McFarlane Lake Mining Limited’s (NEO: MLM) (OTCQB: MLMLF) new mineral resource estimate (MRE) and high-grade core samples indicate a strong investment and revenue generating potential at its Ontario property.
The Canadian miner released its initial MRE for the High Lake Property near Kenora last Tuesday.
The company drilled a total of 46 holes at the property between November last year and this February which yielded the following noteworthy results:
- 24.96 g/t gold over 14.9 metres, 325 metres underground
- 148.37 g/t gold over 1.3 metres, 107 metres beneath the surface
- 9.2 g/t gold over 26.4 metres, 280 metres down
McFarlane says the property is estimated to contain 9.38 grams per tonne of gold in 45,800 indicated ounces and 10.32 grams per tonne of gold in 96,200 inferred ounces.
The new estimate at the property was focused on the Purdex Zone and the drill program totalled 10,437 metres. It was based on a combination of mineralization modelling and the recent intercepts and prepared by P&E Mining Consultants Inc.
Diagram of High Lake’s zones and drill holes. Image via McFarlane Lake Mining
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High Lake has strong expansion potential
“Few exploration properties match the gold grades we have seen at High Lake, and we just started exploring there,” said McFarlane’s President and CEO Mark Trevisiol.
“The potential to expand these mineral resources is significant as the geophysical anomaly over our existing gold mineral resource area at the Purdex Zone extends 300 metres to the southeast, where the anomaly is stronger yet,” he added.
According to Streetwise Reports, the technical analyst Clive Maund believes buying shares of McFarlane right now would be a wise choice.
Maund rated McFarlane as a smart stock purchase because of bonanza grade results from High Lake’s Purdex Zone and said that it would be wise to buy as soon as possible back in February when results from some of the holes were being released.
McFarlane has a portfolio of six Canadian properties in Ontario and Manitoba and has a market capitalization of $13.6 million. It is currently focused on exploration at the High Lake and West Hawk Lake properties.
As of February 28, McFarlane had $421,612 in cash and cash equivalents.
The company’s shares rose by 5.26 per cent Friday to US$0.10 on the OTC markets.
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another Canadian gold producer that been turning heads in recent days due to its steadily rising share price. The Vancouver-based miner’s stock has steadily and significantly risen by 77 per cent over the past six months and is currently trading at $1.54 on the Toronto Stock Exchange.
The company generated record revenue and gold sales for the quarter ending March 31 this year, bringing in cash flow of $26.7 million — a 41 per cent increase year-over-year from 2022.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
