McLaren Resources Commences Phase One Exploration Program on Its McCool Gold Property
Toronto, November 30, 2021 - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" or the "Company") is pleased to announce that it has commenced a phase one exploration program on its 100%-owned McCool gold property which is located in the prolific Timmins Gold Region of Northeastern Ontario, Canada where over 70 million ounces of gold have been produced to date.
The first phase exploration program will consist of approximately 13 kilometers of line-cutting and induced polarization ("IP") geophysical surveys covering a portion of McLaren's original 275 hectare ("ha") McCool gold property. McLaren has retained Exsics Exploration Ltd. of Timmins, Ontario to undertake the initial line-cutting and IP geophysical work. McLaren has received a mineral exploration permit from the Ontario Ministry of Energy, Northern Development and Mines ("MENDM") for the original McCool gold property which allows McLaren to undertake various surface exploration activities on the property including line-cutting, geological and geophysical surveys and diamond drilling (see news release of August 10, 2021).
The first phase exploration program will focus on a select portion of the Centre Hill Fault which is host to significant gold mineralization on the McCool property. The Centre Hill Fault is interpreted to be a splay off of the major Destor-Porcupine Deformation Zone which is host to many gold deposits in the area. Upon completion of the line-cutting and IP surveys, McLaren anticipates the drilling of up to 10 diamond drill holes which will be designed to further evaluate and trace the significant gold mineralization known to exist on the property along the Centre Hill Fault from the work of previous owners undertaken during the period 1982-1987.
As announced on October 4, 2021, McLaren has acquired an additional 50 full mineral claims and 10 partial mineral claims, together comprising approximately 1,375 ha, from two independent prospectors from the Timmins area. The new claims are contiguous with the original McCool gold property and bring the total size of the property to approximately 1,650 ha. The majority of the new claims cover the northwest strike extension of the Centre Hill Fault which is host to the known gold mineralization on the McCool property. The expanded McCool gold property now covers an approximate five kilometer strike length of the gold-bearing Centre Hill Fault.
McLaren's expanded McCool gold property is ideally located immediately north of Highway 101 and abuts the Golden Highway Gold Project of Moneta Gold Inc. ("Moneta") to the south. Moneta continues to intersect good grade gold mineralization on their property and continues to expand their gold resource in several areas of the property (see Moneta news releases dated September 1, and October 28, 2021). The expanded McCool gold property also lies immediately east of the Fenn-Gib gold deposit where operator Mayfair Gold Corp. ("Mayfair") has announced significant gold intersections from recent infill and step-out drilling on their property (see Mayfair news releases dated August 17, September 13, 27 and October 25 and November 23, 2021).
The original 275 ha McCool gold property, along with McLaren's 775 ha Kerrs gold property, were acquired from Newmont Corporation ("Newmont") in mid-2020 in exchange for a four-year option on McLaren's Augdome gold property which lies immediately east of Newmont's past-producing Dome Gold Mine in Timmins (see news release dated May 14, 2020).
The information presented in this news release has been reviewed and approved by Kenneth Guy, P.Geo, a consultant to McLaren and the Qualified Person for McLaren, as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
McLaren has been focused on exploration work on its gold properties in the Timmins Gold Region of Northeastern Ontario. McLaren now owns a 100% interest in the past-producing, 640 ha, Blue Quartz Gold Mine property as well as the 1,650 ha McCool and 775 ha Kerrs gold properties, all located within the Abitibi Greenstone Belt along the Destor-Porcupine Deformation Zone, which is host to many of the gold deposits in the area, approximately 85 km east of Timmins city centre. McLaren also owns a 100% interest in the 408 ha Augdome gold property which is located in Tisdale and Whitney Townships immediately east of the Dome Mine owned by Newmont. The Augdome property is currently under a four-year option to Newmont.
For more information, please contact:
Radovan Danilovsky, President
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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