McLaren Resources Inc. ("McLaren") is pleased to announce that drilling has commenced at the TimGinn Property which is located on strike and adjacent to the Goldcorp owned Hollinger/McIntyre mine complex that has produced over 30 million ounces of gold to date.
McLaren has begun a 1,500 metre exploration program focused on drilling two area targets (Figure 1) that are adjacent to the Hollinger Mine and the McIntyre Mine.
Drilling is targeting gold mineralization close to the Hollinger Mine open pit operation. The exploration work will follow up on the Company's successful exploration programs in February 2012 and August 2012 with results including 7.4 gpt over 7.0 m, 24.2 gpt over 1.1 m and 6.0 gpt over 3.0 m.
The company is also drilling an initial two holes to identify geological structure in the area of historic results located adjacent to the McIntyre Mine property.
The TimGinn property contains a 2,000 metre mineralized strike length running from North East to South West. Mining has occurred on three sides of the property from neighbouring mines. The property has seen limited exploration at shallow depths and is virtually unexplored below 900 feet. Adjacent neighbouring properties have produced significant quantities of gold to depths exceeding 6,000 feet.
About the TimGinn Property
The TimGinn property consists of 9 mining claims covering 238 hectares (588 acres) in Tisdale Township in Central Timmins located adjacent to the Goldcorp owned Hollinger Mine (19.3 million oz) and McIntyre Mine (10.7 million oz). There was brief gold production on the TimGinn property by Consolidated Gilles Lake Gold Mines where a two compartment shaft was sunk on the property to a depth of 940 feet and mined to a depth of 500 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, 2011.
Source: http://www.mclarenresources.com/