McLaren Drills 7.0 Grams Gold Over 7.4 Metres at the TimGinn Property Located Adjacent to the Hollinger Mine
13.02.2012 | Marketwire
TORONTO, ONTARIO -- (Marketwire) -- 02/13/12 -- McLaren Resources Inc. ('McLaren') (CNSX: MCL) (FRANKFURT: 3ML) is pleased to announce the results of the recently completed seven hole 1,388 metre drill program which includes 7.0 grams gold per tonne (gpt) over 7.4 meters (m) from drill hole MCL-11-04 on the TimGinn Property. The property is located adjacent to the Goldcorp's Hollinger and McIntyre Mines (see Figure 1) which together have produced over 30 million ounces of gold to date in the Timmins Gold Camp.The Results from the initial drill program confirm gold mineralization trends onto the McLaren TimGinn property situated adjacent to the Hollinger Mine (See Figure 2). The exploration drill holes intercepted mineralization at down hole depths ranging from 50 to 200 metres. Follow up exploration drilling is planned to expand the mineralization along strike and to depth. The neighboring Hollinger and McIntyre Mines have produced gold from depths exceeding 5,000 feet (1,500 metres).
Significant Results Include:
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FROM TO WIDTH GRADE
HOLE # (m) (m) (m) (g/t)
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MCL-11-04 206.9 214.3 7.4 7.0
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Includes 1.5 16.1
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MCL-11-02 49.0 50.5 1.5 6.8
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MCL-11-02 78.2 79.3 1.1 24.2
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MCL-11-05 79.5 82.5 3.0 6.0
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MCL-11-05 90.0 97.5 7.5 3.0
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Intervals reported here are core lengths. True widths are not known at this time. All depth reported as down hole. Results for all the holes drilled are shown at the end of this press release in Table 1.
Geotechnical Update
Seven holes were drilled by McLaren Resources to confirm the presence on the TimGinn Property of the Central Formation group of Volcanic rocks which are the host of the Hollinger-MacIntyre gold deposits. Specifically the purpose of this program was to determine if the gold bearing veins encountered underground at the Consolidated Gilles historic mine workings on the McLaren TimGinn property were hosted within the Central formation volcanics and were traceable beyond the extent of the historic underground workings. The program was successful in encountering gold values in all seven holes completed, including significant values in six of the holes, see significant results table above and Table 1 below. The drilling intersected the favourable mafic volcanic rocks with sericite and carbonate alteration. Gold was associated with quartz veining and pyrite mineralization similar to the association at the Hollinger-MacIntyre complex to the east.
The drilling confirmed the continuity of the gold bearing veins within the historic workings and demonstrated the potential to expand the mineralization both along strike and at depth. No drilling to date has been conducted by McLaren to test the potential of the gold mineralization on the McLaren property below 150 metres vertical depth. Typically the mines in the Porcupine camp have mineralization that extends from surface to depths below 1,500 metres (5,000 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, 2012.
About the TimGinn Property
The TimGinn property consists of 9 mining claims covering 238 hectares (588 acres) in the Tisdale Township in Central Timmins. Adjacent to the Goldcorp owned Hollinger Mine (19.3 million oz) and McIntyre Mine (10.7 million oz) see Figure 1 below. There was brief gold production on the TimGinn property during the 1920's by Consolidated Gilles Lake Gold Mines. A two compartment shaft was sunk on the property to a depth of 940 feet. The property is unexplored below 940 feet (300 metres) deep.
To view Figure 1, please visit the following link: http://media3.marketwire.com.
Table 1. Drill Hole Summary Data for TimGinn Property
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From To Length Au G
Hole # East North Elev Length Dip Az (m) (m) (m) (g/t) x W
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MCL-
11-01 476401.7 5369480.7 313.6 255.0 -65 170 101.0 102.5 1.5 0.62 0.9
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110.0 111.2 1.2 3.21 3.9
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216.0 217.5 1.5 0.60 0.9
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MCL-
11-02 476350.0 5369462.1 313.4 119.8 -45 180 49.0 50.5 1.5 6.81 10.2
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78.2 79.3 1.1 24.20 26.6
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111.3 112.8 1.5 0.84 1.3
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MCL-
11-03 476350.2 5369462.7 313.2 327.0 -65 180 184.0 187.0 3.0 4.10 12.3
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MCL-
11-04 476349.1 5369462.2 313.4 249.0 -45 200 107.5 108.5 1.0 0.84 0.8
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206.9 214.3 7.4 7.00 51.8
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incl 1.5 16.10 24.2
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MCL-
11-05 476351.0 5369462.7 313.5 104.0 -45 150 79.5 82.5 3.0 6.02 18.0
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82.5 88.8 6.3 UGO
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90.0 97.5 7.5 3.01 22.6
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incl 1.5 10.80 16.2
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MCL-
11-06 476350.9 5369459.8 313.5 183.0 -58 150 57.0 59.5 2.5 1.76 4.4
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138.2 139.5 1.3 1.34 1.7
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150.5 152.0 1.5 0.94 1.4
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168.0 169.2 1.2 1.59 1.9
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MCL-
11-07 476348.7 5369462.0 313.0 150.0 -50 315 24.0 25.5 1.5 3.54 5.3
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7 holes 1,387.8 m
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m - metres; Au - gold; Az- azimuth; gpt - grams per tonne; UGO - underground opening. Intervals reported here are core lengths. True widths are not known at this time. All depth reported as down hole.
Technical Information
The information presented in this press release has been reviewed and approved by Kenneth Guy, P.Geo, a consultant to McLaren Resources Inc. and the Qualified Persons responsible for the exploration program at the TimGinn Property as defined by National Instrument 43-101 'Standards of Disclosure for Mineral Projects' ('NI 43-101').
All drilling was completed by Norex Drilling of Timmins, Ont., using NQ size core. Gold analysis of the samples collected by McLaren was assayed by ALS Chemex. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 10.0 gram per tonne 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 and duplicate checks.
In addition, duplicate analysis of 10% of the samples are corroborated by check assays performed at a third party laboratory.
To view Figure 2, please visit the following link: http://media3.marketwire.com.
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.
The Canadian National Stock Exchange has neither approved, nor disapproved on the contents of this press release.
Contact Information
McLaren Resources Inc.
Ivan Buzbuzian
President and CEO
416-203-6784
416-368-1539 (FAX)
ibuzbuzian@mclarenresources.com
www.mclarenresources.com