McLaren Drilling Includes 7.41 Grams Gold Over 3.2 Metres at TimGinn
October 03 2012 - 12:25PM
Marketwired Canada
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
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