McLaren Resources Receives Exploration Permit for Its Kerrs Gold Property
Toronto, Ontario--(Newsfile Corp. - June 30, 2021) - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" or the "Company") is pleased to announce that it has been issued a mineral exploration permit by the Ontario Ministry of Energy, Northern Development and Mines ("MENDM") for its 100%-owned Kerrs gold property (the "Kerrs Permit") located in the prolific Timmins Gold District of Northeastern Ontario, Canada where over 70 million ounces of gold have been produced to date.
The Kerrs Permit has been issued to McLaren for an initial three-year term. This permit allows McLaren to undertake various surface exploration activities on the property including line-cutting, geological and geophysical surveys and diamond drilling. It is anticipated that initial data compilation and field studies are to be undertaken on the Kerrs property during the summer of 2021.
McLaren has also applied to MENDM for an exploration permit for its 100%-owned McCool gold property. The application is currently under review by MENDM and it is anticipated that an exploration permit will be issued to McLaren in the coming weeks.
The 775 hectare ("ha") Kerrs gold property, along with 275 ha McCool gold property, were acquired from Newmont Corporation ("Newmont") in mid-2020 in exchange for a four-year option on McLaren's Augdome gold property which lies immediately east of Newmont's past-producing Dome Gold Mine in Timmins (see news release dated May 14, 2020).
The McCool and Kerrs gold properties are located within the Abitibi Greenstone Belt along the Destor-Porcupine Deformation Zone, which is host to many of the gold deposits in the area, approximately 73 km east of Timmins city centre. The McCool and Kerrs properties are located near several gold mines and development projects including the Black Fox Mine, the Fenn Gib project, the Golden Highway project, the Garrison project and the Holt Holloway Mine complex, which are all situated along Hwy 101 east of Timmins. McLaren also owns a 100% interest in the past-producing Blue Quartz Gold Mine property which is located approximately 22 km west of the McCool property (see news release dated October 26, 2020).
Considering the permitting delays brought about by the current COVID-19 pandemic, McLaren is extending the expiry date on 342,000 outstanding warrants by 3 months from June 30, 2021 to September 30, 2021.
The information presented in this news release has been reviewed and approved by Kenneth Guy, P.Geo, a consultant to McLaren and the Qualified Person for McLaren, as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
McLaren has been focussed on exploration work on its gold properties in the Timmins Gold District of Northeastern Ontario. McLaren now owns a 100% interest in the past-producing, 640 ha, Blue Quartz Gold Mine property as well as the 275 ha McCool and 775 ha Kerrs gold properties, all located within the Abitibi Greenstone Belt along the Destor-Porcupine Deformation Zone, which is host to many of the gold deposits in the area, approximately 73 km east of Timmins. McLaren also owns a 100% interest in the 408 ha Augdome gold property which is located in Tisdale and Whitney Townships immediately east of the Dome Mine owned by Newmont. The Augdome property is currently under a four-year option to Newmont.
For more information, please contact:
Radovan Danilovsky, President
McLAREN RESOURCES INC.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2
This news release is not for distribution in the United States.
The Canadian Securities Exchange has neither approved nor disapproved the contents of the press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management; however, they 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. McLaren Resources Inc. 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 the source version of this press release, please visit https://www.newsfilecorp.com/release/89061