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MCL McLaren Resources Inc

0.03
-0.005 (-14.29%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
McLaren Resources Inc CSE:MCL CSE Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -14.29% 0.03 0.03 0.045 0.045 0.03 0.03 23,000 20:59:30

McLaren Commences Drilling on the TimGinn Exploration Project, Timmins, Canada

26/04/2013 8:30pm

Marketwired Canada


McLaren Resources Inc. ("McLaren") (CNSX:MCL)(FRANKFURT:3ML) is pleased to
announce that drilling has commenced at the TimGinn Property which is located on
strike and adjacent to the Goldcorp owned Hollinger/McIntyre mine complex that
has produced over 30 million ounces of gold to date.


McLaren has begun a 1,500 metre exploration program focused on drilling two area
targets (Figure 1) that are adjacent to the Hollinger Mine and the McIntyre
Mine.


Drilling is targeting gold mineralization close to the Hollinger Mine open pit
operation. The exploration work will follow up on the Company's successful
exploration programs in February 2012 and August 2012 with results including 7.4
gpt over 7.0 m, 24.2 gpt over 1.1 m and 6.0 gpt over 3.0 m.


The company is also drilling an initial two holes to identify geological
structure in the area of historic results located adjacent to the McIntyre Mine
property.


The TimGinn property contains a 2,000 metre mineralized strike length running
from North East to South West. Mining has occurred on three sides of the
property from neighbouring mines. The property has seen limited exploration at
shallow depths and is virtually unexplored below 900 feet. Adjacent neighbouring
properties have produced significant quantities of gold to depths exceeding
6,000 feet.


About the TimGinn Property

The TimGinn property consists of 9 mining claims covering 238 hectares (588
acres) in Tisdale Township in Central Timmins located adjacent to the Goldcorp
owned Hollinger Mine (19.3 million oz) and McIntyre Mine (10.7 million oz).
There was brief gold production on the TimGinn property by Consolidated Gilles
Lake Gold Mines where a two compartment shaft was sunk on the property to a
depth of 940 feet and mined to a depth of 500 feet.


Key Terms of Property Option Agreement

McLaren can earn a 60 percent interest in the property by incurring $4 million
dollars of exploration expenditures by April 30, 2016, McLaren can earn an
initial 50 percent interest by incurring $2 million in exploration expenditure
by April 30, 2015. See additional details of the terms in the news release dated
November 8, 2011.


McLaren Resources Inc. is a Canadian based junior exploration company engaged in
acquiring, exploring and developing resource properties in Canada.


For more information visit our web site at www.mclarenresources.com.

Certain statements contained in this press release constitute "forward-looking
statements". These statements are based on current expectations of management,
however 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. The Company 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.


To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/mcl0426fig1.pdf.


Shares: 27,094,281

FOR FURTHER INFORMATION PLEASE CONTACT: 
McLaren Resources Inc.
Ivan Buzbuzian
President and CEO
416-203-6784 x 4850
416-368-1539 (FAX)
ibuzbuzian@mclarenresources.com
www.mclarenresources.com

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