Press release from Marketwire
Sphere Resource's Subsidiary Spartan Gold Ltd. Announces Gravity Survey on Its Poker Flats Property Suggests Potential Open Pittable Gold Targets
Wednesday, April 11, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 11, 2012) - Sphere Resources Inc. ("the Company"), listed on the NEX Board of the TSX Venture Exchange (TSX VENTURE:SPH.H), is pleased to make the following announcement:
Spartan Gold Ltd. ("Spartan") (OTCBB:SPAG), a subsidiary of the Company, has completed a gravity survey and interpretation on its Poker Flats property located in the Carlin Gold Trend, Elko County, Nevada, USA. Interpretation of the survey indicates that the property contains two gravity anomalies indicative of the presence of shallow premineral bedrock units which typically host disseminated and high grade gold mineralization in the South Carlin Gold District. The broad gravity anomalies also partially correspond with an earlier positive magnetic anomaly, which is interpreted to indicate a buried intrusive complex similar to the nearby Bullion Mining District. One of the two gold targets identified by Spartan lies along the primary north-south mineral structure and two kilometres directly south of the recently permitted Emigrant Gold Mine of Newmont Mining Corp (Newmont). The second target is located directly east of and adjacent to the recent "Railroad" discovery of Gold Standard Ventures (Gold Standard). Newmont has announced a contained gold resource of 1.6 million ounces at the Emigrant Mine. Gold Standard has made numerous releases regarding positive drilling results at their Railroad Project including: 25.9 meters grading 2.74 grams/ton Au from 100.6 to 126.5 meters depth in drill hole RR10-9, and 56.4 meters grading 4.26 grams/ton Au from 169.2 to 225.6 meters depth in drill hole RR11-16.
Gravity and Magnetic surveys have proven essential in providing premineral bedrock information in the Carlin Trend. In addition to providing relative depth to favourable host rocks, the gravity and magnetic results also highlight apparent geological fault structures which act as conduits for gold mineralization and often host higher grade mineralization. Utilized in combination with geological mapping and structural projections, geophysical surveys have provided a substantial tool in the search for concealed mineral deposits.
The combined geophysical anomalies of Spartan's Poker Flats Project and the adjacent Railroad Project of Gold Standard encompass an area greater than the nearby Rain Mine Area of Newmont and Premier Gold Mines, which hosts the Rain Mine, Emigrant, Saddle and Tess deposits, with existing and mined gold resources of greater than 5.6 million ounces.
A regional map of the Carlin Trend with four gold bearing districts showing the newest Railroad Bullion district which mostly encompasses Gold Standard Ventures Railroad property and Spartan Gold's Poker Flats property can be found on Sphere Resources website by clicking on this link: https://www.sphereresources.com/show_info.php?page_id=24.
The Company is also pleased to announce that its subsidiary, Spartan Gold Ltd., on March 21 and 22 and again on April 3 and 4 made exploration and development presentations arranged by its advisers to high net worth investors and investment institutions in New York, NY and Boston, MA, USA.
Spartan Gold Ltd. has an option to earn up to 75% of the Poker Flats property from Mexivada Mining Corp (TSX VENTURE:MNV).
Malcolm Stevens, Executive Chairman of Sphere Resources Inc. commented "We are very pleased to have these potential open pittable gold targets on the Poker Flats property, which we plan on drilling in the third quarter of 2012. A great majority of the gold found in the Carlin Trend has been located on and around the flanks of similar gravity and magnetic anomalies. These individual resource discoveries have ranged from less than 1 million ounces to greater than 20 million ounces of contained gold."
About Sphere Resources Inc.
Sphere Resources Inc. is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and in Nevada, USA on the Carlin Trend.
On behalf of Sphere Resources Inc.
Malcolm L Stevens, Executive Chairman and President
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Malcolm L StevensSphere Resources Inc.+16479868940+61396023554 (FAX)info@sphereresources.comwww.sphereresources.com
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.