June 28, 2023 (Investorideas.com Newswire) McFarlane Lake Mining finds high-grade gold on surface at a future drilling area, and further surface sampling identifies a potential new copper-gold vein. Read on to see how the company plans to grasp this opportunity, including considering the use of AI.
McFarlane Lake Mining (MLM:NEO; MLMLF:OTCQB) has announced the results of its surface sampling in the Purdex Zone of the High Lake Property in Ontario.
These findings include a potential copper-gold vein in a separate zone called the “Porphyry Zone.” A May 2023 announcement established a compliant Ni 43-101 Mineral Resource Estimate for the Purdex Zone of 96,200 inferred ounces and 45,800 indicated ounces of gold at a grade of 10.32 grams per tonne gold (g/t Au)and 9.38g/t Au respectively for inferred and indicated resources.
The sampling program outlined numerous anomalous areas, with 12 samples returning values containing gold (See Figure 1). Gold samples of significance were returned in five target areas; these areas were identified as potential targets by the most recent geophysical survey. The target area west of the recently drilled Purdex Zone recorded sample values of 15.9g/t Au.
Also, in the target area east of the Purdex Zone, a significant gold sample value containing 9.35 g/t Au was also recorded. The samples from these areas were in elevated zones of conductivity, supporting geophysical data as having the potential to contain gold mineralization. Sampling also found gold values exceeding 1.5 grams per tonne gold in the Porphyry Zone (See Figure 1).
Figure 1 – Prospecting and Sampling Program – Gold and Copper Results. Source: McFarlane Lake Mining.
The copper findings in the Porphyry Zone may indicate a potential copper zone. This zone, having a width of over 22m at surface, was subject to historical trenching assays from the 1950s, which then graded 0.95% copper, with gold values of up to 1.5g/t. This 22-meter wide zone extends along strike for over 600 meters making this a significant development potential for McFarlane.
Recently the prospecting and sampling program in this area produced a number of elevated gold and copper values, including 1.55g/t, 1.46g/t, and 0.96g/t of gold associated with 0.87%, 0.78%, and 0.59% copper. It is speculated that this porphyry system may have been the source of much of the gold and copper mineralization throughout McFarlane’s High Lake property.
McFarlane Planning for the Future, Considering AI
McFarlane has three defining factors that distinguish it from other companies: firstly, its geology supports the presence of high-grade gold. Further, several of its properties are past producers of gold, which reduces investor risk of gold being present. Finally, its properties are near the necessary infrastructure (major highways and power lines within one mile) to support a systemic build of a mining and milling operation. McFarlane has a portfolio of six 100% owned properties, all of which have previously identified gold mineralization. All six properties are located in mining-friendly districts of Canada. McFarlane’s management is made up of former mining executives with experience and skillsets covering exploration, project development, and operation of mines and mills.
McFarlane is exploring its strongest prospects: High Lake and West Hawk Lake. Drilling in January of last year at West Hawk Lake expanded gold mineralization at depth in two zones, established continuity in gold mineralization, and confirmed the existence of high-grade intersections.
The company has also begun drilling at High Lake, where previous historical drilling identified multiple high-grade intersections in the Purdex Zone that include a panel sample of 9.8 g/t over 10m in a surface trench. Some recent high-grade gold announcements in the Purdex zone, which formed part of the latest Ni – 43-101 compliant resource (listed above for High Lake), included 24.96 g/t gold over 14.9 meters located 325 meters from surface, 9.2 g/t gold over 26.4 meters located 280 meters from surface and 6.14 g/t gold over 24.55 meters within 15 meters of surface.
In a newly acquired claim, historical soil samples showed values up to 12.2g/t gold; this is an exceptional and rare high-grade finding for soil sampled assays, once again demonstrating the potential for this property.
McFarlane is also reviewing the potential applications of artificial intelligence in the exploration sector and is currently in communication with consultants who employ AI for exploration. Using AI to review and compile current and historical data may lead to the identification of other targets for exploration in the development of the High Lake Property.
Technical Analyst Clive Maund recently reviewed McFarlane on June 12, 2023, where he said, “We bought McFarlane Lake early in February, which turned out to be a good time as it has continued to creep higher ever since so that we now have useful gains. However, as we will proceed to see, by far, the best gains still lie ahead.”
Gold: On the Path Upwards?
Gold has taken a hit this June as investors shifted toward critical metals, such as lithium, nickel, and copper. According to Stockhead, “What the gold sector needs to claw back some attention is an almighty surge in the gold price, one that leaves the record US$2,075/oz set during the pandemic in its wake.”
While the current price of US$1,960/oz is still good, gold is not living up to expectations. However, Evolution executive chair Jake Klein believes that this will be short-lived and that gold will make a comeback, defined by the “three D’s.”
These factors are debt defaults, which are liable to stress the economy, debt ceiling, which puts the United State’s economy on shaky ground, de-dollarization, which defines the dollar’s increasing instability and decarbonization, which sees a large portion of national spending moving toward environmental factors and contributing to inflation. Given that gold does well when the economy does not, gold could still be in the running.
Share Structure
There are 113 million shares outstanding, with insiders controlling 28% and Retail and others with 72%. The company has a market cap of CA$15 million. It trades in the 52-week period between CA$0.01 and CA$0.20.
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