McFarlane Lake boosts Juby gold resource by 2M oz, contained gold up 48%
Key Takeaways
- •McFarlane Lake Mining reported an updated mineral resource for its Juby gold project in northeastern Ontario.
- •The revised estimate increased global contained gold by 48%, or about 2 million ounces, versus the initial October 2025 resource.
- •Average grades declined slightly in the update, while the open-pit and underground components were both included.
- •The company’s shares trade on the Canadian Securities Exchange under MLM and on the OTC market in the United States under MLMLF.
- •Juby is located in the Abitibi greenstone belt, a major Canadian gold district where bulk-tonnage open-pit projects are commonly assessed.
McFarlane Lake Mining (CSE: MLM; US-OTC: MLMLF) has published an updated mineral resource for its Juby gold project in northeastern Ontario, lifting global contained gold by 48% over the initial resource estimate released in October 2025. The increase corresponds to a boost of roughly 2 million oz of contained gold, while average grades declined slightly. The update covers both the open-pit and underground components of the deposit.
McFarlane Lake Mining is a Canadian mineral exploration company focused on gold properties in northeastern Ontario. Its shares trade on the Canadian Securities Exchange under the symbol MLM and over the counter in the United States as MLMLF.
Because contained ounces are the product of tonnage and grade, a 48% gain in contained gold combined with slightly lower average grades implies that estimated tonnage grew by an even larger proportion. Grade dilution of this kind is a common feature of expanded resource estimates, which frequently incorporate additional, lower-grade material at the margins of a deposit.
The Juby project lies within the Abitibi greenstone belt, a geological corridor stretching across the Ontario–Quebec border that hosts some of Canada's most prolific gold-producing camps, including Timmins, Kirkland Lake and Val-d'Or. Large, relatively low-grade deposits in this belt are typically assessed as bulk-tonnage open-pit targets, where overall scale, mining costs and metallurgical recoveries carry more weight in project economics than grade alone.
In Canada, mineral resource estimates are prepared and disclosed under National Instrument 43-101, which classifies resources into measured, indicated, and inferred categories based on the level of geological confidence. Contained gold figures in such updates represent the ounces estimated within the reported resource categories. Inferred resources, the lowest-confidence category, generally require additional drilling before they can be converted to indicated or measured ounces.
For gold projects at this stage in Canada, the typical development path runs from resource updates through further drilling and, potentially, scoping-level and feasibility studies.
This article was first published by The Northern Miner.
