McFarlane Lake Mining (NEO:MLM) (OTCQB:MLMLF) announced two non-brokered private placements to raise gross proceeds of up to $1.5 million from any combination of flow-through shares and regular units. Recent results from High Lake reported an intersection of 24.96 g/t gold over 14.90 metres in hole MLHL-22-06 from 325.56 to 340.46 metres as measured in drill core length from surface. This intersection includes 43.22 g/t of gold over 7.99 metres and 53.87 g/t of gold over 3.15 metres.
Visible gold was evident within these higher-grade gold intervals.
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Video Transcript:
McFarlane Lake Mining (NEO:MLM) (OTCQB:MLMLF), a Canadian gold exploration and development company, has announced two non-brokered private placements.
The company is planning to raise gross proceeds of up to $1.5 million from any combination of flow-through shares and regular units.
The flow-through shares are priced at $0.20 per share.
The regular units are priced at $0.15 per unit, with each unit consisting of 1 share and one half a warrant, with each full warrant exercisable at $0.25 for 36 months.
The shares are currently trading at $0.14.
The net proceeds will be used to further explore the company's West Hawk Lake and High Lake properties, as well as for general working capital purposes.
The company has six gold properties, with the West Hawk Lake and High Lake properties straddling the Ontario - Manitoba border which are geologically similar to a number of significant gold deposits in Ontario.
The McMillan and Mongowin properties are located 70 km southwest of Sudbury.
The Michaud and Munro properties are located in the historic Timmins area along the prolific Porcupine Destor fault, home to dozens of mines over the last century and several current producing mines.
McFarlane has option agreements to acquire 100% of all six properties.
Three of the properties are past producers of gold and all 6 properties are near infrastructure (roads, power), significant population bases and in a geo-politically stable environment.
The High Lake and West Hawk Lake properties are in close proximity to each other and could potentially be developed together with multiple mining operations and one processing facility.
Recent results from High Lake reported an intersection of 24.96 g/t gold over 14.90 metres in hole MLHL-22-06 from 325.56 to 340.46 metres as measured in drill core length from surface.
This intersection includes 43.22 g/t of gold over 7.99 metres and 53.87 g/t of gold over 3.15 metres.
Visible gold was evident within these higher-grade gold intervals.
Drilling in hole MLHL-22-04 intersected 32.58 g/t gold over 1.45 metres higher on the same section within the Purdex A zone.
The High Lake property has historical, non-compliant, gold resources of 270,000 tonnes at 9.83 g/t for 85,000 troy ounces.
For more information, please visit the company’s website at www.McFarlaneLakeMining.com, contact Mark Trevisiol, President & CEO, at 705-562-5280 or by email at MTrevisiol@McFarlaneLakeMining.com.
Investor Relations is handled by Craig MacPhail at NATIONAL Capital Markets, who can be reached at 416-525-5709 or by email at CMacPhail@national.ca.
