McLaren Resources (MCL) is expanding the land package around its McCool Gold Property.
The Toronto-based mineral exploration company has quintupled the size of the property, located in the Timmins Gold Region of Northeastern Ontario.
McLaren acquired an additional 50 full mineral claims and 10 partial mineral claims, together comprising approximately 1,375 hectares, from two independent prospectors from the Timmins area. The new claims are contiguous with the original McCool gold property and bring the total size of the property to approximately 1,650 hectares.
McLaren owns a 100-per-cent interest in the property.
The cash and stock deal is worth approximately C$45,000.
The majority of the new claims cover the northwest strike extension of the Centre Hill Fault which is host to the known gold mineralization on the property and which is interpreted to be a splay off of the major Destor-Porcupine Deformation Zone which is host to many gold deposits in the area.
The expanded McCool gold property now covers an approximate five-kilometre strike length of the gold-bearing Centre Hill Fault.
McLaren has received a mineral exploration permit from the Ontario Ministry of Energy, Northern Development and Mines, allowing it to undertake various surface exploration activities on the original McCool gold property including line-cutting, geological and geophysical surveys and diamond drilling.
In the next few weeks, the company plans to begin a first phase exploration program on the McCool gold property, consisting of approximately 13 kilometres of line-cutting and Induced Polarization geophysical surveys followed by the drilling of up to 10 holes.
The expanded McCool gold property borders the Golden Highway Gold Project of Moneta Gold to the south. Moneta continues to intersect good grade gold mineralization on their property and continues to expand their gold resource in several areas of the property.
McLaren Resources is up 20 per cent, trading at $0.06 at 10:31 am ET.