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Canadian gold explorer McFarlane Lake Mining announced Tuesday that it intends raise C$4.5 million through the sale of a combination of units and flow-through shares of the company, with McEwen chairman Rob McEwen acting as the lead investor.
Shares of McFarlane Lake soared by 30.8% to C$0.085 at market close, giving the junior gold miner a market capitalization of C$9.6 million. Exploration on the High Lake property has led to the identification of a mineralized zone with potential for open-pit mining. To date, the deposit contains an estimated indicated resource of 152,000 tonnes grading 9.38 g/t gold and inferred resource of 287,000 tonnes at 10.43 g/t gold.
McEwen’s company currently holds three producing mines in Nevada, Ontario, and Argentina, as well as a 68% interest in the large Los Azules copper project in Argentina.
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