Sparton Resources Inc. (
TSXV-SRI)
("
Sparton" or
the "
Company") announced today that it has
entered into an option agreement with three independent prospectors
(collectively, the “
Vendors”) to explore the 39
claim (865 hectare) Pense Property (“the
Property”) in Pense Township, Ontario. The claims
are located near the Quebec provincial border, approximately 25
kilometers east of Englehart, Ontario, in the Larder Lake Mining
Division.
About the Pense Property
There are a number of surface showings of
steeply dipping sulphide mineralization hosted in intercalated
sediments and mafic and ultramafic volcanic rocks (komatiites). At
least 2 priority areas with past diamond drill hole intersections
warrant follow-up evaluation. Copper, Zinc, Gold, Silver, Nickel
and Cobalt have all been reported from past surface sampling and
historical drilling. The last drilling program on the Property was
in 1997. One historical hole, in 1997, recorded 0.893% copper,
1.30% zinc, 4.12 grams per tonne silver, and 1.69 grams per tonne
gold, over a core length of 9.02 meters. This zone was not
followed-up with more drilling and is associated with a distinct
magnetic and electromagnetic anomaly from past ground surveys.
(Reference Ontario MNDM File Number MD131M13SE00008)
The Pense claims are accessible from paved
Highways 11 and 569, local forestry roads and logging trails. The
Property contains a number of stratigraphically and structurally
hosted polymetallic mineral occurrences. The last significant work
was done in 2008.
A comprehensive ground or airborne magnetic
survey has not been completed on the entire claim group. Limited
historical magnetic surveys covering the principal zones
intersected by historical drilling have indicated well defined
magnetic and electromagnetic anomalies related to the rock types
and zones hosting the mineralized material.
Under the terms of the 3-year option agreement,
Sparton will issue a total of 400,000 common shares, incur a total
of $250,000 in exploration expenditures on the Property, and make
cash payments totaling $175,000 over the 3- year period, to earn a
100% interest in the Property, detailed as follows:
Upon Receipt of Regulatory Approval: a cash
payment of $25,000, issuance of a total of 100,000 common shares to
the Vendors, and a commitment to incur exploration expenditures of
$50,000 in first year.
In Year 2: Cash payment of $50,000, 150,000
common shares to be issued to the Vendors, and exploration
expenditures of $100,000. (Optional)
In Year 3: Cash payment of $100,000, 150,000
common shares to be issued to the Vendors, and exploration
expenditures of $300,000. (Optional)
Production Royalty: If commercial production
takes place on the Pense Property, the Vendors, will be entitled to
receive an annual production royalty (the “Royalty”) equal to 2% of
Net Smelter Returns, as customarily defined. At any time after a
feasibility study is completed for development of any part of the
Property, ½ of this Royalty (or 1%) may be purchased by the Company
for the sum of $2,000,000. The Company will also have a right of
first refusal to purchase the remaining 1% NSR Royalty.
All cash payments, share issuances and royalty
payments, if any, will be paid or issued as to 33.333% of the
totals to each vendor.
The agreement is subject to final regulatory and
Company board approval.
Work Program
All data available for the Property is being
compiled and a field program to relocate past drill holes and
survey grids will be undertaken next field season. Drone supported
Lidar and magnetic surveys will then be completed and various zones
identified for surface prospecting and for possible drilling in the
future.
“The Pense Property appears to have been
overlooked in recent years and there is enough documented
polymetallic mineralization on the Property to warrant follow-up
and a detailed evaluation,” stated A. Lee Barker Sparton’s CEO. The
area is easily accessible, and we are looking forward to beginning
our evaluation in the coming weeks.”
Cautionary Statement
It should be noted that the technical data
reported here are historical in nature and do not include any more
recent information or data available to Sparton, and more work
needs to be done to verify these historical results.
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 all available data for the Pense 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)
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から 11 2024 まで 12 2024
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過去 株価チャート
から 12 2023 まで 12 2024