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McLaren Resources Phase Two Drill Program on McCool Gold near Timmins

Oct 11, 2022

McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" or the "Company") is pleased to announce that, after a successful equity financing (see news release dated September 29, 2022), it has commenced a phase two exploration diamond drilling program on its 100%-owned McCool gold property which is located in the prolific Timmins Gold Region of Northeastern Ontario, Canada where well over 70 million ounces of gold have been produced to date.

It is anticipated that the second phase exploration diamond drill program will consist of approximately 2,000 metres ("m") of core drilling in 5 holes. This program follows on the heels of a recently completed first phase diamond drill program that consisted of 2,392 m of core drilling in 6 holes (see news release dated September 14, 2022). The primary purpose of both of these drill programs is to further evaluate and trace the significant gold mineralization known to exist on the property along the Centre Hill Fault from the work of previous owners undertaken during the period 1982-1987 (see August 31, 2022 news release, Table 1, containing selected historical drill results from the McCool property - Placer Development Limited). 

These drill programs are also investigating induced polarization ("IP") and ground magnetic ("GM") geophysical anomalies that were outlined from ground geophysical surveys completed on a portion of the property in February 2022 (see news release dated February 23, 2022). The types of ground geophysical signatures discovered on the property are known to be closely associated with gold occurrences elsewhere in the general area. 

Several of the holes drilled in the first program intersected wide intervals of intensely altered rocks along the Center Hill Fault that contained variable amounts of sulfide mineralization, fuchsite and sericite, all associated with gold mineralization elsewhere in the area. Core samples from the first drill program have been sent for assay and results will be released when results are received and interpreted. 

The favorable exploration target area occurs on the eastern portion of the 1,650 hectares ("ha") McCool gold property (see Map 1 below showing the favorable target area for gold in relation to the Centre Hill Fault, the sub-parallel Camrose Fault and the McCool Anticline). The first phase exploration drill program will focus on a select portion of the Centre Hill Fault, a northwest-trending fault structure which runs along the south side of the McCool Anticline and which is known to host significant gold mineralization on the McCool property. The Centre Hill Fault is interpreted to be a splay off of the major Destor- Porcupine Deformation Zone which is host to many gold deposits in the general area (see Map 2 below showing the location of the major gold-bearing faults, gold deposits and the property ownership of the various companies actively working in the area).

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