McFarlane Lake Mining (CSE: MLM) has substantially expanded the gold inventory at its Juby project, the result of a drilling campaign the company says produced no barren holes.
The updated mineral resource estimate includes:
- Indicated: 37.17 million tonnes grading 0.95 g/t gold for 1.14 million ounces
- Inferred: 180.67 million tonnes grading 0.87 g/t gold for 5.06 million ounces
The estimate assumes a gold price of US$3,600 an ounce, with a 0.25 g/t cut-off for pit-constrained material and 1.60 g/t for the underground component. Run at US$4,600 an ounce, the figures are said to rise to 1.20 million indicated ounces and 5.40 million inferred.
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The estimate marks a 59% increase in inferred ounces from the 3.17 million reported in September 2025, and a 13% lift in the indicated category from 1.01 million ounces. Roughly 13,000 metres of new drilling fed the update.
A meaningful share of the growth came from the newly defined 826 Zone, which added 1.82 million tonnes at 1.29 g/t as a pit-constrained inferred resource. The zone sits on a shallow plunge entirely within 150 metres of surface and was outlined with about 2,200 metres of drilling in an area of the property that had carried no defined resources.
“We are extremely happy with the significant increase in gold resources on the property, after only 7 months of drilling,” Chief Executive Officer Mark Trevisiol said. “There wasn’t a single diamond drill hole that didn’t intersect gold mineralization. This property is truly demonstrating its large-scale potential.”
Juby sits in the Archean Abitibi greenstone belt, is road accessible with power nearby, and has absorbed some 116,000 metres of drilling over its history.
The company accelerated this resource update in April after intercepts at the Golden Lake deposit, including 208 metres at 0.88 g/t, outran expectations. Drilling continues, aimed at both fresh ounces and converting inferred material into the indicated category.
Groundwork on the permitting side is moving in parallel. McFarlane has drilled 19 groundwater wells since December 2025, is sampling water monthly, and has begun an archaeological study with three First Nation communities. A bulk sample of up to 50,000 tonnes remains slated for extraction in 2027.
McFarlane Lake Mining last traded at $0.39 on the CSE.
