McFarlane Lake Mining Limited has reported a major increase in gold resources at its Juby Gold Project, located about 15 kilometres west of Gowganda, Ontario. The updated mineral resource estimate contains 5.06 million inferred ounces of gold grading 0.87 grams per tonne and 1.14 million indicated ounces grading 0.95 grams per tonne.
Inferred resources increased 59%, from 3.17 million ounces, while indicated resources increased 13%, from 1.01 million ounces. About 13,000 metres of new exploration drilling were included in the updated estimate. The new estimate uses a long-term gold price of US$3,600 per ounce, compared with US$2,500 per ounce in the previous estimate.
McFarlane Lake Mining Limited also established a new pit-constrained inferred resource at the 826 Zone, containing 1.82 million tonnes grading 1.29 grams per tonne gold at a 0.25 gram per tonne cut-off. The company says the zone carries an inferred gold grade about 50% higher than its other deposits, with most mineralization within 150 metres of surface.
Drilling continues at Juby, with upcoming work targeting additional ounces and infill drilling intended to move inferred resources into the indicated category. Environmental baseline work is also continuing.