McLaren Resources (CSE: MCL) is looking to advance its Kerrs Gold property in the Timmins Gold District of Ontario. The company announced Wednesday that they have received a mineral exploration permit from the provincial government, which is valid for a term of three years.
The exploration permit reportedly allows for a number of activities to be conducted on the property, including geological and geophysical surveys, line-cutting and diamond drilling. The company has indicated that the first work is set to begin this summer, with the company focusing on data compilation and field studies.
Located within the Abitibi greenstone belt, the property was acquired mid last year from that of Newmont Gold in what effectively was a property exchange arrangement. The property sits along the Destor-Porcupine Deformation Zone, a region that is reportedly host to a number of development projects and operating mines.
The company also indicated within the release that it has applied for exploration permits for the McCool property, a property acquired in the same transaction with Newmont. The required exploration permits are currently expected to be approved in the coming weeks.
McLaren Resources last traded at $0.08 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.
