Sparton Resources Inc. Announces 2021 Summer Project Work Programs – Copper Poly Metallic Project Evaluation
TORONTO, May 13, 2021 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV.SRI) (“Sparton” or the “Company“) announced the beginning of the 2021 field programs in Ontario and Québec, and detailed evaluation of a new poly metallic project in Ontario.
BRUELL PROJECT FIELD PROGRAM VAL D’OR EAST, QUEBEC
Eldorado Gold has initiated field work at Bruell and will continue the comprehensive till / soil survey started in 2020 that will complete coverage of the entire 51 claim property group. The 2020 program consisted of an orientation survey comprising 8 samples, and an additional 27 widely spaced samples were taken generally in the areas south and east from the Avocalon / Aurora shaft area and Area A where Sparton discovered several new gold mineralized zones in its 2018 drill program. (see Sparton News Release dated May 28, 2018). The 2021 work will provide complete coverage over the entire claim area. Eldorado will also complete detailed geological mapping of the property and may begin a drill program in the fall of 2021. The planned budget for Bruell expenditures in 2021 is $400,000.
OAKES PROJECT AREA
The Company plans a comprehensive surface prospecting and trenching program to gain additional information into the mineralizing system tested in the old shaft area. The detailed magnetic survey completed over the entire 41 claim area indicates several major structures that appear to be related to known mineralization and these will be prospected in detail and old trenches associated with them will be reopened and sampled. Prospecting in 2020 located angular boulders of mineralized green carbonate rock in the southern part of the claim area which yielded anomalous gold values. Detailed work will take place in this area as similar material occurs at the west end of open pit previously mined at the nearby Young Davidson Mine. Any favourable zones located by this work will be drill tested later this year.
COPPER – POLY METALLIC PROJECT
The Company has executed an exclusive agreement for one year to do a detailed evaluation of a property hosting an existing copper deposit contiguous to Sparton’s claim holdings in the Oakes Project area. Previously, one zone on the property was reported, effective May 2008, to host a NI 43-101 compliant drill indicated mineral resource containing 5.97 million tonnes grading 0.34%copper, 0.04% molybdenum, 5.9 grams per tonne silver and 0.10 grams per tonne gold. This report was prepared as:
NI 43-101 Technical Report On The “South Zone”, Ryan Lake Property, Powell Township Ontario” by Buss Services Inc.
This resource is open to expansion at depth and along strike. Other zones of base metal and gold mineralization are known on the property which have not been tested in detail. The Company plans to undertake a comprehensive technical data review of information available.
It should be noted that historical results reported here for the Copper Property might be considered Historical Estimates under current NI 43-101 nomenclature, the Company believes the historical data to be reliable and has reviewed them in detail. More work needs to be done however, to verify these historical results.
Further, a qualified person under NI 43-101 has not recently done sufficient work to verify the historical results with new sampling and analyses. Because most of the original samples and drill core used for the previous calculations are however available for re-analysis and testing, these will be used as part of the evaluation work by the Company.
ABOUT THE COMPANY
Sparton is a mineral exploration company currently focused on exploring gold projects near producing mines on or near the major gold producing trends in eastern Ontario and western Québec where it holds interests in two exploration prospects. The Bruell Property in Québec, which hosts a new gold discovery, has been optioned to Eldorado Gold, which owns the nearby producing Lamaque Mine. Eldorado is planning an extensive work program during 2021 with possible drilling late in the year. The Oakes Gold Property and nearby Poly Metallic Copper Property in Ontario are the current focus of the Company’s exploration work program and are in close proximity to Alamos Gold’s producing Young Davidson Mine.
Sparton also holds an interest in VRB Energy Inc., a leading vanadium battery company that is currently private and has recently announced a contract for a 1 gigawatt storage system linked to a major new solar installation in Hubei Province China.
A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 responsible for the technical information in this news release. He has reviewed all available data for the project discussed here and approved the contents of this news release.
Neither 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.
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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