Sphere Resources Inc SPHUF

Great write up on Sphere

[camaro333]

Sphere Resources (NEX:SPH-H) is a Canadian based minerals company with gold exploration and development activity centered in the Red Lake township of northwestern Ontario, Canada and the Carlin trend of Nevada, USA. These superior gold camps of North America are endowed with world class mineral deposits. Having had previous success as an explorer and developer of gold assets in Asia and Africa, Sphere is exploring for major gold deposits in the leading gold camps of North America and using deep resolution IP technology continually while drilling to achieve success. Sphere is also considering partnerships on property in and around Underworld/Kinross and Kaminak area as well as near ATAC's discovery.
We initiated coverage of Sphere Resources several months ago when it was trading at one cent. Since that time, Sphere sold its Argentine salars for almost $1 million dollars and is evaluating opportunities in the Yukon for Carlin-type gold deposits near ATAC Resources and Kaminak. As of the close of business on Friday, Nov 12, SPH-H traded at 3.5 cents, up 350% in less than a year.
The focus of Sphere Resources’ activity is the Dome Property which consists of 1800 acres of land located 3.5 km south/south west of Goldcorp’s Red Lake Gold Mine. The special qualities of the Sphere Dome Gold Property are its structural features, 2 faults that intersect on the North Western section of the property. Two deformation zones also run through the property with multiple shear zones over the Northern section. Much of the Property overlies a large quartz diorite intrusion which is host to several past-producing gold mines and numerous gold occurrences. In addition, diamond drilling and surface exploration by Sabina Resources Limited and Wolfden Resources Limited (Press Releases – 2005) reported significant high grade gold mineralization from their Follansbee Property, located about 2 km north of this Property. Sulphide associated gold with values as high as 5.05 g/t Au over 34.95 m occur in metasedimentary rocks in contact with metavolcanic rocks of the Balmer Assemblage. The area between Goldcorp and Sphere, resting on this trend is currently the subject of a major drilling program by Mega. It is in this south/south west trend that Goldcorp identified a high grade zone 1.1 m approximate true width of 3,706.9 grams per tonne gold and 1.7 meters approximate true width of 1,826.3 grams per tonne gold.
Sphere’s partner in the Dome Project is Duncan Park Holdings (TSX-V: DPH). On Nov 8, Duncan Park announced the completion of an independent technical study on the Dome Property. The report was filed on SEDAR as an updated National Instrument 43-101 compliant technical report (the "Updated Report"). The Updated Report was prepared by Elisabeth Ronacher, Ph.D., P.Geo of Caracle Creek International Consulting Inc. ("CCIC"). The Updated Report states: "A large part of the Property overlies a quartz diorite intrusion, the Howey diorite. Howey diorite hosts several past-producing gold mines and numerous gold
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occurrences. Most of the gold in the Red Lake Camp is spatially associated with the unconformity between the Balmer assemblage (mostly volcanic rocks) and the younger Confederation assemblage (mostly meta-sedimentary rocks). This unconformity is inferred to occur in the north western part of the claim group."
Sphere Resources represents a timely, speculative opportunity for investors wanting access to a grassroots exploration play in the centre of one of the most prolific gold mining districts in North America. We have every confidence in the management and its partners’ ability to identify a potential gold resource in this area.