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McFarlane Lake Announces Sale of High Lake and West Hawk Lake Properties for $9.25 Million
Toronto, Ontario--(Newsfile Corp. - October 20, 2025) - McFarlane Lake Mining Limited (CSE: MLM) ...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"McFarlane Lake Announces Sale of High Lake and West Hawk Lake Properties for $9.25 MillionToronto, Ontario--(Newsfile Corp. - October 20, 2025) - McFarlane Lake Mining Limited (CSE: MLM) (OTCQB: MLMLF) (\"McFarlane\" or the \"Company\") is pleased to announce the signing of a definitive asset purchase agreement (the \"Agreement\") with Total Metals Corp. (\"Total Metals\") for the sale of the Company's High Lake and West Hawk Lake properties located in close proximity east and west of the Ontario-Manitoba border. Under the terms of the Agreement, the Company will receive total consideration of $9.25 million, comprised of:$7.25 million in cash, payable on closing; and 3,333,333 common shares of Total Metals, issued at a deemed price equal to $0.60 per share, and issuable on closing. Completion of the transaction is conditional on Total Metals raising at least $10 million in gross proceeds from a concurrent financing and other customary closing conditions, including required regulatory and third-party approvals, with the transaction expected to close on or before October 31, 2025.About McFarlane Lake Mining LimitedMcFarlane Lake Mining Limited (\"McFarlane\" or the \"Company\") is a Canadian gold exploration company focused on advancing its flagship Juby Gold Project, located near Gowganda, Ontario, within the established Abitibi Greenstone Belt. The Juby Project hosts a current (effective September 29, 2025) NI 43-101 compliant Mineral Resource Estimate (MRE) of 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t gold (31.74 million tonnes) and an additional 3.17 million ounces of gold in the Inferred category at an average grade of 0.89 g/t gold (109.48 million tonnes). The estimate was calculated using a long-term gold price of US$2,500 per ounce, applying cut-off grades of 0.25 g/t gold for open pit and 1.85 g/t gold for underground resources.A sensitivity analysis completed at a higher gold price of US$3,750 per ounce resulted in an Indicated Mineral Resource of 1.20 million ounces grading 0.94 g/t gold (39.51 million tonnes) and an Inferred Mineral Resource of 4.23 million ounces grading 0.85 g/t gold (154.50 million tonnes) applying cut-off grades of 0.25 g/t gold for open pit and 1.15 g/t gold for underground resources.The independent MRE was prepared by BBA E&C Inc. in accordance...