McLaren Completes Agreements on Three Timmins Area Gold Properties
NEWS RELEASE
FOR IMMEDIATE RELEASE
May 14, 2020
Toronto, Ontario
MCLAREN COMPLETES AGREEMENTS ON THREE TIMMINS AREA GOLD PROPERTIES
Toronto, Ontario: McLaren Resources Inc. (“McLaren”)( CSE:MCL; Frankfurt: 3ML; OTC:
MLNRF) announces that it has completed a purchase and sale agreement (“PSA Agreement”) and an option
agreement (“Option Agreement”) with Goldcorp Canada Ltd., a wholly-owned subsidiary of Newmont
Corporation (“Newmont”), on Newmont’s McCool and Kerrs gold properties and McLaren’s Augdome
gold property, respectively. All three gold properties are located in the prolific Timmins Gold District in
Northeastern Ontario where over 70 million ounces of gold have been produced to date.
The Transaction
Under the terms of the PSA Agreement, Newmont shall immediately transfer to McLaren its 100% interest
in the 275 hectare (“ha”) McCool gold property and its 100% interest in the 775 ha Kerrs gold property,
subject to Newmont retaining a 1.0 % net smelter returns interest (“NSR”) on any future production from
either property. Newmont shall also transfer to McLaren copies of all geotechnical information from past
exploration programs carried out on these properties that it has in its possession.
Under the terms of the Option Agreement, McLaren has granted Newmont an option to acquire a 100%
interest in McLaren’s 408 ha Augdome gold property. The option can be exercised by Newmont at any
time prior to May 5, 2024 upon the payment by Newmont of CDN $500,000 to McLaren, such amount to
be increased on a yearly basis according to the Canadian Consumer Price Index commencing on January 1,
2021 until the option is exercised. During the term of the option, McLaren has granted Newmont unfettered
access to the Augdome property to carry out any and all exploration and geotechnical work it wishes to
undertake on the property. If and when Newmont exercises the option, McLaren shall transfer a 100%
interest in the Augdome property to Newmont, subject to McLaren retaining a 1.0% NSR on any future
production from the Augdome property. McLaren shall also transfer to Newmont copies of all geotechnical
information from past exploration programs carried out on the property that it has in its possession.
The Properties
The 275 ha McCool gold property, held under one Ontario Mining Lease consisting of surface and mining
rights, is located in McCool Township and the 775 ha Kerrs gold property, held under five Ontario Mining
Leases consisting of surface and mining rights, is located in Kerrs Township. These properties are located
approximately 85 kilometers (“km”) east of the City of Timmins and are situated along the Destor-
Porcupine Deformation Zone which is host to many of the gold deposits in the Timmins Gold District. For
example, the McCool property is located between the Fenn-Gib and Jonpol gold deposits approximately 18
km east of the producing Black Fox Gold Mine operated by McEwen Mining Inc. The McCool property is
also located approximately 22 km east-southeast of McLaren’s Blue Quartz gold property, which hosts the
former Blue Quartz Gold Mine. Both the McCool and Kerrs properties have been the target of various
exploration programs by other operators over the years. McLaren intends to provide more technical
information on these properties and its exploration plans for the future to investors once its technical team
has had a chance to more thoroughly review all of the available exploration data to be provided by Newmont
and that which occurs in the government archives.
The 408 ha Augdome gold property, held under 36 Patented Mining Claims, is located in Tisdale and
Whitney Townships immediately east of the Dome Mine, part of Newmont’s Porcupine Operation.
Newmont already owns the surface rights to the Augdome property.
The information presented in this news release has been reviewed and approved for release by Kenneth
Guy, P.Geo, the Qualified Person for McLaren, as defined by National Instrument 43-101 “Standards of
Disclosure for Mineral Projects”.
About McLaren
McLaren has been focused on exploration work on its three gold properties which are located in the
Timmins Gold District of Northeastern Ontario. These properties include the Augdome property, the
TimGinn property, and the Blue Quartz property. The TimGinn property, which hosts the former Gilles
Lake Gold Mine, consists of 9 Patented Mining Claims covering 238 ha in Tisdale Township in Central
Timmins and lies adjacent to the Hollinger Mine and McIntyre Mine both owned by Newmont. The
Augdome gold property is situated adjacent to Newmont’s inactive Dome Mine. The Blue Quartz property,
which hosts the former Blue Quartz Mine, consists of 25 Patented Mining Claims and 8 Crown Claims
covering a total of 640 ha in Beatty Township and is located 10 kms north of McEwen Mining’s Black Fox
Mine in East Timmins.
For more information, please contact:
Radovan Danilovsky, President
Phone: 416-203-6784
McLAREN RESOURCES INC.
44 Victoria Street, Suite 1616
Toronto, Ontario M5C 1Y2