McLaren Drills 7.0 Grams Gold Over 7.4 Metres at the TimGinn Property Located Adjacent to the Hollinger Mine
February 13 2012 - 6:00AM
Marketwired Canada
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/docs/mcl0213fig1.pdf.
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
78.2 79.3 1.1 24.20 26.6
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111.3 112.8 1.5 0.84 1.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MCL-
11-03 476350.2 5369462.7 313.2 327.0 -65 180 184.0 187.0 3.0 4.10 12.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
138.2 139.5 1.3 1.34 1.7
----------------------------------------------------------------------------
150.5 152.0 1.5 0.94 1.4
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168.0 169.2 1.2 1.59 1.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MCL-
11-07 476348.7 5369462.0 313.0 150.0 -50 315 24.0 25.5 1.5 3.54 5.3
----------------------------------------------------------------------------
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/docs/mcl0213fig2.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.
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