Exploration Co. Reveals 'World Class' Gold Intersections
Source: Streetwise Reports
April 19, 2023 (Investorideas.com Newswire) Late last week, McFarlane Lake Mining Ltd. announced results from its geophysical survey and diamond drilling at its High Lake Property. This morning, it released an update from the property, showing world-class gold intersections. Read to see the results and see upcoming catalysts for the mining company.
This morning, McFarlane Lake Mining Ltd. (MLM:NEO;MLMLF:OTCQB) 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.
HL IP Purdex Zone. Source: McFarlane Lake Mining.
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.
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. [OWNERSHIP_CHART-10679]
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.
1) Lauren Rickard wrote this article for Streetwise Reports LLC as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: McFarlane Lake Mining Ltd. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with: None. Please click here for more information.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. 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., a company mentioned in this article.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/