Mclaren Resources Acquires the Remaining 50% Interest in Past-Producing Blue Quartz GOLD MINE Property, Timmins GOLD District, Ontario
NEWS RELEASE
FOR IMMEDIATE RELEASE
October 26, 2020
Toronto, Ontario
MCLAREN RESOURCES ACQUIRES THE REMAINING 50% INTEREST IN PAST-
PRODUCING BLUE QUARTZ GOLD MINE PROPERTY, TIMMINS GOLD
DISTRICT, ONTARIO
Toronto, ON: McLaren Resources Inc. (“McLaren” or the “ Company”) (CSE:MCL,
Frankfurt:3ML) announces that it has acquired from its joint venture partner, Orla Mining Ltd.
(“Orla”), the remaining 50% interest, to hold a 100% interest, in the past-producing Blue Quartz
Gold Mine property which is located in the prolific Timmins Gold District of Northeastern Ontario.
Consideration for the acquisition was 300,000 treasury shares of McLaren which cannot be traded
on the open market by Orla prior to October 15, 2021.
The Blue Quartz property is located in the Abitibi Greenstone Belt in the north-central part of
Beatty Township approximately 73 kilometres (km) east of the city of Timmins. The property is
located in a historic gold producing area and sits 8 km north of the producing Black Fox Gold
Mine operated by McEwen Mining Inc., 12 km northeast of the past-producing Hislop Mine owned
by Kirkland Lake Gold and 14 km northeast of the former producing Ross Mine. In addition,
McLaren’s McCool gold property, which was recently acquired from Newmont Corporation
(“Newmont”) (see news release dated May 14, 2020), lies 22 km east of the Blue Quartz property
and McLaren’s Kerrs property, also recently acquired from Newmont, lies 21.5 km east-northeast
of the Blue Quartz property.
The Blue Quartz property is comprised of 25 Patented Mining Claims covering 400 hectares (“ha”)
and 8 adjoining Crown Mining Claims covering a further 240 ha. The large property straddles both
the Pipestone Fault as well as a subsidiary, sub-parallel fault, the Painkiller Lake Fault, both of
which exhibit strong silicification and are key gold-bearing structures in the area.
The Blue Quartz property is reported to have produced gold from high grade veins d uring the
1920’s and 1930’s. Underground mining operations were undertaken from a 160 metre deep shaft
sunk on the Pipestone Fault. Underground work included 1,830 metres of crosscutting and drifting,
over half of which was on the 150 metre level, and with lateral workings to a depth of 225 metres.
Two diamond drilling programs undertaken in 2011 and 2012 by McLaren and Orla (formerly Red
Mile Minerals Ltd.), consisting of 3,693 m of diamond drilling in 16 holes, intersected significant
high grade gold mineralization along with substantial widths of lower grade gold mineralization
and wide zones of hydrothermal alteration at depth below and to the west of the old Blue Quartz
Gold Mine workings as well as below the majority of the drilling completed on the property to
date.
Selected gold intersections from this drilling include:
5.28 grams per tonne gold (“gpt Au”) over 2.8 m in hole RBQ-10-01;
3.52 gpt Au over 8.4 m, including 23.00 gpt over 1.0 m in hole RGB-10-02;
2.20 gpt Au over 6.1 m, including 57.00 gpt Au over 0.2 m in hole RBQ-10-03;
8.71 gpt Au over 1.3 m in hole RBQ-08-02;
13.30 gpt Au over 1.0 m in hole MBG-11-07;
13.95 gpt Au over 2.0 m and 1.34 gpt Au over 7.0 m and 2.95 gpt Au over 3.7 m,
including 7.26 gpt Au over 1.2 m in hole MBQ-11-09;
5.51 gpt Au over 3.1 m and 1.21 gpt Au over 63.0 m, including 5.56 gpt Au over 4.0 m
and 12.80 gpt Au over 1.5 m in hole MBQ-11-10.
(see news releases posted on SEDAR dated April 21, 2011 and February 28, 2013 or visit
McLaren’s website at www.mclarenresources.com for further information).
Significant gold mineralization has been intersected to date on the Blue Quartz Gold Mine property
and the mineralization is open to depth and down plunge with indications that the hydrothermal
alteration system is increasing in intensity along with both t he grade and width of the gold
mineralization. Additional drilling is warranted in the future on this property in order to further
trace the known gold-bearing structures to depth and to the west in the area of the historical Blue
Quartz Mine Shaft.
Qualified Person
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”.
About McLaren
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
(McCool and Kerrs properties recently acquired from Newmont – see news release dated May 14,
2020), 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 has the right to earn a 50% interest in the 238 ha TimGinn gold property which hosts
the former producing Gilles Lake Gold Mine in Tisdale Township in Central Timmins and lies
adjacent to the Hollinger Gold Mine and McIntyre Gold Mine both owned by Newmont. 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.
Additional Information
For more information, please contact: Radovan Danilovsky, President, Phone: 416-203-6784,
www.mclarenresources.com
MCLAREN RESOURCES INC.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2
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.
We seek safe harbour.
This news release contains forward-looking statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario)
(together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its
properties, the overall economic potential of its properties, the availability of adequate financing and involve known
and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements
expressed or implied by such forward- looking statements to be materially different. Such factors include, among
others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates
and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk,
currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, completion of economic
evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties, including those described in the Company's
Management Discussion and Analysis for the most recent financial period and Material Change Reports filed with
the Canadian Securities Administrators and available at www.sedar.com.