McFarlane Lake Completes some Handsome Acquisitions

A CAnAdiAn gold explorAtion And development CompAny nAmed McFarlane Lake Mining Limited stated that it had successfully acquired a 100% stake in Canadian Star Minerals Ltd.'s mining claims, rights, and leases for its West Hawk Lake, High Lake, and McMillan properties.

These assets are quite potential since two or three of them have historically produced gold. With adjacent infrastructure, such as roads and powerlines, it provides the required support for exploration research and any possible mining development.

We see tremendous potential to define economic resources, "President and CEO of McFarlane Lake, Mark Trevisiol, remarked. "All three assets have gold mineralization that is close to the surface, which is advantageous geologically when estimating mine development timelines and operating costs.

We are continuing our drilling programme in the near future. We are preparing a similar programme for our High Lake property in the wake of the successful drilling campaign at West Hawk Lake." In accordance with a binding agreement dated December 30, 2021, the Acquisition was finished. The acquisition cost was $5.5 million, which was paid to Canadian Star in the following ways: I $2.75 million in cash; (ii) the issuance from treasury of 5,625,000 common shares (the "Common Shares") in McFarlane Lake; and (iii) the transfer of 7,000,0000 Common Shares from specific directors or officers of McFarlane Lake.

Prior to the Acquisition's completion, Canadian Star received $500,000 in cash option payments; these payments were applied to the purchase price to bring the number of Common Shares that could be issued to the aforementioned number.