- McLaren Resources (MCL) completes phase one exploration program on its McCool Gold Property
- The first phase exploration program consisted of around 13 kilometers of line-cutting and induced polarization
- These geophysical signatures are known to be closely associated with gold occurrences elsewhere in the general area
- McLaren acquired an additional 50 full mineral claims and 10 partial mineral claims, together comprising approximately 1,375 ha
- McLaren has been focussed on exploration work on its gold properties in the Timmins Gold Region of Northeastern Ontario
- McLaren Resources Inc. (MCL) is in the grey, trading at C$0.060 at 12:48 pm EST
McLaren Resources (MCL) has completed a phase one exploration program on its McCool gold property in northeastern Ontario.
The first phase exploration program, carried out by Exsics Exploration Ltd. of Timmins, Ontario, consisted of approximately 13 kilometres of line-cutting and induced polarization and ground magnetic geophysical surveys covering the favourable exploration target area on McLaren’s original 275 hectare McCool gold property.
The first phase exploration program focuses on a select portion of the Centre Hill Fault, a northwest-trending fault structure that runs along the south side of the McCool Anticline and which is known to host significant gold mineralization on the McCool property.
An initial interpretation of the results of McLaren’s recently completed geophysical surveys on the McCool gold property suggests the presence of several IP and GM anomalies along the Centre Hill Fault.
These types of geophysical signatures are known to be closely associated with gold occurrences elsewhere in the general area.
Once McLaren receives a final report from Exsics which will contain a detailed interpretation of all results, including final plans and sections, McLaren anticipates the drilling of up to 10 diamond drill holes on the property in the weeks to come.
These holes 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 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.
The expanded McCool gold property now covers an approximate five-kilometre strike length of the gold-bearing Centre Hill Fault.
The expanded McCool gold property also lies immediately east of the Fenn-Gib gold deposit where operator Mayfair Gold Corp.
HighGold Mining Inc. has commenced an aggressive 8,000-metre phase two diamond drilling program to follow up on significant gold mineralization on their Croesus-Monroe Project located west of the McCool property and McEwen Mining Inc.
These projects continue to mine gold from its Black Fox Mine and further explore for gold on its significant landholdings along the Destor-Porcupine fault west of McLaren’s McCool gold property and southeast of McLaren’s Blue Quartz gold property.
McLaren has also been granted 1,525,000 options to certain directors, officers and consultants of its exercisable at a price of $0.10 per common share for a period of five years from the date of grant.
The options will vest immediately, replacing a like number of options that expired recently.
McLaren has been focused on exploration work on its gold properties in the Timmins Gold Region of Northeastern Ontario.
McLaren now owns a 100 per cent 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.
McLaren Resources Inc. (MCL) is in the grey, trading at C$0.060 at 12:48 pm EST.
