SRI Sparton Resources Inc

Sparton Resources Inc. (TSX VENTURE:SRI) ("Sparton" or the "Company"), announced
today that it has received very positive results from the initial surface
sampling program completed on its Rentian Vanadium Project in Jiangxi Province,
Peoples Republic of China . See Sparton news release dated December 2, 2010.


The Company's vanadium projects are held by VanSpar Mining Inc. a newly
incorporated British Virgin Island ("BVI") subsidiary company that holds
Sparton's various vanadium rights and assets in China, including Rentian and the
nearby Guojiaping project. VanSpar is 74.2% percent owned by Sparton. See
Sparton news release dated March 10, 2011.


As part of its ongoing due diligence study of the Rentian Mining Licence and
processing plant the Company's technical staff have completed a comprehensive
surface sampling program as well as a review of the Rentian processing plant
operating systems and infrastructure. The sampling results are reported here. 


RENTIAN SURFACE SAMPLING 

Over 160 grab and chip samples were taken covering most of the vanadium unit
rock exposures in the 1.6 square kilometre Rentian Mining Licence. There are no
previous records of similar sampling and no previous drilling has been done to
evaluate the vanadium rich stratigraphic unit which trends across the Licence.
The sampling covered most of the 1.6 km strike length of the vanadium rich
horizon on the Licence. Exposures are scattered and best exposed in several
quarries where material has been excavated for local lime production. The
vanadium rich unit appears to be approximately 30 metres thick, strikes
northwest and dips gently 10-15 degrees to the northeast. Not all samples were
actually taken in the vanadium rich unit due to lack of continuous exposure.
Where continuous exposure was present continuous chip samples were taken,
otherwise grab samples were collected.


RESULTS HIGHLIGHTS 

The best continuous chip sample (1 metre sample intervals) returned an average
of 1.10% V205 across a 24 metre wide sampled zone. Within this interval a 12
metre wide zone averaged 1.31% V2O5. The highest value in this zone was 2.00%
V2O5 over a 1 metre interval. True thicknesses are estimated at 20 and 10 metres
respectively for these intervals. Other continuous chip samples taken included
0.75% V2O5 over 12 metres (highest value 1.2%V2O5 over 1 metre) and 0.73% over 7
metres (highest value 1.24% V2O5 over 2 metres).


The average V2O5 content for the entire 162 sample group including mineralized
and non mineralized zones was 0.43% V2O5 and approximately 20% of the samples
assayed over 1% V2O5.


SIGNIFICANT BASE METAL AND SILVER VALUES FOUND 

Of significant interest for the project is that significant amounts of copper,
zinc and silver are associated with the vanadium mineralization. These were
detected in a number of multi element and individual analyses done for the
Quality Control program (see below). Values of 0.92% copper (with 0.79% V2O5),
0.53% copper (with 0.98% V2O5), 0.42% copper (with 1.06% V2O5), and 0.05% copper
(with 1.2% V2O5 and 0.53% Zinc) were reported in these results.


Significant silver values were also associated with the higher grade vanadium
results. These include 1 metre chip samples grading 39.9 grams silver per tonne
with 1.66% V2O5, 23.1 grams per tonne silver with 1.21% V2O5, and 18.2 grams per
tonne silver with 1.20% V2O5.


Only about 25% of the 162 samples have undergone multi element analyses and the
overall base metal and silver distribution is considered incomplete with the
current data available. 


DRILL PROGRAM UNDERWAY 

An 1100 metre drilling program using three drill rigs is now underway to test
the down dip extension of the surface zones sampled in the work reported here.
Approximately 1.2 kilometres of the1.6 kilometre strike length will be tested in
10-15 shallow holes to intersect the vanadium and base metal rich unit at depths
of 25-75 metres. Holes will be approximately 150 metres apart and fill in
drilling is planned once the geometry of the mineralized unit is better
understood. This work is expected to take 6 weeks to complete. 


QUALITY CONTROL PROGRAM

The surface sampling work followed industry standard methods for chain of
custody, quality control and quality assurance. This included insertion of blank
samples into the sample group at random intervals. The initial V205 assay
results were reported by the Central Laboratory of Minerals Exploration and
Development of Jiangxi Province located in the city of Nanchang. Duplicates of a
selected group of samples (35) representing approximately 28% of the total, and
variable V2O5 content were submitted to the SGS Tianjin Mineral Laboratory for
multi element analyses and Vanadium analyses using the ICP90A technique. The
Vanadium analyses reported by SGS were converted into V2O5 results using a
standard formula. In addition several of the samples were analyzed at the
Company laboratory in Lincang, Yunnan China. 


Correlation of results between the laboratories was excellent with average
positive or negative variances on individual sample results between laboratories
of under 5.5%. This is considered acceptable.


DISCUSSION

The Company and Vanspar are extremely encouraged by these results. The indicated
grades of over 1% V2O5 over wide widths at several locations is very positive.
In addition the presence of significant base metal and silver values associated
with the vanadium rich unit may have a revenue contribution to future project
economics if this mineralization occurs over a large part of the Rentian Licence
area and can be recovered. The two main exposures of copper, zinc, and silver
rich material sampled are approximately 1.2 km apart, and the drill program will
be used establish continuity between these exposures. 


Future metallurgical testing on the drill core will involve flotation tests to
determine recoverability of base metals and silver from the raw material prior
to processing for vanadium recovery. 


Additional results will be reported when available. 

Sparton and VanSpar will be highlighting their Guojiaping and Rentian vanadium
projects in China at the upcoming Mines and Money Conference in Hong Kong taking
place from March 22-25.


Statements in this release that are forward-looking statements are subject to
various risks and uncertainties concerning the specific factors disclosed under
the heading "Risk Factors" in the Company's filings with Canadian securities
regulators. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available. The
Company does not assume any obligation to update any forward-looking statements,
save and except as may be required by applicable securities laws.


This news release and the information contained herein does not constitute an
offer of securities for sale in the United States and securities may not be
offered or sold in the United States absent registration or exemption from
registration.


We Seek Safe Harbour.

Sparton Resources (TSXV:SRI)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024

Sparton Resources (TSXV:SRI)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024