McLaren intersects high-grade gold at McCool near Timmins  

McLaren Resources (TSXV: MCL) has reported high-grade gold assays from drilling at its McCool property near Timmins in northeastern Ontario.   

Highlights include diamond drill hole MCC22-04, which cut 6 metres grading 16.5 grams gold per tonne from 142.5 metres depth including 4.5 metres grading 21.1 grams gold; hole MCC22-09 returned 9 metres grading 10.8 grams gold from 393 metres downhole including 1.5 metres grading 59.3 grams gold; and hole MCC22-09 intersected 1.5 metres grading 58.4 grams gold from 160.5 metres depth, McLaren said in news release on Tuesday.  
 
McLaren completed a total of 4,361 metres of exploration diamond drilling in 11 core holes during two drilling campaigns on the McCool property late last year. The project lies adjacent to Agnico Eagle Mines‘ (TSX: AEM; NYSE: AEM) Holt mine as well as the Tower and Fenn-Gib projects being developed by Moneta Gold (TSX: ME; US-OTC: MEAUF) and Mayfair Gold (TSXV: MFG; US-OTC: MFGCF), respectively.  

“We have been successful in intersecting significant thicknesses of high-grade gold mineralization along with good thicknesses of low-grade gold mineralization,” Radovan Danilovsky, McLaren’s president, said in the release. “We look forward to continuing our exploration diamond drilling.” 

Last year’s drill program targeted the Centre Hill fault to investigate induced polarization and ground magnetic geophysical anomalies as well as evaluate exploration by previous operators from 1982 to 1987, McLaren said.  

Nine of the holes intersected gold mineralization along a strike length of 500 meters on the fault, it said. Geologists interpret the fault to be a splay off the major Destor-Porcupine deformation zone, host to more than half a dozen gold deposits in the wider area near Timmins.  

Earlier this month, McLaren closed about $530,000 in financing to help its exploration programs at McCool and the Blue Quartz and Kerrs gold properties, also near Timmins. Accilent Capital Management now owns about 28% of McLaren. The Toronto-based boutique investment firm specializes in alternative assets and commodities. 

Shares in McLaren fell 1¢ on Tuesday afternoon in Toronto to 8.5¢, within a 52-week range of 4.5¢ and 11¢, valuing the company at roughly $6.9 million.