Option Terms McLaren renewed the TimGinn Property Option agreement effective January 1, 2017 for a term of five years. McLaren can earn a 50 percent interest in the TimGinn property by making $1.4 million in exploration expenditures within the five year term.
The Timginn property consists of 9 patented mining claims covering 238 hectares (588 acres) in the Tisdale Township in Central Timmins which hosts the favourable gold mineralized horizon known as the 95/63 contact which trends onto the adjacent Hollinger Mine (19.3 million oz), McIntyre Mine (10.7 million oz) and Moneta Mine (150,000 oz) please see map below. There was brief production on the property during the 1920’s by the Consolidated Gilles Lake Gold Mine which produced 15,000 ounces of gold and was an extension of the Hollinger ore zone. A two compartment shaft was sunk on the property to a depth of 940 feet. See the 43-101 Technical Report.
Exploring the Timmins Gold District
Exploration Plan Company management has identified areas for exploration drilling on the property's favourable gold mineralized 95/63 flow contact horizon adjacent to the Hollinger and McIntyre mine properties.
Additional potential exists in the central area of the property.