TORONTO, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Sparton Resources Inc . ( TSXV.SRI ) (" Sparton " or the " Company ") announced today that it has begun its initial 2000-metre drill program on the Sir Harry Oakes Gold Project near Matachewan, Ontario. A 3 km access road has been completed and drill site locations set out with proper environmental guidelines and setbacks from the nearby lake.
The current plan is for a total of 10 holes to be drilled, from 5 locations, designed to establish approximately 300 metres of strike length of the zones reported from the 1930’s historical data. Three of the initial sites will duplicate the locations of historical holes DDH 2A, 3 and 5, each of which successfully intersected gold mineralization. The mineralized area near the shaft and the previously drilled area correspond with a structure defined by a distinct magnetic low, highlighted in the Company magnetic survey, completed earlier this year.
The first holes are planned near the site of historical hole DDH 2A, drilled east of the old shaft, which reported a zone of 5.5 grams per tonne over 5.53 metres. Elsewhere, historical hole DDH 3 reported 8.23 grams per tonne over 1.5 metres, and 14.4 grams per tonne over 0.9 metres. Historical hole DDH 5 reported 6.85 grams per tonne over 1.85 metres, 3.77 grams per tonne over 1.49 metres, and 3.43 grams per tonne over 0.61 metres. Grab sample assays from material taken underground at the shaft site also reported gold values ranging from 1.86 to 297.98 grams per tonne; please see Sparton news release dated September 16 th , 2020.
A 50-degree and a 65-degree hole is planned at each site to understand the geometry of the mineralized zones. The syenite porphyry rock type hosting the mineralization at the Oakes site is similar to the host rock of mineralization at Alamos Gold’s nearby producing Young Davidson Mine, located less than 3 km away.
Once initial geological data and interpretations are available, the hole locations maybe adjusted. The planned drill hole locations are shown in the Oakes Project Presentation on the Company website www.spartonresources.com
Mineralized intervals will be sampled using a core saw and one half of the intervals submitted for assay to Swastika Laboratories. Normal industry standard practices for Chain of Custody, Quality Assurance, Blank Assays, Standard Assays and Quality Control will be invoked.
Due to COVID-19 restrictions and work loads, analytical results may take up to 3 weeks to become available after submission to the lab. All operations will be undertaken with proper COVID-19 protocols in place.
CAUTIONARY NOTE
It should be noted that historical results reported here and earlier, by the Company are included in the recent data available to Sparton. Now, knowing the laboratories where the analyses were done, the Company continues to believe them to be reliable. More work needs to be done however, to verify these historical results and information.
Further, a qualified person under NI 43-101 has not done sufficient work to verify these historical results with new sampling and analyses.
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, has been optioned to Eldorado Gold, which owns the nearby producing Lamaque Mine. The Sir Harry Oakes Property in Ontario is the current focus of the Company’s exploration drilling program and is in close proximity to Alamos Gold’s producing Young Davidson Mine.
Sparton also holds an interest in VRB Energy Inc., a leading vanadium battery company that is currently private.
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: info@spartonres.ca 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.
Forward-Looking Statements
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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