New drilling by McFarlane Lake Mining (CSE: MLM; US-OTC: MLMLF) at its main Juby gold project in northeastern Ontario has continued to expand the scale of the property’s gold system ahead of a resource update next month.
Hole GL26-87, on the western side of the Golden Lake deposit, cut 179 metres grading 0.87 grams gold per tonne from 34 metres depth, including 6.9 metres of 2.33 grams gold from 157 metres, McFarlane Lake said Thursday.
Another hole, GL-83, cut 155 metres of 0.9 gram gold from about 66 metres depth, including 11.4 metres of 2.37 grams gold from 94 metres downhole.
The latest assays show a widening of the mineralization from the existing open pit shell, strengthening confidence in the project’s economic potential, McFarlane Lake said.
Juby sits on Ontario’s Abitibi Greenstone Belt, about 500 km northwest of Toronto. Since acquiring the project last year for about $22 million (C$31 million), the company has undertaken an aggressive drill campaign aimed at expanding the existing resource while testing new targets across the property. Drilling on the property began in December.
All drilling for the upcoming resource update finished last month, McFarlane Lake said. Despite a delay due to lab equipment failure, the company said it now has all results and expects to release the estimates in two to three weeks.
“We are looking forward to updating the mineral resource estimate and demonstrate to our stakeholders how extensive the gold system on our property is,” CEO Mark Trevisiol said. “We believe we are just ‘scratching the surface’ on this property with significant upside to add significantly more gold mineralization.”
Juby holds 31.7 million indicated tonnes grading 0.98 gram gold for contained metal of 1.01 million oz. and 109.5 million inferred tonnes grading 0.89 gram gold for contained metal of 3.17 million, according to a September resource.
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