McLaren Resources Inc. Updates on TimGinn Drilling Program near Hollinger Mine, Ontario
The Company also announces that 750,000 options have been granted to officers, directors and consultants. Each option entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share. 625,000 options granted have a term of three years and 125,000 options have a term of five years from the date of issuance.
About the TimGinn property
The TimGinn Property consists of nine patented mining claims covering 238 hectares in Tisdale Township, Central Timmins that lie between the Hollinger Mine (19.3 million oz) and the McIntyre Mine (10.7 million oz). Gold production took place on the TimGinn Property during the 1920's from a 940 foot deep shaft at the Gilles Lake Gold Mine.
The information presented in this news release has been reviewed and approved for release by Kenneth Guy, P.Geo, the Qualified Person for McLaren for exploration on the TimGinn Gold Property, as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
McLaren is focused on exploration work on its three gold properties which are located in the Timmins Gold District of Northeastern Ontario. These properties include, the TimGinn Property (described above), the Augdome Property and the Blue Quartz Property. The Augdome Property, which consists of 414-hectares is located in Tisdale and Whitney Townships adjacent to the Dome Mine operated by Goldcorp. The Blue Quartz Property, which hosts the former Blue Quartz Mine, consists of 25 patented mining claims and 8 crown claims covering a total of 640 hectares in Beatty Township and is located 10 km north of McEwen Mining's Black Fox Mine in East Timmins. In addition to the exploration properties, the Company has recently created a new blockchain development project which is to be operated in a new subsidiary corporation.
During 2018, McLaren intends to continue its exploration efforts on these three attractive gold properties and will continue to review other properties of merit in the Timmins Camp for acquisition or joint venture.
For more information, please contact: Radovan Danilovsky, President, Phone: 416-203-6784, www.mclarenresources.com
McLaren Resources Inc.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2
The Canadian Securities Exchange has neither approved nor disapproved the contents of the press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management; however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. McLaren Resources Inc. does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.