McLaren Completes Sale of the Augdome Gold Property in Timmins, Ontario to Newmont

Toronto, Ontario--(Newsfile Corp. - August 27, 2024) - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" / the "Company") announces 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 originally announced by McLaren on May 14, 2020.

McLaren held its interest in the Augdome property through a subsidiary. The Augdome property consists of 22 patented mineral claims covering approximately 414 hectares ("ha") located on the eastern side of the Dome Mine open pit in Timmins, Ontario.

Mineral Exploration Properties

McLaren currently holds a 100 percent interest in the Blue Quartz, McCool and Kerrs gold exploration properties located east of Timmins, Ontario.

The Blue Quartz property is located in Beatty Township 73 km east of Timmins and neighbors the Fox Mine, the Fenn-Gib project and the former producing Ross Mine. The property hosts the former producing Blue Quartz Gold Mine and consists of patented claims and staked claims covering an area of 640 ha. The property abuts immediately to the south of the Goldarm Gold Property owned by GFG Resources Inc. ("GFG") where GFG recently announced extremely encouraging gold results with abundant visible gold from drilling on their Aljo Target, including 13.94 grams per tonne gold ("g/t Au") over 7.1 m (see GFG news release issued on August 19, 2024).

Selected drill results from diamond drilling on the Blue Quartz property by McLaren 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 (see McLaren news release issued on February 14, 2019).

The McCool property is located in McCool Township 85 km east of Timmins and neighbors the Tower Gold project, the Fenn-Gib project and the Holt Mine Complex. The property is on the north side of the Destor Porcupine Fault and covers 5 km of the Centre Hill Fault. The property consists of a mining lease and claim cells with an area of 1,770 ha.

Selected drill results from diamond drilling on the McCool property by McLaren include 16.5 g/t Au over 6.0m, 10.8 g/t Au over 9.0m, 7.9 g/t Au over 4.5 m and 58.4 g/t Au over 1.5 m (see McLaren news release issued on January 24, 2023).

The Kerrs property is located in Kerrs Township approximately 15 km north of the McCool property and consists of mining leases covering an area of 771 ha. Previous historical work on the property during the mid-1980s included 10,279 m of diamond drilling in 55 holes. The drilling was focused on an exploration target area that is an extension of a gold mineralized trend from the adjacent property to the east, known as the KBX Zone which is owned by Sheltered Oak Resources Inc.

McLaren intends to continue exploration work, including diamond drilling, on its portfolio of prospective gold properties in the coming months.

The Canadian Securities Exchange has neither approved nor disapproved the contents of the press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Certain statements contained in this news release constitute "forward looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management; however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. McLaren Resources Inc. does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221295