TORONTO, May 06, 2022 (GLOBE NEWSWIRE) — Sparton Resources Inc. (“Sparton” or the “Company”) (“SRI”-V) reported today on the results of the Induced Polarization (“IP”) survey recently completed over the central portion of the Oakes Gold Project Property, near Matachewan, Ontario.
The Company holds 41 claims and 3 leases in the area, which tie on to the overall property hosting the Young Davidson Gold Mine (approx. 200,000 ounce per year gold production), operated by Alamos Gold Inc. The Oakes Property is easily accessible by road and bush trails.
The IP survey was completed by CXS (Canadian Exploration Services) of Larder Lake, Ontario. It utilized a 3-D Distributed Induced Polarization system with wireless data acquisition and multiple layer data presentation. This system has less impact on the environment, as it reduces the amount of line cutting necessary and was also useful in getting data from underneath the lake, which bisects the survey area. Data are presented as both resistivity and chargeability information at 50-meter vertical intervals, beginning at surface and extending to different depths below surface. This information can provide a 3-dimensional interpretation of the bodies causing the anomalies. Normally, higher chargeability zones are related to metallic minerals in the host rocks and areas of higher resistivity may be related to silicification often associated with gold mineralization.
The results indicate five (5) significantly anomalous areas, (please see maps and explanatory video on Company website www.spartonresources.com). One of these (Anomaly “D”) is directly associated with a mineralized area adjacent to Hawley Lake, near the old “Oakes” shaft, where Sparton drilled several holes in late 2020. All holes were mineralized with pyrite, magnetite and hematite and locally intersected quartz veins and intense silicification. Anomalous values in silver, copper and gold were reported from these drill holes. The mineralization occurs in brecciated sediments and syenite porphyry. (See Company News Release dated March 19th, 2021). Syenite porphyry is one of the main host rocks for gold mineralization at the Alamos Young Davidson Mine.
The other IP chargeability anomalies have never been tested with trenching or drilling and were unknown until the results of this survey. At least two of them, (anomalies “C” and “E“) appear to be associated with syenite porphyry rocks on the west side of Hawley Lake. Only a very small portion of Anomaly “D” near the old shaft was tested by the 2020 drill program.
Based on these results, Sparton plans to undertake a trenching program to attempt to expose the sources for the new IP chargeability anomalies. This work is expected to begin later this summer once amendments to the existing work permit have been approved by the Ontario Government. Positive results from the trenching will be followed up with a new drilling program.
“The Company is extremely pleased with these results,” stated Company CEO, Lee Barker.
“We are quite optimistic that the trenching work will provide positive information to justify a new drill program later this field season. Some of the anomalies appear to extend on to Alamos Gold’s claim holdings and may be of interest to them.”
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 Quebec where it holds interests in two exploration prospects. The Bruell Property in Quebec, which hosts a new gold discovery, is under option to Eldorado Gold Corp., which owns the nearby producing Lamaque Mine. The Sir Harry Oakes Gold Property in Ontario, is in close proximity to Alamos Gold’s producing Young Davidson Mine.
Sparton also holds a 9.8% interest in VRB Energy Inc., a leading vanadium flow battery manufacturing company that is currently private.
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, has reviewed all available data for the projects discussed here, and has 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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