Sparton Resources Inc. (
TSXV-SRI)
("
Sparton" or the "
Company")
announced today that it has received preliminary results from an
airborne electromagnetic (“EM”) and magnetic (“Mag”) survey
covering most of the 90 claim (3,775 hectare) Pense Property (“the
Property”) in northeastern Ontario and western
Quebec. The claims are located approximately 25 kilometres east of
Englehart, Ontario.
The Company is also pleased to announce that the
Company and Eldorado Gold Corporation (“Eldorado”) have executed an
agreement effective February 13th, 2024, extending Eldorado’s
Option Agreement decision date for the Bruell gold project, east of
Val D’Or, Québec.
Bruell Option Extension
Under the original Option Agreement Eldorado had a 60-business
day period from December 9th, 2023, to decide if it wished to
acquire a 75% interest in the Bruell Claims and set up a 75%
Eldorado and 25% Sparton Joint Venture for further development of
the project. Eldorado also had a further option (if it exercised
the original option to set up the joint venture), to acquire all of
the Sparton 25% interest for a combination of a cash payment and a
residual royalty. Please see Sparton News Release dated December
16th, 2019, for details.
The Option Agreement decision date for Eldorado has now been
extended for 90 business days from December 9th, 2023, or until
April 19th, 2024.
About the Airborne Survey
The survey utilized the “Target EM” system
developed by Expert Geophysics of Aurora, Ontario
(www.expertgeophysics.com). This helicopter borne system uses
advanced time domain technology and interpretation methods to
highlight bedrock conductive zones in the survey area that may be
related to sulphide mineralization hosting various critical metals
such as copper, zinc, nickel, cobalt, etc. The work represents the
first modern combined airborne EM and Mag survey conducted in this
area.
The survey was done with seventy-five (75) metre
nominal line spacing and has outlined nine (9) areas with
distinctive conductive responses on the claim group.
Only two of these areas have had any significant
drilling based on available assessment data records and one of the
areas returned significant assay results for a number of critical
metals. Please see Company news release dated November 3rd, 2022,
and below as well as the Company website www.spartonresources.com.
Initial ground surveys are currently underway at Pense and are
confirming the presence of conductive zones related to the priority
targets located by the airborne work.
Ground Follow-Up
Sparton currently has a ground crew doing
reconnaissance follow-up of the airborne survey results and has now
confirmed three of the new EM anomalies as legitimate responses.
The work will continue to test other anomalies until Spring breakup
conditions prevent reasonable access on existing trails.
About the Pense Property
There are a number of surface showings of
steeply dipping sulphide mineralization hosted in intercalated
sediments and mafic and ultramafic volcanic rocks (komatiites). At
least 2 priority areas with past diamond drill hole intersections
clearly warrant follow-up evaluation. These have been identified by
the current airborne survey results.
Copper, Zinc, Gold, Silver, Nickel and Cobalt
have all been reported from past surface sampling and historical
drilling. The last significant drilling program on the Property was
in 1997. One historical hole, in 1997, recorded 0.893% copper,1.30%
zinc, 4.12 grams per tonne silver, and 1.69 grams per tonne gold,
over a core length of 9.02 metres. This zone was not followed-up
with more drilling and is associated with a distinct magnetic and
electromagnetic anomaly from past ground surveys, (Reference
Ontario MNDM File Number MD131M13SE00008). This anomaly was
confirmed by the current Target EM work.
The Pense claims are accessible from paved
Ontario Highways 11 and 569, local forestry roads and logging
trails and Quebec Highway 101. The Property contains a number of
stratigraphically and structurally hosted polymetallic mineral
occurrences. The last significant ground work was done in 2008.
“The Pense Property appears to have been
overlooked in recent years and there is enough documented
polymetallic mineralization on the Property to warrant this
detailed survey work”, stated A. Lee Barker, Sparton’s CEO. “We are
clearly delighted with the results of the survey and the new
untested zones that have been located on the claims. The ground
survey confirmation of these will lead to additional detailed
ground survey work and drilling later this year. The area is easily
accessible, and we are looking forward to continuing our evaluation
in the coming weeks.”
Cautionary Statement
It should be noted that the historical technical
data reported here are do not include any more recent information
or data available to Sparton, and more work needs to be done to
verify these historical results.
A. L. Barker M.A.Sc., P. Eng., is the Qualified
Person under NI 43-101 for the technical information in this news
release and has reviewed all available data for the Pense Property
area and approved the contents of this news release.
For more information contact:A. Lee Barker,
M.A.Sc., P. Eng.,President and CEOTel./Fax: 647-344-7734 or Mobile:
416-716-5762Email: info@spartonres.ca Website:www.spartonres.ca
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.
Forward-Looking StatementsInformation 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.
We Seek Safe Harbour
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