Gold Mining Co. Reports Positive Results in Promising Properties

Source: Streetwise Reports   02/02/2023

Wednesday, January 25, McFarlane Lake Mining announced it had intersected 13.52 g/t gold over 6.5m. Read more to learn the full results, where the gold sector is headed, and the company’s plans for the future.

McFarlane Lake Mining Ltd. (MLM:NEO;MLMLF:OTCQB) has reported results from progress made at its High Lake property in Ontario, located directly east of the Ontario-Manitoba border. Since drilling began, results from High Lake include a world-class intersection grading 24.96 grams per tonne of gold over 14.9 meters in hole MLHL-22-06. In other drilling, 9.8 grams per tonne of gold was intersected over 9.7 meters, only 20 meters from surface. Drilling has also intersected 13.52 g/t gold over 6.5 meters in hole MLHL-22-12 from 229.00 to 235.5 meters.

The Company also completed a successful 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 strong structures extending well beyond the previously explored areas.

Half of Assays Yet to Come

McFarlane COO Roger Emdin said the company is “excited by what we see so early in the drilling campaign with more than half of the drill assays yet to be received.”

The company has also announced that it plans to put units and shares of the company up for sale. It will offer, on a non-brokered private basis, up to 10 million units at a price of CA$0.15 per unit, and up to 7.5 million flow-through (FT) shares, at a price of CA$0.20 per FT share. The company is offering these in any combination to raise up to CA$1,500,000.

The company intends to use the net proceeds to expand its work in its High Lake properties. It will also put the money toward general working capital. 

McFarlane Lake Mining is a Canadian gold exploration and development company. The West Hawk Lake and High Lake properties are its strongest prospects currently. Prior to Christmas, McFarlane had two drills on the High Lake property achieving 200 meters a day, but currently, it has one averaging 80 meters a day.

In a recent study by the Bank of America, analysts announced that they expect gold to be a “mainstay asset for the next three years.” 

Among other announcements, McFarlane also recently attended the Vancouver Resource Investment Conference on January 29 and 30 at the Vancouver Convention Centre; the company also plans to attend the upcoming Prospectors and Developers Conference (PDAC) in Toronto from March 5 to 8, 2023. Further, the company made public the news that it had made changes to its board.

Guy Mahaffy, who’d been on the board since the company went public last year, has stepped down to pursue other interests. The board has since gained a member in Deborah Battiston (CPA), who has more than 35 years of financial management experience. 

McFarlane’s Chairman and CEO Mark Trevisiol said, “We are extremely pleased by the results coming from our exploration program at such an early stage of drilling our High Lake property. We are also delighted to have Ms. Battiston join our board; she brings significant financial operating knowledge to our team, having been CFO of several publicly traded companies in the mining industry.”

The Catalyst: Full Results Later this Year

With a portfolio of six 100% owned properties, all located in Canada (a mining-friendly jurisdiction), McFarlane expects full results from its High Lake exploration program later this year once it has completed its drilling in February. It will form part of an updated NI43-101 technical report on both High Lake and West Hawk Lake properties. McFarlane is targeting to have Ni43-101-compliant resources on its High Lake property as part of this technical report update.

Starting in November 2022, the program’s focus at High Lake has been to carry out an 8,000 to 10,000-meter program of diamond drilling, which is currently near completion, and collect and interpret geophysical data to aid in targeting future drilling.

At the time of the press release, McFarlane had completed 36 holes, with a total length of 8,566 meters, and received assays for 16 holes. A key focus for the company is the Purdex Zone on the property, which has previously only been drilled to a depth of 100 meters, and which has shown significant potential.

Bob Kusins, Vice President of Geology for McFarlane, said the company is pleased with the progress made so far and that “it is clear that gold mineralization extends beyond historical intercepts.”

The Gold Market

According to, gold is trading at an almost nine-month high, with markets waiting for an assessment of data that will help to predict whether the U.S. will go into recession this year, as inflation trends at an almost 40-year high.

In a recent study by the Bank of America, analysts announced that they expect gold to be a “mainstay asset for the next three years.” 

What’s more, European fund manager HANetf found, when studying 100 European and British wealth managers, that 89% had plans to increase their exposure to gold. In the report, the head of ETF research at HANetf, Tom Bailey, said, “it now may be the case that a lot of the negative sentiment toward gold has passed.”

Ownership & Share Structure


Headquartered in Ontario, 28.3% of shares are owned by management or insiders, including directors. Approximately 71.7% is owned by retailers. Canadian Star Minerals Ltd. is the largest shareholder, with 15.65% at 12.63 million shares.

President and CEO Mark Trevisiol has 13.42% with 10.83 million shares, while Director Perry Nicholas Dellelce has 9.98% with 8.05 million shares. 

There are no institutional investors.

As of February 1, 2022, McFarlane Lake Mining had a market cap of CA$10 million. The company trades at a 52-week range of CA$0.0050 and CA$0.35, and has 100,571,813 shares outstanding. 

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( Companies Mentioned: MLM:NEO;MLMLF:OTCQB,

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