MCFARLANE LAKE MINING LIMITED Stock Price, News & Analysis

McFarlane Lake Mining held its annual general and special meeting on March 3, 2025. Key matters voted upon included:

• Election of Directors: All seven nominees were elected to hold office until the next annual meeting.
• Appointment of Auditors: McGovern Hurley LLP was appointed as auditors until the next annual meeting, with the board authorized to fix their remuneration.
• Stock Option Plan Resolution: Amendments to the stock option plan were approved as per Cboe Canada rules.
• Reapproval of Security-Based Compensation Arrangements: The reapproval of the security-based compensation arrangements, including all unallocated awards and entitlements, was approved.

Details are available in the management information circular dated January 22, 2025, on SEDAR+.

McFarlane Lake Mining (Cboe CA: MLM) (OTCQB: MLMLF) announced a non-brokered private placement offering to raise up to C$1 million. The offering consists of up to 20 million units at C$0.05 per unit and up to 14.3 million flow-through shares at C$0.07 per share, with a minimum subscription amount of $635,000.

Each unit includes one common share and one-half of a warrant, with each whole warrant exercisable at C$0.07 for 18 months. The offering is expected to close around February 28, 2025 and will be available through the Listed Issuer Financing Exemption to Canadian investors (except Quebec).

Proceeds will primarily fund exploration activities on the company's Canadian properties, focusing on the McMillan Property while supporting ongoing exploration at West Hawk Lake and High Lake properties. Flow-through share proceeds will be used for eligible Canadian exploration expenses qualifying as flow-through mining expenditures, to be renounced to subscribers effective December 31, 2025.

McFarlane Lake Mining has announced significant drilling results from its McMillan Gold Mine project. Hole MLMM-25-04 intersected 2.0 gpt gold over 51.65 meters, including 3.1 gpt over 21.1 meters, with several higher-grade zones including 5.5 gpt gold over 7.55 meters and 16.1 gpt over 1.8 meters.

The drilling was conducted approximately 50 meters below and 20 meters west of a previous hole, targeting a Borehole Electromagnetic anomaly. The mineralization contains various sulphide minerals, including chalcopyrite, pyrite, pyrrhotite, and arsenopyrite, with base metal assay results pending. The zone remains open along strike and at depth.

The company believes the main ore body is dipping steeply to the north and plunging eastward. The McMillan Gold Mine is strategically located 70 km west of Sudbury, Ontario, within 3 km from major highways and power lines in the Huronian Gold Belt.

McFarlane Lake Mining has announced significant drilling results from its McMillan Gold Mine project. Hole MLMM-25-04 intersected 2.0 gpt gold over 51.65 meters, including 3.1 gpt over 21.1 meters, with several higher-grade zones including 5.5 gpt gold over 7.55 meters and 16.1 gpt over 1.6 meters.

The drilling was conducted approximately 300 meters below surface at the past-producing McMillan Gold Mine, located 70 km west of Sudbury, Ontario. This discovery represents a 50-metre step out from previous drilling. The mineralization contains various sulphide minerals, including chalcopyrite, pyrite, pyrrhotite, and arsenopyrite, with base metal assay results still pending.

The company believes the main zone of the ore body is dipping steeply to the north and plunging eastward. The mineralization remains open along strike and at depth, with drilling continuing to test the continuity of this wide zone.

McFarlane Lake Mining has reported significant gold intersections from its drilling program at the McMillan Gold Mine property, located 70 km west of Sudbury, Ontario. The company's drill hole MLMM 08-05W1 returned 2.7 gpt gold over 31.35 metres, including 5.6 gpt gold over 13 metres and a higher-grade zone of 10.7 gpt gold over 5 metres.

A follow-up hole, MLMM-24-04, intersected a 54-metre zone of quartz sulphide stockwork approximately 300 metres below surface. This mineralized zone remains open along strike and at depth, suggesting potential for significant discovery. The company has completed 6 holes totaling approximately 2,000 meters of drilling, focusing on verifying historical gold intercepts and testing mineralization continuity around the historic mine.

McFarlane Lake Mining has started drilling operations at its McMillan Mine property near Sudbury, Ontario. The company plans to drill a minimum of 3,000 meters to confirm historical gold intersections and expand gold mineralization, following recent geophysical surveys. Historical drilling showed significant results, including a 27.9-metre intersection of 6.4 gpt gold. A recent sample returned 87.4 gpt gold with copper, cobalt, and nickel content.

The company also announced management changes effective December 1, 2024, with Brad Boland joining as CFO, replacing Charles Lilly who is departing from both his CFO position and board membership.

McFarlane Lake Mining (CBOE:MLM)(OTCQB:MLMLF) has awarded a diamond drilling contract for its winter program at the 100% owned McMillan Mine property, located 70 kilometers west of Sudbury, Ontario. The company plans to drill a minimum of 3,000 meters to test and expand on historic high-grade gold intercepts and better understand the deposit's geology.

A recent sample from the site returned 87.4 gpt gold, 0.59% copper and anomalous cobalt and nickel, demonstrating potential for high-grade gold within a polymetallic mineralized system. McFarlane has also strengthened its geological team by adding Wesley and Winston Whymark, experienced professionals in mineral exploration with familiarity in the McMillan Mine's geological setting.

The company has a compliant gold resource at its High Lake Property, with an Indicated resource of 152,000 tonnes at 9.38 g/t Au for 45,800 ounces, and an Inferred resource of 287,000 tonnes at 10.43 g/t Au for 96,200 ounces.

McFarlane Lake Mining (CBOE:MLM)(OTCQB:MLMLF) has announced its participation in the Red Cloud Securities Fall Mining Conference on October 16th and 17th, 2024. CEO Mark Trevisiol is scheduled to present the company's latest exploration plans for the past-producing McMillan Gold Mine on October 17th at 4:00 p.m. at the Sheraton Centre Hotel in Toronto, Ontario.

McFarlane will also be available for one-on-one business meetings at their designated booth. The company focuses on gold exploration and development, with properties including the McMillan and Mongowin gold properties near Sudbury, Ontario, the West Hawk Lake property on the Ontario-Manitoba border, the High Lake gold property, and the Michaud/Munro property east of Timmins.

McFarlane Lake Mining (NEO:MLM) has received an exploration permit from the Ontario Ministry of Mines for its McMillan Mine property, located approximately 70 kilometers east of Sudbury, Ontario. The permit allows for activities including line-cutting, geophysical surveys, and diamond drilling. The company is planning an initial 3,000-meter diamond drilling program.

Recent surface sampling at the property yielded an assay of 87.4 gpt gold and 0.59% copper. The presence of polymetallic gold-copper mineralization presents an opportunity to add significant value. Field preparations for drilling will begin in September, with drilling expected to start in November and continue into Q1 2025. The program aims to confirm and expand on historic high-grade gold intercepts, including 27.9 metres of 6.4 gpt gold containing 8.1 metres of 15.7 gpt gold.