- McFarlane Lake Mining (OTCQB:MLMLF) announces proposed acquisition of the Juby Gold Project, with historical resources of 773,000 oz indicated and 1.49M oz inferred.
- The project includes four gold mineralized zones and a 25% stake in the Knight Joint Venture, situated in the prolific Abitibi Greenstone Belt.
- The acquisition aims to leverage high current gold prices and infrastructure proximities to expand resource growth potential.
McFarlane Lake Mining Limited (OTCQB:MLMLF) has announced its intent to acquire the Juby Gold Project from Aris Mining Holdings Corporation. Located in Northeastern Ontario, the Juby Gold Project is recognized as one of the region's largest undeveloped gold properties. With a significant historical resource, the project includes 773,000 ounces of indicated gold and 1.49 million ounces of inferred gold, calculated under historical gold prices of $1450/oz using a 0.4 g/t cutoff grade.
The acquisition comprises four defined gold mineralized zones across an 8.7-kilometer strike length and includes a 25% ownership stake in the Knight Joint Venture, which features the Tyanite property historically producing 232,000 oz at 5 g/t gold. The project is strategically positioned within the Abitibi Greenstone Belt known for its prolific gold production, boasting excellent infrastructure such as proximity to provincial highway 560 and high voltage power lines.
McFarlane Lake Mining intends to update resource estimates considering current gold prices that are significantly higher than the historical levels, offering expansive growth potential. The company plans to verify and update existing data following NI 43-101 standards to reflect the current market conditions. The transaction is anticipated to elevate McFarlane’s standing from a gold explorer to a developer, with increased focus on engaging with local communities for sustainable property development.
