On August 27, 2024, McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) announced the completion of the sale of the Augdome gold property for $572,889 and a 1.0% net smelter returns royalty on any gold produced from the property pursuant to a four-year option agreement with Goldcorp Canada Ltd., a subsidiary of Newmont Corporation. The option agreement was initially disclosed by McLaren on May 14, 2020.
McLaren held its interest in the Augdome property through a subsidiary. The Augdome property comprises of 22 patented mineral claims covering approximately 414 hectares on the eastern side of the Dome Mine open pit in Timmins, Ontario.
In terms of mineral exploration properties, McLaren currently maintains a 100% interest in the Blue Quartz, McCool, and Kerrs gold exploration properties located east of Timmins, Ontario.
The Blue Quartz property, situated in Beatty Township 73 km east of Timmins, neighboring the Fox Mine, the Fenn-Gib project, and the former producing Ross Mine, has shown promising results from diamond drilling. Selected drill results include 14.0 g/t Au over 2.0m, 12.8 g/t Au over 1.5m, 13.3 g/t Au over 1.0m, and 11.9 g/t Au over 2.2m.
On the other hand, the McCool property located in McCool Township 85 km east of Timmins and the Kerrs property in Kerrs Township approximately 15 km north of McCool are also being explored by McLaren. These properties have shown encouraging results from diamond drilling as well.
McLaren intends to continue exploration work, including diamond drilling, on its portfolio of prospective gold properties in the coming months. It’s worth noting that the Canadian Securities Exchange has not endorsed or disapproved the contents of this press release, and McLaren Resources Inc. remains committed to providing updates regarding any new developments.
