Gold Mining Co. Initiates Environmental Study

McFarlane Lake Mining Ltd. (MLM:NEO; MLMLF:OTCQB) has announced in a press release that it has begun an environmental baseline study on the company’s flagship High Lake property. According to the press release, this is a step forward in the ongoing permitting process for the project. Roger Emdin, the CEO of McFarlane, commented that “the environmental studies at High Lake are an important step in advancing this high-potential gold prospect. They will help us secure the permits required for future development while also ensuring we establish best practices in environmental stewardship. We look forward to completing this significant milestone.”

The company is conducting this study in partnership with EAG Inc. out of Sudbury, the company reported. According to the press release, these studies will involve testing samples of groundwater samples of surface water, evaluating the impact on local species, and conducting geochemical tests.

McFarlane reports that it initiated this permitting process in July of 2023 and estimates that there are 96,200 inferred and 45,800 indicated ounces of gold on the property.

Global Unrest Moves Gold Price Up

The conflict in Israel and falling confidence in the American economy have had a notable effect on the economy, reports Stockhead.

According to Anna Rosenberg with the Amundi Investment Institute, “If inflation falls as expected, the Fed will be accommodative, but if inflation doesn’t come under control, the Fed is unlikely to cut rates and this will increase the risk of a hard landing for the U.S. economy in 2024.” One of the effects of this change has been a rise in gold prices by 3.4% to US$1,932.50, the report said.

Technical Analyst Clive Maund also sees gold on the rise: “It is hardly likely that gold’s nominal price in dollars will drop significantly.” He continued to say that “it can be expected to break out to the upside and ascend to unimaginable heights.”

Price Steadily Moving Up

On June 12, 2023, the company was reviewed by Clive Maund, who rated the company as a “Strong Speculative Buy.” Maund commented that the company “with the benefit of more hindsight, we can see that McFarlane Lake has continued to work on completing a large base pattern . . . we can see that the price is being steadily being shepherded higher.”

Maund had previously reviewed the company at the beginning of the year, in February, following the release of news regarding the results of its drilling on the Purdex Zone of its High Lake property, where he also rated the company positively.

The company reports that it is expecting to open a drilling program on the east side of the Purdex Zone, and that it is pursuing a permit for a surface bulk sampling on the High Lake property, according to the company’s investor presentation.

Ownership and Share Structure

Reuters provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 34.09% of the company. According to Reuters, President Mark Trevisiol owns 15.32% of the company with 12.36 million shares, Director Perry Nicholas Dellelce owns 11.35% of the company with 9.15 million shares, CEO Roger John Emdin owns 3.93% of the company with 3.17 million shares, Director Dario Zulich owns 3.10% with 2.50 million shares, Director Fergus P. Kerr owns 0.37% of the company with 0.30 million shares, and CFO Charles James Lilly owns 0.02% of the company with 0.01 million shares.

Canadian Star Minerals Ltd., an institutional investor, owns 16.03% percent of the company with 12.93 million shares, reported Reuters.

According to Reuters, there are 80.65 million shares outstanding with 40.23 million free float traded shares, and the company has a market cap of CA$5.88 million and trades in the 52-week period between CA$0.03 and CA$0.14.

Important Disclosures:

1. McFarlane Lake Mining Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of McFarlane Lake Mining Ltd.
3. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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