McLaren Resources completes first phase of diamond exploration drill program on its McCool gold property
Toronto, Ontario–(Newsfile Corp. – September 14, 2022) – McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) (“McLaren” or the “Company”) is pleased to announce that it has completed a phase one diamond exploration drill program on its 100% owned McCool gold property, which is located in the prolific Timmins gold region in northeast Ontario, Canada, where more than 70 million ounces of gold were produced for Date.
The first phase of the diamond drill program consisted of 2,392 meters (“m”) of core drilling in 6 holes. The primary objective of this drilling program was to further evaluate and trace the significant gold mineralization known on the property along the Center Hill Fault from the work of the previous owners undertaken during the period 1982-1987. (see news release dated August 31, 2022, Table 1, containing certain historic drilling results from the McCool – Placer Development Limited property).
This drilling program also tested Induced Polarization (“IP”) and Ground Magnetic (“GM”) geophysical anomalies that were delineated by ground geophysical surveys completed over part of the property in February 2022 (see press release of February 23, 2022). These types of ground geophysical signatures discovered on the property are known to be closely associated with gold showings elsewhere in the general area.
The six holes were drilled on centers of approximately 50m along the favorable target zone. All core from the current drill program has been logged and 699 samples have been selected, sawn in half, half being sent to an assay lab for gold analysis. Test results will be released once all tests have been received, compliant and interpreted. It is expected that this process will take approximately 5-6 weeks.
The favorable exploration target area is on the eastern portion of the 1,650 hectare (“ha”) McCool gold property (see Map 1 below showing the favorable target area for gold relative to the Center Hill, the Camrose Subparallel Fault and the McCool Anticline). The first phase of the exploration drilling program focused on a selected portion of the Center Hill fault, a northwest-trending fault structure that runs along the south side of the McCool anticline and is known to contain a significant gold mineralization on the McCool property. The Center Hill Fault is interpreted as a flare of the Major Destor-Porcupine Deformation Zone which hosts numerous gold deposits in the general area (see Map 2 below showing the location of major gold faults, gold deposits gold and land ownership of the various companies actively working in the area).
Map 1 – The favorable target zone for gold in relation to the Center Hill fault, the sub-parallel Camrose fault and the McCool anticline.
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Map 2 – Location of the main gold faults, gold deposits and land ownership of the various companies active in the region.
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Mr. Radovan Danilovsky, President of McLaren Resources Inc., said: “We are delighted to have completed a phase one diamond drilling program on the prospective McCool gold property, where there is known to be significant Gold mineralization along the Center Hill Fault. Our diamond drilling was designed to re-evaluate gold mineralization intersected in the area approximately 35 years ago and to trace this mineralization at depth and along strike. We look forward to continuing our drilling efforts on the McCool property in the fall of 2022.”
As announced on October 4, 2021, McLaren has acquired an additional 50 full mining claims and 10 partial mining claims, together comprising approximately 1,375 ha, from two independent prospectors in the Timmins area. The new claims are contiguous to the original McCool gold property and bring the total area of the property to approximately 1,650 ha. The majority of the new claims cover the northwest extension of the Center Hill Fault. The expanded McCool Gold Property now covers a length of approximately five kilometers (“km”) of the Center Hill gold fault. McLaren’s expanded McCool Gold Property is conveniently located immediately north of Highway 101 and adjoins Moneta Gold Inc.’s (“Moneta”) Golden Highway Gold Project to the south. Moneta continues to intersect good grade gold mineralization on its property and continues to expand its gold resources in several areas of the property. The expanded McCool gold property also lies immediately east of the Fenn-Gib gold deposit where operator Mayfair Gold Corp. (“Mayfair”) announced significant gold intersections from recent infill and step-out drilling on their property. HighGold Mining Inc. (“HighGold”) continues to aggressively explore for significant gold mineralization on its CroesusMonroe project located west of the McCool property and McEwen Mining Inc. continues to extract gold from its Black mine Fox and to further explore for gold on its significant landholdings along the Destor-Porcupine Break west of McLaren’s McCool gold property and southeast of McLaren’s Blue Quartz gold property.
The original 275 ha McCool gold property, together 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 the Augdome gold property of McLaren which is immediately to the east of the Newmont property. the former Dome gold mine in Timmins (see press release dated May 14, 2020).
The information presented in this press release has been reviewed and approved by Kenneth Guy, P.Geo, a McLaren Consultant and Qualified Person for McLaren, as defined by National Instrument 43-101 “Standards of Disclosure for Mineral Projects” .
McLaren has focused on exploration work on its gold properties in the Timmins gold region of northeastern Ontario. McLaren now owns a 100% interest in the former 640 ha Blue Quartz Gold Mine property as well as the 1,650 ha McCool and 775 ha Kerrs gold properties, all located in the Abitibi greenstone belt on along the Destor-Porcupine Deformation Zone, which hosts numerous gold deposits in the area, approximately 85 km east of downtown Timmins. McLaren also owns a 100% interest in the 408 ha Augdome gold property which is located in the townships of Tisdale and Whitney immediately east of the Dome mine owned by Newmont. The Augdome property is currently under a four-year option on Newmont.
For more information please contact:
Radovan Danilovsky, President
McLAREN RESOURCES INC.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2
This press release is not for distribution in the United States.
The Canadian Securities Exchange has neither approved nor disapproved of the contents of the press release. The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expected”, “estimated”, “forecast”, “expected” and similar expressions are intended to identify forward-looking statements or information. These statements are based on management’s current expectations; 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 contained in this press release. Readers are cautioned not to place undue reliance on these statements. McLaren Resources Inc. undertakes no 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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