Business
McFarlane Lake Closes Sale Of High Lake And West Hawk Lake Properties For $9.25 Million
TORONTO, ON / ACCESS Newswire / October 28, 2025 / McFarlane Lake Mining Limited (" McFarlane ...
About this update from Mcfarlane Lake Mining Limited
[{"type":"text","content":"McFarlane Lake Closes Sale Of High Lake And West Hawk Lake Properties For $9.25 MillionTORONTO, ON / ACCESS Newswire / October 28, 2025 / McFarlane Lake Mining Limited (\"McFarlane\" or the \"Company\") (CSE:MLM)(OTCQB:MLMLF) is pleased to announce that it has closed the previously announced sale of the High Lake and West Hawk Lake properties to Total Metals Corp. (\"Total Metals\") (TSX-V:TT.V)(FSN:04N) for total consideration of $9.25 million, receiving $7.25 million in cash and 3,333,333 common shares of Total Metals, issued at a deemed price equal to $0.60 per share. As of October 24, 2025, Total Metals' shares have averaged $1.25 on the TSXV over the five trading days ended October 24.The sale of the High Lake and West Hawk Lake properties aligns with McFarlane's strategy to focus on the exploration and development of the Company's flagship Juby Gold Project, where the company recently announced a new Mineral Resource Estimate, (see news release dated October 7, 2025 and resource statement herein).Mark Trevisiol, CEO and Chairman of McFarlane commented, \"The monetization of our High Lake and West Hawk Lake properties has significantly strengthened our balance sheet and allows us to focus predominately on advancing the Juby Gold Project. With planned drilling fully funded, and our drill permit application submitted, we're eager to begin drilling and showcasing the opportunity at Juby for resource expansion. In the coming weeks we will share more details with our stakeholders on our strategy for expanding gold resources. In parallel we are also focusing on reviewing environmental baseline proposals on the property. We look forward to sharing our detailed development plans with all stakeholders and we wish Total Metals success as they begin work on the High Lake and West Hawk Lake properties.\"About McFarlane Lake Mining LimitedMcFarlane Lake Mining Limited 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 a...