Sparton Resources Inc. Provides Update for Bruell Gold Project
2020年12月9日 - 10:30PM
Sparton Resources Inc.
(
TSXV:SRI)
("
Sparton" or
the "
Company") provided today an update on
the 2020 work program completed by Eldorado Gold Corp. (“Eldorado”)
on the Company’s Bruell Gold Property in Vauquelin Township,
Quebec.
Earlier work by the Company on the Bruell claim
group discovered new gold mineralization contained in a number of
shear zones and related quartz vein systems located in the east
central part of the claim area (See Sparton News Release dated
April 25, 2019).
During the early part of the 2020 field season,
Eldorado completed a high resolution VTEM airborne magnetic and
electromagnetic survey with a 50-metre flight line spacing over the
entire property. The data from this survey has highlighted
previously un-recognized structures and refined the interpretation
of various lithologic contacts on the claims and the relationship
of gold mineralization to these features.
Covid-19 logistical restrictions prevented a
comprehensive geological mapping and geochemical sampling program
but significant fieldwork was still completed, including a detailed
till and soil sampling survey in the Avocalon-Aurora shaft area and
a set of widely spaced till and soil sample profiles across the
entire claim group. An initial review of these preliminary data
indicate some positive results. Prospecting and mapping commenced
over selected parts of the property and will be continued in the
2021 program.
All drill core from Sparton’s past work is also
currently being relogged and scanned with Magnetic Susceptibility
and portable X-Ray Fluorescence equipment. Multi-element analyses
will also be completed on selected samples to correlate gold
mineralization with other elements. Additionally, the
historical induced polarization (“IP”) data for Bruell was
reprocessed and new IP interpretations were generated that has
highlighted new target areas.
All historical and new data are being compiled
by Eldorado in a GIS format that will permit data comparisons and
aid in the interpretation of the information. Once complete,
Eldorado will provide a summary report and Sparton will provide
highlights.
The 2020 work program at Bruell was budgeted at
$300,000. Eldorado has met the year 1 expenditure commitment and
indicated it will continue with the 2021 program.
ACCESS AND
INFRASTRUCTURE
The 51 claims in the Bruell property package are
accessible from Val d’Or and Senneterre by paved Highways 117 and
113, and local forestry roads and logging trails. The Bruell
property contains a number of structurally hosted vein and shear
zone type gold occurrences. Four (4) shallow shafts, the Bruell 1,
Bruell 2, the Avocalon/Aurora, and the Boycon-Pershing were
excavated on the claims in the 1930s during past exploration
programs and there are numerous historical drill holes with
encouraging gold values that have not yet been followed up.
SUMMARY
“We are very pleased with Eldorado’s systematic
progress on the Project,” stated A. Lee Barker, Sparton CEO. “Based
on a review of the initial data, it is obvious that a proper
compilation of all historic information and an updated geophysical
program and database were necessary to properly prioritize areas
for drilling in 2021. Very little detailed modern exploration work
has been done in the area and given the strength of the structures
hosting the new mineralization located by the Company, and the
number of gold occurrences on the claim group, we believe that
Eldorado is using the correct comprehensive approach to evaluating
this exciting area and prioritizing drill targets for the upcoming
season.”
THE SPARTON ELDORADO
AGREEMENT
On December 16, 2019, Sparton announced that it
had executed an Option Agreement with Eldorado Gold Corporation
(“Eldorado”) whereby Eldorado can earn up to an initial 75%
interest (“Option”) in the Bruell Project. Eldorado agreed to make
all future cash payments and fund all the future expenditures
required under the Property Option Agreement between the Company
and the original optionor. Sparton also received a cash payment of
$150,000 as partial compensation for past expenditures. Should
Eldorado make all future cash payments and fund all the future
optional exploration expenditures ($400,000 in Year 2 and $500,000
in Year 3) then it has the right to have Sparton participate in a
new joint-venture in which Sparton will hold a 25% interest, or
buy-out Sparton’s 25% interest for $1.8 million adjusted for the
Consumer Price Index at the time Eldorado makes the election, in
which case Sparton will be granted a 2% Net Smelter Return
Production Royalty (“NSR”). Fifty percent of the NSR can be
purchased by Eldorado for $2.5 million at any time.
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, hosts a new gold discovery, is now
being explored by Eldorado, 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.
The Company is currently conducting an initial drill program at the
Oakes Project which is designed to confirm the results of work
originally carried out by a syndicate funded by Sir Harry Oakes in
the 1930’s.
Sparton also holds an interest in VRB Energy
Inc., a leading vanadium battery manufacturing company that is
currently private.
A. L. Barker M.A.Sc., P. Eng., is the Qualified
Person under NI 43-101 for the technical information in this news
release and has reviewed current data for the Bruell Property and
approved the contents of this news release.
For more information contact:A. Lee Barker, M.A Sc., P.
Eng.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 StatementsInformation 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 11 2024 まで 12 2024
Sparton Resources (TSXV:SRI)
過去 株価チャート
から 12 2023 まで 12 2024