Sparton Resources Inc. - Company Updates Exploration Programs
TORONTO, May 27, 2020 - Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced updated plans today for its gold exploration projects in Ontario and Quebec.
SIR HARRY OAKES LEASES AND CLAIM AREA, MATACHEWAN AREA ONTARIO
Sparton, as a requirement for exploration permit applications, has begun consultation with the Matachewan Ontario area Affected First Nations (“AFN”). These include the Matachewan First Nation, the Temagami First Nation, the Metis Nation and the Wabun Tribal Council. Support is expected from all groups and initial discussions with the AFN have been positive.
The Company expects to apply for exploration permits, including drilling prior to the end of May 2020. The field program is expected to begin in late June, after completion of a detailed magnetic survey to cover all of the Sparton controlled Claim area (see Company News Release dated February 11, 2020 and Company website map).
All the Project area is accessible from Ontario Highway 566. Four of the claims and the Oakes Leases have been covered by the drone supported aero-magnetic survey completed over the Oakes Leases in late 2019. A distinct magnetic anomaly is associated with the Oakes Zone and extends onto the newly acquired adjacent Claims, see map on Company Website.
The other new Claims controlled by Sparton cover favourable host rocks such as “syenite porphyry” that host mineralization on the Oakes Leases and also at Alamos Gold Inc.’s nearby Young Davidson Gold Mine. The technical information reviewed to date indicates that limited detailed exploration has been carried out on the new Claims.
Initial field work will involve detailed investigation of the Oakes Leases and surrounding claims area, with geological mapping and sampling, and location of the 1930’s Oakes drill holes near the shaft area. Following completion of the new magnetic survey, prospecting and sampling will be done covering any targets located by this work on the rest of the Claim area.
A diamond core drilling program to confirm and extend the Oakes Zone is planned for early autumn and is expected to involve at least 2,000 meters in several holes around the shaft area. The 2020 Matachewan area work program is budgeted at approximately $350,000.
BRUELL PROJECT, VAL D’OR EAST AREA QUEBEC
Eldorado Gold Corp. (“Eldorado”) optioned the Bruell Project from Sparton in December 2019 (see Company News Release dated December 16, 2019). Eldorado’s work at Bruell will involve a detailed high resolution airborne magnetic survey covering the entire 51 claim property. The survey is expected to begin in mid-June subject to contractor scheduling. Data from this work will be correlated with the existing geophysical data base, which only covers the central part of the Bruell claim block. The Bruell mineralization discovered to date is in part, related to strong structures trending through magnetic rock units (diorite and mafic lavas) where the alteration (silicification and carbonate alteration) and related gold mineralization may present as a reduction in the magnetic intensity of the host rocks.
Following the magnetic survey, Eldorado plans detailed mechanized basal till geochemical sampling. This technique involves excavating through overburden to the bedrock surface and collecting samples of the deposits immediately above and on the bedrock surface. It is a relatively rapid exploration method and will provide timely and direct geochemical data across the entire property area. The known mineralized zones and their extensions can be traced accurately using this method, and new ones located.
Depending on the completion, compilation and results of this work, a fall 2020 diamond drilling program may be planned by Eldorado. The Company is in agreement with Eldorado’s systematic approach to the 2020 program. Detailed information is only available for the central portion of the Bruell property. There are numerous gold occurrences, three 1930’s vintage shafts and a new style of mineralization discovered by Sparton in it 2018-19 drill programs. Eldorado’s 2020 work commitment at Bruell is $300,000.
Company President, Lee Barker stated: “Sparton is pleased to be able to report the beginning of new work to evaluate these exciting projects. It is not often the opportunity arises to explore two strategic and historically significant properties in two active mining areas with nearby large gold producers. Eldorado, as a strong partner, has nearby production at the Lamaque Mine and will undertake a systematic approach to Bruell. We will monitor the results on an ongoing basis.
At Matachewan, historic literature indicates that Sir Harry Oakes acquired the original claims in order to pursue a geological model based upon his discovery of the 8.5 million ounce Lakeshore Gold Mine, in nearby Kirkland Lake. The testing of the model has never been completed but can now be enhanced using modern geological and geophysical techniques. With a detailed exploration program on the Leases and nearby Claims to begin as soon as possible we hope to duplicate the success Sir Harry Oakes had at Lakeshore. The COVID-19 work restrictions have delayed the start-up of field programs but these are now being slowly lifted and the Company expects to begin field work later in June 2020, adhering to the proper government regulations and working protocols for health and safety.”
A. Lee. Barker M.A.Sc., P. Eng., P. Geol. is the Qualified Person under NI 43-101 for the technical information in this news release, has reviewed all available data for the projects discussed here, and approved the contents of this news release.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng., P.Geol.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
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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