Sparton Resources Inc. Announces Company Doubles Size of Claim Area Near Sir Harry Oakes Gold Property in Ontario
2020年2月12日 - 2:01AM
Sparton Resources Inc. (
TSXV.SRI)
("
Sparton" or the "
Company")
announced today that it has acquired an additional fourteen (14)
mining claim units (the “Claims”) adjacent to and nearby the 3
former Sir Harry Oakes Mining Leases (the “Leases”) held under
option in the Matachewan gold mining area of northern Ontario.
Sir Harry Oakes is one of Canada’s most successful mining
figures, who originally acquired claims central to this land
package in the 1930s. See Sparton News release dated
September 25, 2019.
CLAIM PURCHASE AGREEMENTS
Sparton has executed Purchase Agreements with
two owners to acquire a 100% interest in the 14 claim units.
This increases the total size of the property held by Sparton
in the area to approximately 600 hectares or 1500 acres.
For the purchases on closing Sparton will pay a
total of 2,000,000 common shares of the Company as to 1,000,000
shares to each of the owners. In addition, each owner will be
eligible to receive a 2% Net Smelter Return Production Royalty from
any production on their vended claims and 50% of this royalty may
be purchased by the Company at any time for the sum of USD$2.5
million dollars. One claim owner will be reimbursed
exploration expenses of approximately $6,850 spent on its claims
which include a portion of the aero-magnetic survey.
TECHNICAL INFORMATION
Five of the Claims are contiguous to the three
Oakes Leases and others adjoin the 14 claim units staked earlier by
Sparton in the same general area. The others cover the
interpreted strike extension of the zone tested by the Oakes shaft
and the drill holes completed there. Other claims cover
favourable host rocks such as “syenite porphyry” that host
mineralization on the Leases and also at the nearby Young Davidson
Gold Mine.
All the Claims are accessible from Ontario
Highway 566 and four of them have been covered by the drone
supported aero-magnetic survey completed over the leases in late
2019. A distinct magnetic anomaly is associated with the
Oakes zone and extends onto the newly acquired adjacent Claims.
The technical information reviewed to date
indicates that limited detailed exploration has been carried out on
the new Claims.
SUMMARY
“Sparton has strategically acquired these new
claims to eliminate fragmented ownership of any discovery made on
the Oakes leases and adjacent Claims,” stated A. Lee Barker Company
CEO. “It is not often the opportunity arises to enlarge a
strategic and historically significant property in an active mining
area. Our due diligence work has confirmed some of the
historic data available, and the results of the magnetic survey
have indicated a distinct zone which may be associated with the
mineralization there. Literature indicates that Sir Harry
Oakes acquired the original property in order to pursue a
geological model based upon his discovery of the Lakeshore
Mine. The testing of the model has never been completed and
can now be enhanced using modern geological and geophysical
techniques. We plan a detailed exploration program on the
Leases and nearby Claims to begin as soon as possible and hope to
duplicate the success Sir Harry Oakes had at the Lakeshore Mine in
Kirkland Lake.”
Closing of the Purchase Agreements is contingent
upon receipt of regulatory approval.
A. L. Barker M.A.Sc., P. Eng., P. Geol. is the
Qualified Person under NI 43-101 for the technical information in
this news release and has reviewed all available data for the
Property and approved the contents of this news release.
For more information contact:A. Lee Barker, M.A
Sc., P. Eng., P.Geol.President and CEOTel./Fax: 647-344-7734 or
Mobile: 416-716-5762Email: 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.
We Seek Safe Harbour
Sparton Resources (TSXV:SRI)
過去 株価チャート
から 12 2024 まで 1 2025
Sparton Resources (TSXV:SRI)
過去 株価チャート
から 1 2024 まで 1 2025