McFarlane Lake completes acquisition of mining leases near Matheson
McFarlane Lake Mining Limited a Canadian gold exploration and development company, further to its press release dated May 5, 2022 today announces it has completed the previously announced acquisition of a 100% interest in certain mining leases in the Michaud and Munro townships in the Larder Lake Mining District near Matheson.
The mining leases have been acquired for $30,000 in cash, the equivalent of $550,000 in common shares of McFarlane Lake (1,375,000 common shares at a deemed value of $0.40 per common share) and a 1.5% net smelter return royalty.
The Michaud and Munro properties are located along the Timmins Highway 101 corridor. This region has a history of production and is host to six operating gold mines. The Michaud and Munro properties have been family-held for over 50 years and have seen limited work, with the most recent drilling completed in 1995. The Michaud property has two well-known fault systems to its north and south, and the Munro property is part of the prolific Kidd-Munro assemblage within the Abitibi Greenstone Belt. The Company plans to develop an exploration plan for Michaud and Munro later this year.
"Fully securing these properties adds to our attractive portfolio of exploration targets, all of which have historic mineralization with solid potential to be upgraded to compliant resources and further development," said Mark Trevisiol, President and Chief Executive Officer of McFarlane Lake. "The fact that they are located in mining-friendly jurisdictions and with significant nearby infrastructure adds to that potential."
Pursuant to applicable securities laws, the common shares issued in connection with the Acquisition will be subject to a four (4) month hold period ending November 19, 2022. The Acquisition remains subject to the final approval of the Neo Exchange.
About McFarlane Lake Mining
McFarlane Lake is a Canadian gold exploration and development company with six gold properties with historic mineralization; two west of Sudbury in a region consistently on the top gold exploration opportunities as identified by the Ontario Geological Survey (reports of 2011 and 2018) and an additional two straddling the Ontario - Manitoba border, which are geologically similar to a number of significant gold deposits in Ontario. The two remaining properties under option 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. Three of the properties are past producers of gold, and all six properties are near infrastructure (roads, power), significant population bases and in a geopolitically stable environment.
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