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McFarlane Commences Mineral Resource Update at Juby Gold Project Targeting Material Increase to Contained Gold Ounces
TORONTO, ON / ACCESS Newswire / August 6, 2025 / McFarlane Lake Mining Limited (" McFarlane " ...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"McFarlane Commences Mineral Resource Update at Juby Gold Project Targeting Material Increase to Contained Gold OuncesTORONTO, ON / ACCESS Newswire / 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 $2400-$2800 per/oz USD, lowering the cut of grade (\"COG\") to 0.2 g/t and including approximately 10,000 meters of new drilling not previously captured in the historical MRE. Collectively, these strategic updates in the MRE are expected to significantly increase the number of ounces for the project.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...