Sparton Resources Inc.: Oakes Gold Project – Initial Drilling Results, Ongoing Program
2021年3月19日 - 8:59PM
Sparton Resources Inc. (
TSXV.SRI)
("
Sparton" or the "
Company")
announced initial drilling results for work completed in late 2020
at the Oakes Gold Project, near Matachewan, Ontario.
Program
Six core holes comprising a total of
approximately 800 metres were diamond drilled at the sites of
historical holes numbered DDH 2A, DDH 3 and DDH 5. (Please see
Sparton news release dated October 19th, 2020). All holes, except
number 6, were drilled to the end of visible mineralization or
alteration and ended in fresh rock material. The historical holes
were only drilled to approximately 30 to 40 metre depths at minus
45 degree angles. The completed drilling was designed to
essentially duplicate the historical holes by drilling a minus 50
degree hole and a steeper hole (minus 65 degrees) underneath from
the same setup.
Assay results have been slow in coming due to
COVID-19 delays and extremely high laboratory work loads. Over 450
samples have been submitted for precious metal and multi element
analyses. To date, results for only about 70 percent of these have
been received.
Holes DDH 20-1 and 20-2 were drilled east of the
old shaft at the site of historical hole DDH 2A, which reported a
zone of 5.5 grams per tonne over 5.53 metres. Holes DDH 20-3 and
20-4 were drilled at the site of historical hole DDH 3, which
reported intersections of 8.23 grams per tonne over 1.5 metres, and
14.4 grams per tonne over 0.9 metres. Current holes DDH 20-5 and
20-6 were located at the site of historical hole DDH 5 which
reported which 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. Please see Sparton news release dated September 16, 2020,
and historical maps on the Sparton website at
www.spartonresources.com.
Results
All holes intersected significant sulfide
mineralization (up to 40% pyrite with lesser chalcopyrite) and
ubiquitous red hematite and grey magnetite alteration plus intense
silicification. The host sedimentary rocks are strongly brecciated
and contain multiple quartz stringers and veining up to 1 metre in
core length often associated with zones of red to grey syenite and
locally containing up to 20% chalcopyrite. Zones of multiple stage
quartz veining and mineralization occur in the completed drill
holes at roughly the same intervals as reported in the shallow
historical holes but significantly more mineralization is present
deeper in the current holes, indicating a much larger mineralised
structural zone over 50 metres in width. Several small fault zones
were encountered in all holes and overall core recovery exceeded
95%.
All core was systematically logged with a
susceptibility meter to attempt to correlate mineralized sections
with magnetic or non–magnetic zones. As well, all the core was
logged systematically with a scintillometer to check for anomalous
radioactivity associated with potassium alteration, which is
characteristic of gold deposits in the area, including the nearby
Young Davidson Mine.
Assay results to date are not consistent with
the historical data. The best results received from the current
drilling are set out below:
|
Hole
20-1 – |
0.31 grams/tonne (“G/T”) Au (gold) over 1.5 metres from 14.5 to 16
metres, roughly corresponding to the zone reported in historical
hole 2A; |
|
Hole 20-1 – |
0.26 G/T Au over 1.5 metres from
58.5 to 60 metres; |
|
Hole 20-1 – |
1.91 G/T Ag (silver) over 6.5
metres from 67.5 to 74.0 metres; |
|
Hole 20-3 – |
0.14 G/T Au over 6 metres rom 4.5
to 10.5 metres and: |
|
|
0.10 G/T Au and 1.12 G/T Ag over
4.5 metres from 31.0 to 35.5 metres and: |
|
|
0.22 G/T Au over 1.5 metres from
56.0 to 57.5 metres and: |
|
|
0.11 G/T Au, 1.2 G/T Ag and 0.09%
Cu (copper) over 0.5 metres from 104.0 to 104.5 metres from Hole
20-4 drilled under the historical hole DDH 3 at -65 degrees. |
Approximately 100 assay results are still
awaited from holes 4 and 5.
Quality Control and Quality Assurance
Mineralized intervals were systematically
sampled using a core saw and one half of the intervals submitted
for assay to Swastika Laboratories Ltd. or Agat Laboratories, both
recognized organizations and ISO certified. Normal industry
standard practices for Chain of Custody, Quality Assurance, Blank
Assays, Standard Assays and Quality Control were followed and the
results for blanks and standards were all accurate within normal
variability ranges.
Ongoing Work Program
The work planned for later in 2021 will involve
prospecting of the entire claim area surrounding the Oakes Leases
and clearing and sampling of various trenches on the property where
gold values were reported by previous operators. This is expected
to begin in late spring or summer when field conditions are
optimal. The 41-claim property package has several target areas
highlighted for groundwork, and the geologic potential of the area
is excellent given the proximity to Alamos Golds highly successful
Young Davidson Mine.
CAUTIONARY NOTE
It should be noted that historical results
reported here and earlier, by the Company are included with the
recent drilling data results and were available to Sparton. Knowing
the laboratories where the historical analyses were done, the
Company believed the historical data to be reliable and has
reviewed them in detail to attempt to determine the discrepancies
with the current results. More work needs to be done however, to
verify these historical results and information and provide an
explanation the reason for the differences with the current
results.
Further, a qualified person under NI 43-101 has
not done sufficient work to verify the historical results with new
sampling and analyses because the original samples and drill core
are not available for re-analysis.
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. Eldorado is planning an extensive
work program during 2021 with possible drilling late in the year.
The Oakes Gold 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
and has recently announced a contract for a 1 gigawatt storage
system linked to a major new solar installation in Hubei Province
China.
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 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
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