McFarlane Commences Mineral Resource Update at Juby Gold Project Targeting Material Increase to Contained Gold Ounces
McFarlane Lake Mining (OTCQB:MLMLF) has initiated a mineral resource estimate (MRE) update at its Juby Gold Project, expecting a significant increase in contained gold ounces. The company plans to use a higher gold price assumption of $2,400-$2,800 per ounce USD and lower the cut-off grade to 0.2 g/t.
The historical resource contains 773,000 oz of indicated gold (21.31M tonnes at 1.13 g/t) and 1.49M oz of inferred gold (47.15M tonnes at 0.98 g/t). The update will include approximately 10,000 meters of new drilling not previously captured. BBA E&C Inc. has been selected to provide the updated independent MRE.
The acquisition requires a $10M USD initial payment, with remaining $12M USD (cash and shares) due within 12 months of closing.
McFarlane Lake Mining (OTCQB:MLMLF) ha avviato un aggiornamento della stima delle risorse minerarie (MRE) per il suo progetto Juby Gold, prevedendo un aumento significativo delle once d'oro contenute. La societ脿 intende utilizzare un prezzo dell'oro pi霉 elevato, compreso tra 2.400 e 2.800 dollari USA per oncia, e abbassare la soglia di taglio a 0,2 g/t.
La risorsa storica comprende 773.000 once d'oro indicate (21,31 milioni di tonnellate a 1,13 g/t) e 1,49 milioni di once d'oro inferite (47,15 milioni di tonnellate a 0,98 g/t). L'aggiornamento includer脿 circa 10.000 metri di nuovi sondaggi non precedentemente considerati. BBA E&C Inc. 猫 stata scelta per fornire la stima indipendente aggiornata.
L'acquisizione richiede un pagamento iniziale di 10 milioni di dollari USA, con i restanti 12 milioni di dollari USA (in contanti e azioni) da versare entro 12 mesi dalla chiusura.
McFarlane Lake Mining (OTCQB:MLMLF) ha iniciado una actualizaci贸n de la estimaci贸n de recursos minerales (MRE) en su Proyecto Juby Gold, anticipando un aumento significativo en las onzas de oro contenidas. La compa帽铆a planea usar un supuesto de precio de oro m谩s alto, entre 2,400 y 2,800 d贸lares estadounidenses por onza, y reducir el grado de corte a 0,2 g/t.
El recurso hist贸rico contiene 773,000 onzas de oro indicadas (21.31 millones de toneladas a 1.13 g/t) y 1.49 millones de onzas de oro inferidas (47.15 millones de toneladas a 0.98 g/t). La actualizaci贸n incluir谩 aproximadamente 10,000 metros de perforaci贸n nueva que no se hab铆a registrado previamente. BBA E&C Inc. ha sido seleccionada para proporcionar la actualizaci贸n independiente del MRE.
La adquisici贸n requiere un pago inicial de 10 millones de d贸lares estadounidenses, con los 12 millones de d贸lares restantes (en efectivo y acciones) a pagar dentro de los 12 meses posteriores al cierre.
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鞚胳垬电� 1,000毵� 氙戈淡 雼煬鞚� 齑堦赴 歆�攵�鞚� 頃勳殧頃橂┌, 雮橂ǜ歆� 1,200毵� 氙戈淡 雼煬(順勱笀 氚� 欤检嫕)電� 毵堦皭 頉� 12臧滌洈 鞚措偞鞐� 歆�旮夒悩鞏挫暭 頃╇媹雼�.
McFarlane Lake Mining (OTCQB:MLMLF) a lanc茅 une mise 脿 jour de l'estimation des ressources min茅rales (MRE) pour son projet Juby Gold, anticipant une augmentation significative des onces d'or contenues. La soci茅t茅 pr茅voit d'utiliser une hypoth猫se de prix de l'or plus 茅lev茅e, comprise entre 2 400 et 2 800 USD par once, et de r茅duire le seuil de coupure 脿 0,2 g/t.
La ressource historique comprend 773 000 onces d'or indiqu茅es (21,31 millions de tonnes 脿 1,13 g/t) et 1,49 million d'onces d'or inf茅r茅es (47,15 millions de tonnes 脿 0,98 g/t). La mise 脿 jour inclura environ 10 000 m猫tres de nouveaux forages non pris en compte auparavant. BBA E&C Inc. a 茅t茅 choisie pour fournir la MRE ind茅pendante mise 脿 jour.
L'acquisition n茅cessite un paiement initial de 10 millions de dollars US, les 12 millions de dollars US restants (en esp猫ces et en actions) devant 锚tre vers茅s dans les 12 mois suivant la cl么ture.
McFarlane Lake Mining (OTCQB:MLMLF) hat mit der Aktualisierung der Mineralressourcensch盲tzung (MRE) f眉r sein Juby Gold Projekt begonnen und erwartet einen signifikanten Anstieg der enthaltenen Goldunzen. Das Unternehmen plant, einen h枚heren Goldpreis von 2.400 bis 2.800 USD pro Unze anzusetzen und den Cut-off-Gehalt auf 0,2 g/t zu senken.
Die historische Ressource enth盲lt 773.000 Unzen indiziertes Gold (21,31 Mio. Tonnen mit 1,13 g/t) und 1,49 Mio. Unzen abgeleitetes Gold (47,15 Mio. Tonnen mit 0,98 g/t). Das Update wird etwa 10.000 Meter neue Bohrungen umfassen, die bisher nicht ber眉cksichtigt wurden. BBA E&C Inc. wurde ausgew盲hlt, um die aktualisierte unabh盲ngige MRE bereitzustellen.
Der Erwerb erfordert eine anf盲ngliche Zahlung von 10 Mio. USD, wobei die verbleibenden 12 Mio. USD (Bargeld und Aktien) innerhalb von 12 Monaten nach Abschluss f盲llig sind.
- Inclusion of 10,000 meters of new drilling data expected to show increased resource continuity
- Higher gold price assumptions ($2,400-$2,800/oz vs previous $1,450/oz) likely to increase resource size
- Lower cut-off grade (0.2 g/t) expected to add significant ounces to the resource
- Current gold prices above $3,000/oz provide multiple development options
- Significant funding required: $10M USD upfront plus $12M USD within 12 months
- Updated resource estimate still pending and subject to verification
- Historical resource considered preliminary until updated
TORONTO, ON / / August 6, 2025 / McFarlane Lake Mining Limited ("McFarlane" or the "Company") (CSE:MLM)(OTCQB:MLMLF) is pleased to provide an update further to its July 7, 2025, announcement regarding its proposed acquisition of the Juby Gold Project.
McFarlane has commenced a mineral resource estimate ("MRE") update at the Juby Gold Project and anticipates a material increase in contained gold ounces by using a gold price of
BBA E&C Inc. ("BBA") has been selected to provide an updated independent mineral resource estimate ("MRE in the form of National Instrument (NI) standard 43-101. BBA has well established itself within the mining industry providing a comprehensive list of multidisciplinary skill sets in geology, mining, mineral processing and refining. Their Sudbury office in Ontario will be the lead on the project, located within a 2-hour drive to the Juby Gold project.
McFarlane expects to release the updated MRE upon closing of the project transaction. McFarlane has up to 90 days to close the transaction with closing proceeding once a cash payment of $US 10 million is received by the vendor. Full unrestricted ownership of the property will occur once the remaining $US12 Million is paid (combination of cash and shares) no later than 12 months from closing (see announcement of July 7/2025).
The Juby Gold project has a historical NI-43-101 resource on the property. In summary, the indicated mineral resource contains 773,000 oz of gold (21,310,000 tonnes at 1.13 g/t gold) and an inferred mineral resource containing 1.49 million oz of gold (47,146,000 tonnes at 0.98 g/t gold) with both using a COG of 0.4 g/t gold. These resources are considered historical in nature and referred from a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report (the "technical report") co-authored by GeoVector Management and SGS Geological Services in July 2020.
"We are delighted to be working with BBA on updating the Juby Gold Resource Estimate. The potential for expanding the resource is significant since the historical resource did not include over 10,000 meters of drilling completed in 2021 which we believe has provided significant continuity to the mineralization along strike. Further, the historical resource was based upon gold prices of $US 1450/oz, compared to prices well above $US 3000/oz now. We expect a draft of the report later in August. Gold prices have provided this deposit with several potential options for its development. From a small-scale higher-grade gold resource extraction to one of orders of magnitude larger. This allows for a broader range of investors to entertain." stated Mark Trevisiol, Chairman and CEO of McFarlane Lake Mining.
About McFarlane Lake Mining Limited
McFarlane is a gold exploration company focused on the exploration and development of its portfolio of properties. The Juby Gold Project as detailed herein, the past producing McMillan and Mongowin gold properties, located 70 km west of Sudbury, Ontario, the past producing West Hawk Lake property located immediately west of the Ontario-Manitoba border, and the High Lake gold property located east of the Ontario-Manitoba border and 8 km from the West Hawk Lake property. McFarlane also owns the Michaud/Munro mineral property situated 115 km east of Timmins along the so-called "Golden Highway". McFarlane is a "reporting issuer" under applicable securities legislation in the provinces of, British Columbia, Alberta and Ontario.
To learn more, visit:
Additional information on McFarlane Lake can be found by reviewing its profile on SEDAR+ at
Cautionary Note Regarding Historical Estimates:
The historical production figures and resource estimates presented in this news release for the Juby Gold Project and Tyranite properties are considered historical in nature and have not been verified by a qualified person under NI 43-101. Neither Aris or McFarlane are treating these historical estimates as current mineral resources or mineral reserves and they should not be relied upon. A qualified person has not completed sufficient work to classify the historical estimates as current mineral resources or reserves.
Historical Technical Data
Under NI 43-101 guidelines the technical data and information provided in this announcement is considered to be historical. The data and information was taken from a report titled "Technical Report on the Update Mineral Resource Estimate on the Juby Gold Project", co-authored by GeoVector Management and SGS Geological Services having an effective date of July 14, 2020.
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark P. Geo, consulting geologist to the company and Mark Trevisiol, P.Eng., an officer of the company. Both individuals are a "qualified person" as defined under NI 43-101.
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including but not limited to the Proposed Acquisition, the terms and timing thereof, any related financing plans, the requirement for shareholder approval, and the anticipated method of obtaining such approval (if required), as well as the Company's intentions with respect to regulatory approvals, including acceptance by the CSE. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of McFarlane to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in the Company's Annual Information Form dated as of November 27, 2024, which is available for view on SEDAR+ at These risks and uncertainties include, but are not limited to, risks related to the ability to obtain necessary regulatory approvals (including final acceptance of the Proposed Acquisition by the CSE), risks related to financing arrangements and market conditions, and risks generally associated with the execution of business transactions in the mining sector.
Forward-looking statements contained herein are made as of the date of this press release and McFarlane disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Further Information
For further information regarding McFarlane Lake, please contact:
Mark Trevisiol,
Chief Executive Officer, President and Director
McFarlane Lake Mining Limited
(705) 665 5087
[email protected]
SOURCE: McFarlane Lake Mining Limited
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FAQ
What is the current resource size of McFarlane's Juby Gold Project?
How much does McFarlane (MLMLF) need to pay for the Juby Gold Project acquisition?
What changes is McFarlane making to the Juby Gold resource estimate?
When will McFarlane release the updated mineral resource estimate for Juby?
Who is conducting the updated mineral resource estimate for McFarlane's Juby Project?
