December 13, 2023 (Investorideas.com Newswire) McFarlane Lake Mining has announced that it has begun drilling on its highly mineralized High Lake Project. Read on to see why analysts like this company as gold is breaking out.
McFarlane Lake Mining Ltd. (MLM:NEO; MLMLF:OTCQB) has announced in a press release that it has resumed exploration drilling to expand the resource on the company’s High Lake Property. The company reports that the planned drill program comprises 10,000m of drilling focused on the Purdex zone, which returned a high-grade mineralized resource estimate (MRE) in the previous campaign completed in February of this year. The MRE identified 152k tonnes of indicated resource at 9.38 grams per tonne (g/t) and 287k tonnes of inferred resource at 10.43 g/t.
The MRE identified three zones of mineralization, covering an area that is 220m long and 420m deep on the property, and these zones have returned grades of up to 24.96 g/t of gold (Au) in one 14.90m stretch and 9.20 g/t Au along 26.4m.
The program will also test a number of targets generated by the Induced Polarization (“IP”) geophysical survey that was completed in February 2023 and the follow-up prospecting program completed in May 2023.
Roger Emdin, the CEO of McFarlane, commented, “We are very pleased to have raised more than CA$4.6 million in our recently closed private placement in a very tough capital market regime for junior explorers. This financing allows us to resume our successful exploration activities and seek to expand our high-grade mineral resource estimate on the Purdex zone and follow up on other high-priority targets.”
Gold Reaches 20-Month High
McAlinden Research Partners released a report on December 5, 2023, that stated that gold, at US$2,150 per ounce, and Bitcoin, at US$42,000 per unit, hit a 20-month record high.
McAlinden identified a relationship between gold values and cryptocurrencies, commenting, “MRP has long posited that gold and Bitcoin could very well be complementary assets in some situations, sharing very similar monetary qualities and the potential to benefit from similar trends.”
Josh Chiat also examined the gold market on December 4, 2023, and cited more traditional reasons for the gold breakout, including conflict in the Middle East and the expectation that the U.S. Federal Reserve will cut rates in 2024, both of which drive up uncertainty. Gold is commonly seen as a “safe haven” investment, meaning that when confidence in the economy goes down, the value of gold goes up.
A Strong Speculative Buy
Technical Analyst Clive Maund reviewed the company in June of 2023, rating the company as a “Strong Speculative Buy” for potential investors.
Maund cited several factors in his assessment of the company, including the company’s encouraging stock patterns: “Within the Handle part of the Cup & Handle base, we can see that the price is being steadily shepherded higher by the Saucer boundary towards a breakout, which will occur when the price breaks above the resistance at the upper boundary of the entire pattern.”
In February of 2023, Maund rated the company as an “Immediate Speculative Buy” because of the news that McFarlane had intercepted “bonanza grade results” on its lucrative High Lake property.
The company has a number of catalysts to report, according to its investor presentation, including an application for a permit to start surface bulk sampling on the High Lake Property.
Ownership and Share Structure
Reuters provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 25.22% of the company.
Reuters reported that President and CEO Mark Trevisiol owns 15.32% of the company with 12.36 million shares, Director Perry Nicholas Dellelce owns 6.32% of the company with 11.47 million shares, COO Roger John Emdin owns 1.75% of the company with 3.17 million shares, Director Dario Zulich owns 1.54% of the company with 2.80 million shares, Director Fergus P. Kerr owns 0.28% of the company with 0.50 million shares, and CFO Charles James Lilly owns 0.01% of the company with 0.01 million shares.
Reuters reports that institutions own approximately 18.13% of the company.
Evanachan, Ltd. owns 11.01% of the company with 20.00 million shares, and Canadian Star Minerals Ltd. owns 7.12% of the company with 12.93 million shares.
According to Reuters, there are 181.63 million shares outstanding, with 118.39 million free float traded shares, while the company has a market cap of CA$13.36 million and trades in the 52-week period beginning at CA$0.03.
More Info:
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
That’s all it takes to get an article published on Investor Ideas – Learn More
Credit: Source link