Seven of the fourteen new claims were acquired by the Company through private purchase for a cash settlement
McFarlane Lake Mining property location - High Lake and West Hawk Lake Properties. (Credit: Newsfile Corp/McFarlane Lake Mining Limited)
McFarlane Lake Mining Limited (NEO: MLM) (“McFarlane Lake” or “the Company”), a Canadian gold exploration and development company, today announced that it has acquired fourteen new claims surrounding its High Lake property (see Figure 1). The acquisition includes seven claims acquired by purchase and seven claims acquired by staking by McFarlane Lake. The acquisition significantly expands the exploration property at High Lake from 341.49 hectares to 584.43 hectares. It also adds to the Company’s overall land position in the High Lake and West Hawk Lake property area (see Figure 3).
“This acquisition gives McFarlane Lake significant potential to discover new gold mineralization adjacent to our existing property”, said Mark Trevisiol, President and CEO of McFarlane Lake Mining Limited. “Some of our new claims lie on the same geological trends as our existing claims which have known gold mineralization. In particular we are encouraged by the exploration drilling opportunity that exists around our Purdex Zone with the mineralization in this area trending towards our newly acquired claims in the northeast.”
As previously announced, the Purdex Gold Zone (“Purdex Zone”) is the Company’s priority target at High Lake as it has only been tested to a depth of 100 metres and has significant potential for further mineralization (see Figure 2). In 2006, a 10-metre panel sample from a trench on surface on the Purdex Zone averaged 9.84 g/t gold (NI43-101 Report High Lake/Electrum Lake Property by Seymour Sears December 10, 2009), earlier drilling had intersected drill core returning 12.58 g/tonne gold over 9.6 meters (Consolidated Jalna Resources report February 28, 1989). The newly acquired claims will allow for deeper exploration of this target area.
As well, the new claims allow McFarlane to expand the P zone and previously discovered D Zone (Figure 2). A soil sampling survey (Report by Barrier Reef Resources Ltd. January 5, 1984) covering the western portions of the High Lake property and a portion of the newly acquired claims outlined several soil trends over 100 parts per billion (“ppb”) gold. Local sample results within the D Zone in claim 562791 detected soil trends as high as 12,200 ppb gold.
Limited drilling was completed by Calnor Resources Ltd in 1986 on the Zone D trend, with the best results obtained from hole SC86-21 of 1.27 g/t gold over 15.2 metres, including an intersection of 3.09 g/t gold over 1.5 metres (Calnor Resources Assessment Report March 31, 1986). These intersections are historical in nature and predate NI43-101. The addition of claim 562791 provides McFarlane with exploration opportunities at the D zone and strike and down dip extensions of the P Zone which will be tested as part of the fall drilling program.
Seven of the fourteen new claims were acquired by the Company through private purchase for a cash settlement. They were acquired from an individual who had the rights to the claims under the Ontario Mining Lands Administration System (“MLAS”). The remaining seven claims were staked through the MLAS by McFarlane Lake Mining Limited.
Source: Company Press Release