Sparton Resources Announces Positive Initial 2023 Results From Bruell Gold Project and Welcomes New Director

TORONTO, May 10, 2023 (GLOBE NEWSWIRE) — Sparton Resources Inc. (SRI: TSX-V) (the “Company”) is pleased to announce positive early assay results from Eldorado Gold Corporation’s (“Eldorado”) winter drilling program at the Bruell gold project, east of Val D’Or, Québec.

Eldorado has completed 8,430 meters of oriented core drilling in 18 (eighteen) holes, in the initial 2023 program at Bruell. The work tested a variety of targets along a four-kilometer gold mineralization corridor extending from the Bruell 1, and 2 shafts to the west, eastwards beyond the Avocalon Shaft and past the “Sparton Zone”, located by the Company’s drilling in 2018, to the new “Penguin Anomaly”, located by Eldorado’s till and soil sampling program in 2020-21. The Penguin Anomaly is about 2 kilometers east of the Sparton Zone.

RESULTS

While core logging is still in progress and most assay data have not yet been received, visible gold was seen in core from Drill Hole BU- 23-14 at the Penguin Anomaly and priority analyses completed with the following results:

BU-23-14 (azimuth 003 deg, Dip -50 Deg,) 497.2-500.2, 3.0 meters @ 13.77 grams / tonne Au
Including: 497.2-497.7,  0.5 meters @ 73.92 grams/tonne Au
  499.7-500.2,  0.5 meters @ 7.95 grams/tonne Au

These results are from what appear to be north-east trending gently dipping quartz tourmaline veins not previously identified on the property, and Penguin is a new zone not previously identified in historical work at Bruell.

The widths reported above are core lengths and true widths of the zones will be determined by future structural analyses. Follow up drilling will be determined after Eldorado does a complete review of all results.

QUALITY CONTROL and QUALITY ASSURANCE

Exploration activities on the Bruell project have been conducted under the direct supervision of Eldorado Gold Québec employee Nathalie Prud’homme, P.Geo. from Eldorado Gold who is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), and has verified and approved, the scientific and technical disclosure contained in this press release in relation to the Bruell project. Eldorado operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of diamond drill core. Drill core samples were prepared and analyzed at MSA Labs in Val d’Or, Québec. All gold assays are based on Chrysos PhotonAssay(tm) technology of a 500 gm charge. Certified standard reference materials, field duplicates and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.

LIST OF DRILL HOLES AND COORDINATES

The following table provides a complete list of drill holes completed in the program.

Survey Azimuth Dip Length orig. Length drilled 2023meters UTM Nad83 Z18 – East UTM Nad83 Z18 – North UTM Nad83 Z18 – Elevation – Comments
BU-22-010 18 -50 549.00 147.00 332458 5332666 329

Extended 2022 hole

BU-22-011A 9 -50 594.32 147.00 332610 5332684 327

Extended 2022 hole

BU-23-012 343 -50   405.00 332711 5332874 324
BU-23-013 0 -50   527.93 332782 5332742 324
BU-23-014 3 -50   615.04 332651 5332569 326
BU-23-015 13 -50   699.00 332197 5332663 330
BU-23-016 23 -50   57.27 330435 5333391 331
BU-23-016A 25 -50   336.00 330435 5333392 331
BU-23-017 360 -50   429.00 328791 5332865 324
BU-23-018 360 -50   433.32 328786 5333072 323
BU-23-019 359 -55   343.80 329842 5332658 330
BU-23-020 348 -50   174.00 329966 5332600 331
BU-23-020A 351 -56   600.00 329966 5332600 331
BU-23-021 360 -50   525.00 330700 5332607 335
BU-23-022 3 -50   504.00 331228 5332593 334
BU-23-023 3 -50   507.00 331270 5332849 336
BU-23-024 163 -50   450.00 329660 5330590 350
BU-23-025 163 -50   474.00 329587 5330840 350
BU-23-026 13 -50   555.00 331017 5333065 330
BU-23-027 158 -50   501.00 330830 5331590 350
      Total 8430.36      
               
Note: drillholes collars location are not final. Drill holes length could change for those not logged yet.

Sparton management are very encouraged by these new results at Bruell and appreciative of Eldorado Gold’s systematic evaluation of the Bruell property.

COMPANY NEW DIRECTOR

Sparton also announced today that Denise Cummings-Luckie has been appointed to the Company Board of Directors and will stand for election to its Board of Directors at the Company Annual General Meeting on June 27, 2023.

Ms. Cummings-Luckie is an accomplished lawyer and compliance professional with over 20 years of experience in private practice relate to company/commercial/corporate, mining and exploration law and general securities law. specializing in providing advisory services to listed companies, she has extensive experience in financial market compliance, data privacy/anti-spam legislation, IT security including information protection, data breaches, and ransomware attacks. She is fully versed in corporate governance. and has held past positions with several mining related organizations, including the Heenan Blaikie Global Mining Group, BMO Capital Markets, and National Bank Financial.

As part of the Global Mining Group at Heenan Blaikie, Ms. Cummings-Luckie has supported clientele as a corporate secretary and has provided pro bono work involving corporate social responsibility (CSR) issues for industry associations.

The Company welcomes its new member to the Board of Directors and will value Ms. Cummings-Luckies’ guidance as the Company moves forward to create value for its stakeholders.

Subject to regulatory approval, Ms. Cummings-Luckie will be awarded incentive options to purchase 300,000 Sparton common shares at a price of $0.05 per share expiring 3 years from the effective date of approval.

For more information contact:

A. Lee Barker, President and CEO
Tel.: +1 416-366-3551
Fax: +1 416-366-7421
Mobile: +1 416-716-5762
E-mail: [email protected]

SPARTON RESOURCES INC.                Company website: www.spartonres.ca
Listed: TSX Venture Exchange
Trading Symbol: SRI

We Seek Safe Harbour

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release


CBJ Newsmakers

Recommended