February 3, 2023 (Investorideas.com Newswire) Wednesday, January 25, McFarlane Lake Mining introduced it had intersected 13.52 g/t gold over 6.5m. Learn extra to be taught the total outcomes, the place the gold sector is headed, and the corporate’s plans for the longer term.
McFarlane Lake Mining Ltd. (MLM:NEO;MLMLF:OTCQB) has reported outcomes from progress made at its Excessive Lake property in Ontario, situated straight east of the Ontario-Manitoba border. Since drilling started, results from Excessive Lake embody a world-class intersection grading 24.96 grams per tonne of gold over 14.9 meters in gap MLHL-22-06. In different drilling, 9.8 grams per tonne of gold was intersected over 9.7 meters, solely 20 meters from floor. Drilling has additionally intersected 13.52 g/t gold over 6.5 meters in gap MLHL-22-12 from 229.00 to 235.5 meters.
The Firm additionally accomplished a profitable exploration program in March 2022 at West Hawk Lake. McFarlane Lake Mining confirmed the presence of high-grade gold intersections, expanded the continuity of gold mineralization, and outlined sturdy buildings extending properly past the beforehand explored areas.
Half of Assays But to Come
McFarlane COO Roger Emdin stated the corporate is “excited by what we see so early within the drilling marketing campaign with greater than half of the drill assays but to be acquired.”
The corporate has additionally introduced that it plans to place items and shares of the corporate up for sale. It is going to provide, on a non-brokered non-public foundation, as much as 10 million items at a value of CA$0.15 per unit, and as much as 7.5 million flow-through (FT) shares, at a value of CA$0.20 per FT share. The corporate is providing these in any mixture to lift as much as CA$1,500,000.
The corporate intends to make use of the web proceeds to broaden its work in its Excessive Lake properties. It is going to additionally put the cash towards common working capital.
McFarlane Lake Mining is a Canadian gold exploration and improvement firm. The West Hawk Lake and Excessive Lake properties are its strongest prospects at the moment. Previous to Christmas, McFarlane had two drills on the Excessive Lake property attaining 200 meters a day, however at the moment, it has one averaging 80 meters a day.
Amongst different bulletins, McFarlane additionally not too long ago attended the Vancouver Resource Investment Conference on January 29 and 30 on the Vancouver Convention Centre; the corporate additionally plans to attend the upcoming Prospectors and Builders Convention (PDAC) in Toronto from March 5 to eight, 2023. Additional, the corporate made public the information that it had made changes to its board.
Man Mahaffy, who’d been on the board because the firm went public final yr, has stepped right down to pursue different pursuits. The board has since gained a member in Deborah Battiston (CPA), who has greater than 35 years of economic administration expertise.
McFarlane’s Chairman and CEO Mark Trevisiol stated, “We’re extraordinarily happy by the outcomes coming from our exploration program at such an early stage of drilling our Excessive Lake property. We’re additionally delighted to have Ms. Battiston be a part of our board; she brings vital monetary working information to our staff, having been CFO of a number of publicly traded corporations within the mining trade.”
The Catalyst: Full Outcomes Later this Yr
With a portfolio of six 100% owned properties, all situated in Canada (a mining-friendly jurisdiction), McFarlane expects full outcomes from its Excessive Lake exploration program later this yr as soon as it has accomplished its drilling in February. It is going to kind a part of an up to date NI43-101 technical report on each Excessive Lake and West Hawk Lake properties. McFarlane is concentrating on to have Ni43-101-compliant sources on its Excessive Lake property as a part of this technical report replace.
Beginning in November 2022, this system’s focus at Excessive Lake has been to hold out an 8,000 to 10,000-meter program of diamond drilling, which is at the moment close to completion, and accumulate and interpret geophysical information to assist in concentrating on future drilling.
On the time of the press launch, McFarlane had accomplished 36 holes, with a complete size of 8,566 meters, and acquired assays for 16 holes. A key focus for the corporate is the Purdex Zone on the property, which has beforehand solely been drilled to a depth of 100 meters, and which has proven vital potential.
Bob Kusins, Vice President of Geology for McFarlane, stated the corporate is happy with the progress made to date and that “it’s clear that gold mineralization extends past historic intercepts.”
The Gold Market
In line with Investing.com, gold is buying and selling at an nearly nine-month excessive, with markets ready for an evaluation of knowledge that may assist to foretell whether or not the U.S. will go into recession this yr, as inflation developments at an nearly 40-year excessive.
In a current research by the Financial institution of America, analysts introduced that they anticipate gold to be a “mainstay asset for the subsequent three years.”
What’s extra, European fund supervisor HANetf discovered, when learning 100 European and British wealth managers, that 89% had plans to extend their publicity to gold. Within the report, the top of ETF analysis at HANetf, Tom Bailey, stated, “it now could be the case that a number of the damaging sentiment towards gold has handed.”
Possession & Share Construction
Headquartered in Ontario, 28.3% of shares are owned by administration or insiders, together with administrators. Roughly 71.7% is owned by retailers. Canadian Star Minerals Ltd. is the biggest shareholder, with 15.65% at 12.63 million shares.
President and CEO Mark Trevisiol has 13.42% with 10.83 million shares, whereas Director Perry Nicholas Dellelce has 9.98% with 8.05 million shares.
There are not any institutional traders.
As of February 1, 2022, McFarlane Lake Mining had a market cap of CA$10 million. The corporate trades at a 52-week vary of CA$0.0050 and CA$0.35, and has 100,571,813 shares excellent.
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