News
An Update on Our Progress
From Mark Trevisiol, President, CEO and Chair of the Board
“We are pleased to share this update. This year, McFarlane Lake has had significant achievements: becoming listed on the NEO exchange, acquiring several key properties, completing a successful exploration program on our West Hawk Lake property where we extended gold mineralization at depth
and along strike, and most recently, being listed in the United States through the OTC Markets.”
Drilling at West Hawk Lake
3,000 metres of drilling over 14 holes completed at West Hawk Lake in March 2022 extends gold mineralization along strike and depth.
Drilling at our West Hawk Lake property near the Ontario-Manitoba border commenced in February with a program of 3000 metres
over 14 holes. The program’s goal was to verify past reported gold mineralization and follow up on geophysical targets. The drilling was complete
in March, and we received the assay results in May. The highlights include:
· Showed the existence of high-grade gold mineralization 100 metres below historical gold mineralization at the Waverly Raise Zone on the property;
· Demonstrated the potential at the Waverly Zone for a gold zone with a mineralized strike length of 200 metres and down to over 200 metres remaining open at depth;
· Successfully intersected gold at the Sunbeam Breccia below known gold mineralization; and
· Identified strong geological structures extending beyond the previously explored areas
· Assay result highlights include:
– MLWH-22-08 intersected two zones, 40g/t over 0.64m and 8.62g/t over 1.00m.
– MLWH-22-05 intersected two zones,81g/t gold over 4.00m and 7.85g/t gold over 2.00m including 11.30g/t gold over 1.00m.
We will use the continuity in gold mineralization we’ve discovered to plan future drilling at West Hawk Lake to meet our goal of developing a compliant gold resource.
Figure 1: Drill Intersections at West Hawk Lake Project – Plan View
High Lake
Our next exploration target is expected to be our High Lake property near Kenora in Ontario and close to West Hawk Lake. High Lake was last explored in 1988 and recorded a historical resource of 457,00 tonnes at 9.8 g/t gold. Note that this estimate is not NI 43-101 compliant and should not be compared to current methodologies of mineral estimation. Of particular interest at High Lake is the Purdex Zone which has only been tested to 100 metres, and we believe it has significant potential to explore at depth.
We are currently in discussions with First Nations groups to get permission to start exploration at High Lake.
Acquiring Leases in Michaud and Munro Township
In line with our strategy to explore opportunities with properties that have historic mineralization, in May, we acquired a 100% interest in mining leases in the Michaud and Munro townships on the Larder Lake Mining District near Matheson, Ontario.
We were attracted to these properties because they are located along the Timmins Highway 101 corridor. This region has a production
history and is host to six operating gold mines. Michaud and Munro have been family-held for over 50 years and have seen limited work, with the most recent
drilling completed in 1995. The Michaud property has two well-known fault systems to its north and south, and the Munro property is part of the prolific
Kidd-Munro assemblage within the Abitibi Greenstone Belt. We plan to develop an exploration plan for Michaud and Munro later this year.
Highly Prospective Property Portfolio
In addition to the properties discussed above, McFarlane Lake has two further properties east of Sudbury in a region consistently on the top
gold exploration opportunities as identified in the “Recommendations for Exploration 2010 to 2011 and in 2017 to 2018” published by the Ontario Geological Survey. Three of our six properties are past producers of gold, and all six properties are near infrastructure (roads, power), significant population bases, and a
geopolitically stable environment. Readers are encourage to review our filings on Sedar.
PDAC Online
June 28-29
McFarlane Lake will participate in the 2022 PDAC online convention on June 28 and 29 this year. Those attending our virtual booth will be able to connect directly with our team and get further updates on our progress.
PDAC Annual Convention 2022 (pdaconline.ca)
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. 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
Lake 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 Filing Statement dated as of January 14, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and McFarlane Lake 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.
McFarlane Lake’s’ operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
For further information, please contact:
Mark Trevisiol, Chief Executive Officer, President and
Director
McFarlane Lake Mining Limited
1 705-562-8520
Craig MacPhail
NATIONAL Capital Markets
1 416-525-570