Sparton Resources Announces Acquisition of 100% of Bruell Property in Quebec and One Year Extension to the Eldorado Option Agreement
2022年10月26日 - 8:30PM
Sparton Resources Inc. (the “Company”)
(“SRI”-TSX-V) is pleased to report that it has completed the
earn-in and exercised its option to acquire 100% of the 51-claim
Bruell Property in Vauquelin Township, Quebec (the “Bruell
Property”).
It did so by issuing a total of 1.5 million
common shares of the Company, making $300,000 in cash payments to
the vendors, and incurring $1.5 million in exploration expenditures
on the claims pursuant to an option agreement entered into in
August of 2017. The Bruell Property remains subject to a 2% Net
Smelter Royalty to the original vendors, subject to a buy-out of
50% of the royalty (1%) for a cash payment of $1 million.
In December of 2019, the Company agreed to
sub-option the Bruell Property to Eldorado Gold Corporation
(“Eldorado”) for three (3) years, whereby Eldorado was to make the
remaining cash payments to the underlying vendors on behalf of the
Company and fund the exploration expenditures (the “Eldorado
Option”) committed by the Company to the original vendors. Eldorado
has successfully completed its option commitments but has not yet
exercised its option. The completion of the required work and
payments to the vendors by Eldorado has enabled the Company to
complete acquisition of the Bruell Property, as mentioned
above.
Eldorado has requested, and Sparton has agreed
to a one-year extension on the Eldorado Option Agreement. In
consideration for the extension, Eldorado has agreed to carry out a
minimum of 4,000 metres of additional drilling as a new option
commitment. The additional drilling will test several geochemical
(till) anomalies, as well as follow-up holes on positive results
from the recently completed 2022 drilling program. All other
material terms of the Eldorado Option Agreement remain
unchanged.
Under the terms of the Eldorado Option, Eldorado
has the right to require Sparton to 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”), and 50% of the NSR can be purchased by Eldorado for $2.5
million at any time. Eldorado would also be responsible for the
royalty payable to the original vendors under the buy-out option if
it elects the buy-out.
In 2022, Eldorado completed 11 diamond drill
holes totaling 4,745 metres. Complete assays from the Eldorado
drilling program are still pending and will be released when
available.
Company President, Lee Barker commented:
“Bruell’s strategic location in the Val D’Or East Gold Area and the
synergies created by its close proximity to Eldorado’s Lamaque
Operations are clearly among the key features that attracted
Sparton to the project area. We are pleased with the systematic
work carried out to date by Eldorado and believe that the added
drilling planned for the 29 square kilometre property can enhance
the prospects of discovering an economic gold deposit.”
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.
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