold over 1.3 meters from 113.20 to 114.50 meters from surface and was Junior Mining Hub's top 3 weekly intercept for the week of February 10, 2023.
- MLHL-22-45 intersected 9.20 g/t gold over 26.4 meters from 292.1 to 318.5 meters from surface and was Junior Mining Hub's top 7 weekly intercept for the week of March 3, 2023.
- MLHL-22-40 intersected 6.14 g/t gold over 24.55 meters from 14.61 to 41.80 meters from surface.
- MLHL-22-12 intersected 13.52 g/t gold over 6.5 meters from 229.00 to 235.5 meters from surface.
- MLHL-22-28 intersected 9.82 g/t gold over 9.75 meters from 25.25 to 35.00 meters from surface
Figure 1A -Geophysical Highlights – IP Chargeability Plan – Purdex Area – Exploration target to the east of recent drilling, anomaly extends from gold mineralized area to the east.
In light of this, the company commented, "We were further encouraged by the discovery of a high-grade gold pod within 20 to 30 meters of surface, opening the potential for a sizable bulk sample using low-cost open pit mining methods. Further, our geophysical survey identified a high chargeability anomaly over our existing gold mineralization. This anomaly continues east in unexplored ground for 300 meters opening up the potential for more gold discoveries."
The company also highlighted its optimism regarding the location of the project near Kenora, Ontario, which McFarlane reports is close to power lines, major highways, and a skilled labor force to aid in mining development moving forward.
Previously Confirmed Gold Mineralization
Results from a geophysical survey and diamond drilling previously conducted by McFarlane Lake Mining confirmed gold mineralization remains open at the company's High Lake property. The final assays indicated several sites at High Lake that can be considered exploration targets.
McFarlane Like drilled 46 holes, resulting in a total of 10,437 meters in the Purdex zone. The drilling confirmed the previously reported gold intersections near the surface and at depth. These include 24.96 grams per ton of gold over 14.9 meters, 235 meters from the surface on January 9, and 148.37 grams per ton of gold over 1.3 meters on February 7.
More results from the drilling are expected soon, including that of hole MLM-23-43.
Technical analyst Clive Maund said, "McFarlane Lake Mining is rated an immediate speculative Buy."
Bob Kusins, Vice President of Geology at McFarlane Lake, said the company continues "to see opportunities of known zones on the property and continued development of a resource base on the High Lake property."
McFarlane Lake Mining is a Canadian gold exploration and development company. According to its website, the company has recently acquired six gold properties, including two 'in a region consistently on the top gold exploration opportunities as identified by Ontario Geological Survey' and another two in the 'historic Timmins area along the prolific Porcupine Destor fault.'
In a February newsletter, Technical analyst Clive Maund said, "McFarlane Lake Mining is rated an immediate speculative Buy as close to the open as possible." He referred to the company's results at the time as "bonanza grade" and said it "looks like an excellent point to pick up McFarlane Lake Mining after its drop over the past month back to a strong support level."
The Latest on Gold
Yusuf Khan of the Wall Street Journal has reported that the price of gold has jumped to a "record high." Khan attributed the jump to a direct result of data that "pointed to moderating price pressures in the U.S. economy." The price of gold is around 12% up from last year.
Recently, Stockhead referenced the World Gold Council, which reported that "Global gold market daily trading volume averaged US$183bn in March, surging by 25% m-o-m and the highest in a year." This is 39% above the 2022 average. The World Gold Council suggested that the "collapse of the Silicon Valley Bank was a key contributor to net inflow into physically backed gold ETFs in March as investors flocked to gold in bulk."
Kitco News reported that this year was the strongest start in terms of central bank gold buying in more than a decade.
Upcoming Catalysts from McFarlane Lake Mining
The company expects to complete exploration at its High Lake property and release assay results in H1 of this year.
Streetwise Ownership Overview*
Following this, McFarlane Lake will publish its 43-101 technical report on both its High Lake and West Hawk Lake properties in H2. This will include a compliant resource statement for High Lake.
It continues to actively explore High Lake and West Hawk Lake. Drilling in January 2022 at West Hawk Lake expanded mineralization at depth in two zones, confirming the existence of high-grade intersections.
Ownership and Share Structure
Headquartered in Ontario, 28.3% of shares are owned by management, including directors. President and CEO Mark Trevisiol has 10.56% with 10.856 million shares, while Director Perry Dellelce has 8.09% with 8.32 million shares.
Canadian Star Minerals Ltd. is the largest shareholder, with 12.28% at 12.265 million shares.
The rest is with retail investors.
Market Watch reports that McFarlane Lake has a market cap of CA$7.98 million and 100.6 outstanding shares. It trades in the 52-week range between CA$0.0101 and CA$0.1100.
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