Diamond drilling on Juby property. Credit: Aris Mining
McFarlane Lake Mining (CSE: MLM; US-OTC: MLMLF) is acquiring what it considers to be “one of the largest undeveloped gold properties in Ontario” from Aris Mining (TSX: ARIS; NYSE-A: ARMN) in a deal valued at $22 million.
The Juby gold project lies approximately 100 km west of the city of Temiskaming Shores, and is geologically part of the Abitibi greenstone belt, which has produced over 200 million oz. of gold in its history.
The property currently has four identified mineralized zones (Juby, Golden Lake, Big Dome and Hydro Creek), with a combined resource of 21.3 million tonnes indicated grading 1.13 grams per tonne (g/t) gold and 47.1 million tonnes inferred at an average grade of 0.98 g/t gold.
All four zones, according to McFarlane Lake, would be amenable to open pit mining methods, and have the potential for further resource growth based…
