McLaren Resources (CSE: MCL) is going exploring. The firm last night after the bell announced that it had been issued a mineral exploration permit by the Ontario ministry for its McCool project, located in the Timmins Gold Region of the province.
The permit will allow the company to conduct various surface exploration activities over a two year period. Approved exploration methods include line-cutting, geological and geophysical surveys, and most importantly, diamond drilling.
In the case of the latter, the company indicated that it intends to conduct the first phase of a drill program on the McCool property. The currently program is expected to consist of a total of ten drill holes, and designed to evaluate and trace mineralization known to have been previously found on the property back in the 1980’s. The program is expected to commence “as soon as logistics are in place.”
The McCool property was initially acquired by the company back in 2020 under a property exchange arrangement with that of Newmont Corp.
McLaren Resources last traded at $0.07 on the CSE.
FULL DISCLOSURE: McLaren Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover McLaren Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
The Greats: Canada’s Notable Mining Financiers
Mining exploration, besides being a high-risk, high-reward endeavour, is a very capital intensive business. It...