McLaren Resources Inc. Clarifies Reasons Behind IIROC-Imposed Trade Halt

18.06.2018  |  Newsfile
Toronto, June 18, 2018 - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" / the "Company") announces that has released an erroneous and at the same time unrealistic statement that "McLaren drills 366 m of 3.95 g/t Au at TimGinn. The company also drilled 231 metres of 0.53 g/t Au at the property." This aforementioned incorrect interpretation of our results disclosed in our press release of June 15, 2018 has led to an IIROC imposed Trade Halt. The Company would like to clarify that the hole MTG-28-23, of a total drilled length of 366 m, returned concentration of 3.95 g/t from 184.5 m to 186 m, an interval of 1.5 m. Similarly, the hole MTG-18-21 has returned concentration of 0.537 g/t from 60 m to 61.5 m, an interval of 1.5 m. This clarification does not change any amounts or information reported in the June 15, 2018 press release.

McLaren nevertheless considers this a positive result, consistent with our quartz-vein thesis for TimGinn project and will work with IIROC to reinstate trading in the coming days.

For more information, please contact:

Radovan Danilovsky, President
Phone: 905-903-6423
McLaren Resources Inc.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2

June 18, 2018
Toronto, Ontario

Clarification and Revision of June 15, 2018 News Release:

Toronto, Ontario: McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" / the "Company") announces that it has recently completed a four-hole, 1,071 metre diamond drill program that was successful in intersecting gold mineralization on the TimGinn Gold Property which is situated adjacent to the Hollinger Mine operated by Goldcorp Inc. ("Goldcorp").

The gold mineralization which was intersected in McLaren's drill program crosses onto the TimGinn Gold Property from the Hollinger Mine property. The TimGinn property contains similar geology to that hosting the gold mineralization at the Hollinger and McIntyre gold deposits (30M oz. of Au production). Hydrothermally altered volcanic sequences and quartz-feldspar porphyry are excellent environments for gold deposition and have been intersected in drill holes on the TimGinn Property.

Drill results from the TimGinn gold zone are presented in the table below.

HOLE-ID Drill Hole Length
Az dip Mineralized zone Au-gpt
Length of the mineralized zone [m]
MTG-18-20 261 150 -45

MTG-18-21 231 180 -45 60 61.5 0.537 1.5
MTG-18-22 180 180 -45

MTG-18-23 366 125 -45 184.5 186 3.95 1.5

Intervals reported here are core lengths. True widths are not known at this time.
All depths are reported as down hole.

The diamond drill program was successful in extending the hydrothermal alteration systems that hosted the gold values in earlier holes, albeit with lower gold values. Attempts to expand the mineralization to the west encountered favourable geology but with lower gold values. Potential remains to expand the mineralization to depth as well as to the west at deeper levels following up on earlier exploration that returned higher grade mineralization such as:

  • MTG-11-02 - 24.2 gpt Au / 1.1 metres
  • MTG-11-04 - 7.0 gpt Au / 7.4 metres
  • MTG-11-14 - 7.4 gpt Au / 3.2 metres

All drilling was completed using NQ size core. Gold analysis of the samples collected by McLaren were undertaken by ALS Canada Ltd. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 10.0 gpt Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance Program is in place, using control samples such as blanks, standards and duplicate checks.

The information presented in this news release has been reviewed and approved by Kenneth Guy, P.Geo, the Qualified Person for exploration on the TimGinn Gold Property, as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects".

During the balance of 2018 McLaren plans to carry out additional exploration drilling on its Timmins area gold properties and will continue to review other properties and opportunities of merit.

About McLaren

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 Augdome Property, the TimGinn Property, and the Blue Quartz Property. The TimGinn Property, which hosts the former Gilles Lake Gold Mine, consists of 9 patented mining claims covering 238 hectares in Tisdale Township in Central Timmins and lies adjacent to the Hollinger Mine (19.3 million oz) and McIntyre Mine (10.7 million oz) both operated by Goldcorp. The Augdome Gold Property is situated adjacent to Goldcorp's proposed Dome Mine pit expansion. 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.

For more information, please contact:

Radovan Danilovsky, President
Phone: 905-903-6423
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.

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