Sparton Resources Inc. Oakes Gold Project Update
TORONTO, Sept. 08, 2020 - Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced today that it has received its work permit from the Ontario Ministry of Energy Northern Development and Mines and completed the drone supported magnetic survey over most of the Oakes Gold Project, in Ontario.
WORK PERMIT RECEIVED
Effective September 4th, 2020, Sparton received a work permit for the Oakes Project area. The permit comprises approvals for core drilling and mechanical stripping in the area of the old shaft, sunk by the Harry Oakes financed syndicate in the early 1930s, as well as general prospecting work.
The Company will now begin completion of an access road to the Oakes shaft area using the existing historical track, and accurately locate all of the old 1930s drill sites and trenches. Preparation of drill pads for the planned initial drill program will carried in conjunction with some limited clearing and sampling of existing trenches.
AIRBORNE MAGNETIC SURVEY
A detailed, drone supported airborne magnetic survey covering most of the Company’s 42 claim package was completed in late August by Fera UAV of Timmins, Ontario. Preliminary data has been received. The quality is excellent and indicates that the Oakes shaft area is located at the intersection of two well defined magnetic linears which likely represent structural features that may control the mineralization seen there. Future prospecting work will focus on exploring the extensions of these structural linears away from the Oakes shaft area site.
Four of the claims at the Oakes Leases had been covered by a drone supported aero-magnetic survey completed over the leases in late 2019 using the same geophysical contractor. A distinct magnetic anomaly is associated with the Oakes Zone and extends onto the recently acquired adjacent Claims. Please see map on Company website. The other Claims recently acquired 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 Claims.
FIRST NATIONS CONSULTATION
The permitting process involved 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 for the proposed work has been received from all groups and consultation will continue as the program moves forward.
Drilling is expected to begin by the end of September or the first week of October, once field preparations are completed. All of the Project area is accessible from Ontario Highway 566. Sparton is establishing a logistics base in the Kirkland Lake area to support the work.
Company President, Lee Barker, stated; “We are pleased to be able to report the receipt of the Exploration Permit allowing the beginning of new work to evaluate this exciting project. The initial results of the magnetic survey are very positive and will be very useful going forward. This type of exploration technology has never been used in the Oakes area and, based on field observations of mineralization seen in the old Oakes shaft area, it is likely that an Induced Polarization (IP) survey will be very useful as well. This will be carried out in the winter of 2021.
At Matachewan, historic literature indicates that Sir Harry Oakes supported and held a major interest in the syndicate that explored the original claims covering the current Leases 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 controlled by the Company now beginning, 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 and permitting. These restrictions are being slowly lifted and the Company is ready to begin work immediately, adhering to the proper government regulations and working protocols for health and safety.”
A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release, has reviewed all available data for the project discussed here, and approved the contents of this news release.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng.,
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: firstname.lastname@example.org 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.
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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