McFarlane Targets Resource Expansion at Juby Gold Project

Core Viewpoint - McFarlane Lake Mining Limited is initiating a significant diamond drilling exploration program at its Juby Gold Project, aiming to enhance resource estimates and unlock shareholder value through a dual approach of drilling and sampling historic core [1][3][7]. Exploration Program - The upcoming drilling program will cover 12,000 to 13,000 metres, marking the largest single drill program in Juby's history [1][7]. - The exploration targets an estimated additional 15 million to 30 million tonnes of gold mineralization, with grades ranging from 0.9 to 1.1 grams per tonne [7][9]. Resource Estimates - The current Mineral Resource Estimate (MRE) for the Juby Gold Project includes 1.01 million ounces of gold in the Indicated category at an average grade of 0.98 g/t and 3.17 million ounces in the Inferred category at an average grade of 0.89 g/t [15]. - A sensitivity analysis at a higher gold price of US$3,750 per ounce indicates an increase in Indicated Mineral Resource to 1.20 million ounces and Inferred Mineral Resource to 4.23 million ounces [16]. Geological Modeling and Strategy - The updated exploration strategy incorporates a lower cutoff grade of 0.25 g/t gold, which is a shift from the previous 0.4 g/t cutoff, reflecting current economic conditions [7][10]. - The latest geological modeling software has been utilized to identify mineralization targets outside the current resource area, with high potential areas identified beneath the Golden Lake pit and in both the Juby east and west zones [7][10]. Environmental Studies - Baseline environmental studies have commenced, which are essential for future mining permit applications and bulk sample extraction [11]. Additional Assets - Besides the Juby Gold Project, McFarlane holds a portfolio of 100%-owned gold assets across Ontario, including the past-producing McMillan Gold Mine and Mongowin properties [19].