Sparton Resources Inc. Provides Update for Bruell Gold Project: 5000 Meters of Drilling Planned in 2022
2022年1月25日 - 9:30PM
Sparton Resources Inc. (
TSXV.SRI)
("
Sparton" or
the "
Company") is pleased to
provide an update on the 2022 work program planned by Eldorado
Gold Corp. (“Eldorado”) on the Company’s Bruell Gold Property in
Vauquelin Township, Quebec. The work will include approximately
5000 meters of diamond core drilling to evaluate the new gold
mineralization discovered by Sparton in 2018-2019 as well as other
targets defined by The Eldorado work program completed to date on
the property.
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-meter 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. Following this work, in
2021 geological mapping, prospecting and detailed geochemical till
sampling were completed over highest priority parts of the claim
group. It also reprocessed Induced Polarization (IP) data and all
information has now been entered into a data base to ensure the
information data points are properly located.
Covid 19 logistical restrictions have slowed the
program somewhat but significant fieldwork has still been
completed, including a detailed till and soil sampling survey in
the Avocalon-Aurora shaft area and a set of closely spaced till
sample profiles in the western part of the claim group where there
are three historic shafts. A review of these data indicates some
positive results in several areas.
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 pleased with Eldorado’s systematic
progress on the Bruell Property ”stated. Lee Barker, Sparton
CEO. “Based on a recent review of the data with Eldorado’s staff,
it is obvious that a proper compilation of all historical
information and an updated geophysical program and database were
useful for prioritizing areas for drilling in 2022. Very little
detailed modern exploration has been done on the Property. Given
the strength of the structures hosting the mineralization and the
number of gold occurrences on the claim group, the application of
modern exploration techniques by Eldorado has yielded positive
results and highlighted new targets as well as confirming the known
areas of mineralization. Drilling is expected to begin in late
February 2022 and Eldorado has indicated that it intends to spend a
minimum of $500,000 dollars at Bruell in 2022, to meet its work
commitment.
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, 2021
(completed) and $500,000 in Year 3, 2022), 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 and a very large claim area adjacent to Bruell o the
west. The Oakes Property near Matachewan in Ontario is the
current focus of the Company’s exploration activities and is in
close proximity to Alamos Gold’s producing Young Davidson Mine. The
Company is currently conducting an IP survey covering part of the
property
Sparton also holds a 9.8% interest in VRB Energy
Inc., a leading vanadium flow 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