McLaren Provides Update on Exploration in Timmins, Ontario
Toronto, February 14, 2019 - McLaren Resources Inc. ("McLaren" / the "Company") (CSE: MCL) (FSE: 3ML) (OTC: MLRNF) announces that it has completed 3,189 metres ("m") of exploration diamond drilling in six holes to test historic gold mineralization on the north section of the TimGinn Gold Property ("TimGinn") which is situated adjacent to the Hollinger and McIntyre Gold Mines owned by Goldcorp Canada Ltd. ("Goldcorp"). Furthermore, the company has commenced planning for its 2019 exploration program in the Timmins area. In addition to exploration on TimGinn, McLaren plans to evaluate its other attractive gold properties, the Augdome Gold Property ("Augdome") and the Blue Quartz Gold Property ("Blue Quartz"). A discussion of possible exploration targets on Augdome and Blue Quartz follows below.
McLaren intersected geology favorable for gold mineralization in its recent drill program on TimGinn but was unable to confirm the mineralization indicated in the assessment file T-200, Consolidated Gilles Lake Mine Ltd., Ontario Ministry of Northern Development and Mines. The historic diamond drill hole intersected 6.3 grams per tonne gold ("gpt Au") over 16.7 m including 30.2 gpt Au over 2.7 m.
Consequently, McLaren has elected to shift its focus back to the vicinity of the former producing Gilles Lake Mine situated 150 m north of the Hollinger Gold Mine in order to pursue positive showings intersected in the spring 2018 drilling program (see image below). The gold mineralization which was intersected in McLaren's spring 2018 drill program crosses onto TimGinn from the Hollinger Mine property. TimGinn 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 TimGinn. The spring 2018 diamond drill program was successful in extending the hydrothermal alteration systems that hosted the gold values in earlier holes. Attempts to expand the mineralization to the west encountered favourable geology with gold values. Potential remains to expand the mineralization to depth as well as to the west at deeper levels following up on earlier exploration.
Diamond drilling near the former producing Gilles Lake Mine from November 2011 to present has intersected the following gold mineralization (see McLaren press releases):
- MTG-11-02 - 24.2 gpt Au / 1.1 metres
- MTG-11-04 - 7.0 gpt Au / 7.4 metres
- MTG-11-05 - 4.1 gpt Au / 5.5 metres
- MTG-11-12 - 1.6 gpt Au / 20.0 metres
- MTG-11-14 - 7.4 gpt Au / 3.2 metres
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In January 2018, McLaren completed a diamond drill program that was successful in intersecting gold mineralization on the west boundary of Augdome which is situated adjacent to the Dome Mine operated by Goldcorp. The gold mineralization which was intersected in McLaren's drill program crosses onto Augdome from the Dome Mine property. This gold mineralization is hosted within the gold-bearing Destor-Porcupine Fault structure in an area that has been disrupted and intruded by felsic intrusive porphyries. Augdome overlies approximately 2,300 metres of the Destor-Porcupine structure.
On October 25, 2017, Goldcorp announced a base case pre-feasibility study with a contained resource which included approximately 4.5 million gold ounces having a diluted grade of 0.87 gpt to be integrated into the proposed Dome Mine expansion plus an additional 0.9 million ounce inferred resource. The proposed Dome Century Project could significantly expand the footprint of the Dome Mine Open Pit.
In 2011, McLaren completed 1,690 m of exploration diamond drilling in six holes that resulted in multiple high grade gold intercepts at various depths including; 13.3 gpt Au over 1.0 m at the depth of 77.3 m and 10.5 gpt Au over 1.3 m at the depth of 155.6 m (see press release of April 21, 2011). The two deepest holes drilled on the property intersected a wide interval of hydrothermal alteration with gold mineralization that included a substantial width of lower grade mineralization, 1.21 gpt Au 76.1 m as well as a higher-grade core of 12.8 gpt Au 1.5 m and 13.95 gpt Au over 2.0 m. These two holes were located at the west end and below the historic underground workings as well as below the majority of the drilling completed on the property to date. The mineralized zone is open to depth and down plunge with indications that the hydrothermal alteration system is increasing in intensity along with both the grade and width of the mineralization.
Encouraged by the following results, McLaren plans to revisit Blue Quartz in the near future.
|Hole #||From (m)||To (m)||Width (m)||Au-gpt|
Blue Quartz is located in the gold producing area 70 km east of Timmins where several current and past producing mines are located. The property consists of 25 patented mining claims, 400 hectares, situated on gold mineralized geological structures within the Abitibi Greenstone Belt. The Blue Quartz mine is located in the north central part of Beatty Township and is approximately 8 kilometers ("km") northwest of the producing Black Fox Mine, 12 kms northwest of the Hislop Mine and 14 kms northwest of the former producing Ross Mine.
All drilling was completed using NQ size core. Gold analyses 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.
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, TimGinn, Augdome and Blue Quartz. TimGinn 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 at TimGinn during the 1920's from a 940 foot deep shaft at the Gilles Lake Gold Mine. Augdome, which consists of 414-hectares is located in Tisdale and Whitney Townships adjacent to the Dome Mine operated by Goldcorp. Blue Quartz, 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.
McLaren has stopped development of the blockchain project announced on January 22, 2018.
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 TimGinn, as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
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.
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