McLaren Drilling Includes 7.41 Grams Gold Over 3.2 Metres at TimGinn
October 03 2012 - 12:25PM
Marketwired
McLaren Resources Inc. ("McLaren") (CNSX:MCL)(FRANKFURT:3ML) is
pleased to announce the results of the recently completed 8 hole
1,453 metres exploration drill program including 8.21 grams over
2.5 metres and 7.41 grams over 3.2 metres. The TimGinn Property is
located adjacent to the Goldcorp owned Hollinger and McIntyre Mines
which have produced over 30 million oz of Gold to date in
Timmins.
Results from the summer drill program follow up on the positive
results of McLaren's initial drill program previously announced on
February 13, 2012 which included 7.4 gpt over 7.0 m, 24.2 gpt over
1.1 m and 6.0 gpt over 3.0 m between surface and a depth of 500
feet. The focus of the exploration drilling is to further expand
the gold mineralized zones along strike and to depth in the area of
historic production that took place from 1929 to 1937 where
underground production occurred to a depth of 900 feet. The
exploration holes intercepted mineralization at down hole depths
ranging from 30 to 150 metres.
The TimGinn property contains a 2,000 metre mineralized strike
length running from northeast to southwest. Mining has occurred on
three sides of the property at neighbouring mines including the
Hollinger Mine and the McIntyre Mine that are situated in central
Timmins and have produced gold to depths exceeding 5000 feet (1500
metres). The property has seen limited exploration at shallow
depths and is virtually unexplored below 900 feet.
Drill Result Highlights:
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Significant Results FROM TO WIDTH GRADE G(i)W
Include: HOLE # (m) (m) (m) (g/t)
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MTG-12-12 141 161 20.0 1.56 31.2
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Includes 148 150 2.0 5.66 11.3
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MTG-12-13 41.5 48 6.5 4.45 28.9
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Includes 41.5 44 2.5 8.21 20.5
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MTG-12-14 69 72.2 3.2 7.41 23.7
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Includes 69 70 1.0 13.25 13.3
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Geotechnical Information
Eight holes were drilled to explore and confirm gold mineralized
zones in the steeply dipping mafic volcanic flows containing pyrite
and quartz stringers.
Key Terms of Property Option Agreement
McLaren can earn a 60 percent interest in the property by
incurring $4 million dollars of exploration expenditure 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.
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 Hollinger mine (19.3 million oz), and the McIntyre
Mine (10.7 million oz) please see map. There was brief gold
production on the 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 the map associated with this release, please visit the
following link:
http://media3.marketwire.com/docs/McLarenMap.pdf.
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.
Table 1 Drill Hole Summary Data for TimGinn Property
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Hole
# East North Elev Len- Az Dip From To Length Gold GxW
gth (m) (m) (m) (g/t)
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MTG-
12-08 476235.0 5369435.0 313.6 210 152.7 -45 28.75 30 1.3 3.43 4.5
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MTG- no significant
12-09 476235.0 5369435.0 313.6 318 148 -61 values
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MTG-
12-10 476235.0 5369435.0 313.6 213 130 -45 30 32.5 2.5 1.63 4.1
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MTG-
12-11 476400.8 5369478.9 313.4 216 165 -55 51 52.5 1.5 1.08 1.6
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MTG-
12-12 476400.8 5369478.9 313.4 162 152 -50 20.1 21 0.9 0.88 0.8
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46.7 47.7 1.0 4.40 4.4
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55.5 58.1 2.6 3.94 10.2
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132 133.5 1.5 0.73 1.1
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141 161 20.0 1.56 31.2
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incl 148 150 2.0 5.66 11.3
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MTG-
12-13 476400.2 5369478.8 313.4 103.1 180 -45 41.5 48 6.5 4.45 28.9
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incl 41.5 44 2.5 8.21 20.5
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53 54 1.0 4.16 4.2
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58.5 60 1.5 1.21 1.8
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68.1 70.1 2.0 1.43 2.9
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86 88.8 2.8 ugo
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88.8 90 1.2 0.62 0.7
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95.3 103 7.7 ugo
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MTG
-12
-13A 476400.1 5369478.7 313.4 24 180 -45
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MTG-
12-14 476400.1 5369479.5 313.4 207 210 -55 69 72.2 3.2 7.41 23.7
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incl 69 70 1.0 13.25 13.3
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76.6 78 1.4 2.58 3.6
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8
holes 1,453 m
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Shares: 25,094,281
The Canadian National Stock Exchange has neither approved, nor
disapproved on the contents of this press release.
Contacts: McLaren Resources Inc. Ivan Buzbuzian President and
CEO 416-203-6784 416-368-1539 (FAX)ibuzbuzian@mclarenresources.com
www.mclarenresources.com