| | Published : May 12th, 2010 | Reports Additional Drilling Results from Marmion Gold Project in Northern Ontario |
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| | New - Interview- April 30, 2010 Interview of Lee Barker, Sparton's President by Michael Vaughan, Financial Journalist - click image at left |
| May 10, 2010 | | | | |
| | | SPARTON RESOURCES INC. SPARTON REPORTS ADDITIONAL DRILLING RESULTS FROM MARMION GOLD PROJECT IN NORTHERN ONTARIO ADDITIONAL PROPERTY ACQUIRED SUMMER PROGRAM TO BEGIN
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| | | Sparton Resources Inc. (SRI: TSX-V) (the "Company") reported today the results of four additional drill holes completed in early April on its West Hammond Contact (?WHC?) property located in northern Ontario. The WHC claim group is contiguous to the claim holdings of Brett Resources Inc. (?Brett?), and is located approximately 25 km north of the town of Atikokan. Brett is doing advanced evaluation of its Hammond Reef deposit which is now reported to contain 6.7 million ounces of gold at a grade of 0.80 g/t gold using a cut off grade of 0.30g/t gold. (See Sparton news releases dated October 26, 2009, December 10, 2009, March 1, 2010, and recent news releases and 43-101 Technical Report of Brett Resources Inc.). The Company also reports that is has increased its holdings in the area by staking approximately 544 hectares of new claims (34 Units) immediately adjacent to Brett?s main claim group.
DRILLING
Four holes totalling approximately 1200 metres in length were completed prior to spring breakup, in the latest drilling program. All holes were drilled at an angle of -50 degrees and the average hole length was approximately 300 metres. One hole (WH10-14) was completed at a length of 317 metres.
Hole WHC10-13 tested the shallow part of the South Silicified Zone (?SSZ?) immediately in front of Hole WHC10-7 and confirmed the low gold values seen in the trench on this section, with the best intersection being 0.50 g/t gold over a 2.5 metre core length.
Hole WHC10-14 located 75 metres to the south of holes WHC10-07, 12, 13 tested the intersections reported previously in those holes (see Sparton news release dated March 1, 2010) at depth. This hole intersected a 100 metre (core length) zone of anomalous gold values in altered Marmion Batholith granitic rocks which included intersections of 1.46 g/t gold over 1.0 metres, 3.48g/t gold over 0.4 metres, 1.32 g/t gold over 1.0 metre, 0.62g/t gold over 1.0 metre and 0.48g/t gold over 1.0 metres. Semi -continuous gold values between these intersections ranged from 100-400 ppb gold. One continuous zone from 282-296 metres in this hole averaged 0.40 g/t gold over a 14 metre core length at a depth of approximately 225 metres below surface confirming the increase in gold values with depth seen in Hole WHC10-12 which encountered 0.37 g/t Au over 39.4 meters including 0.74 g/t Au over 14.8 meters. Deeper drilling on this zone will be required.
Drill hole (WHC10-15) tested an area of anomalous surface prospecting results (with values up to 1.92 g/t gold from grab samples) on the west part of the WHC grid, and returned only low values. The fourth hole, WHC10-16 tested a wide IP anomaly approximately 2 kilometers north of the SSZ main drilled area. It intersected a strongly silicified zone of altered Finlayson Volcanic rocks containing significant amounts of pyrite and minor base metals but returned low gold values.
Several other untested targets remain on the WHC grid and lines have been extended to provide additional geophysical coverage with more Induced Polarization and Magnetic surveys planned for the summer field season.
It is clear from these results that the deeper part of the SSZ contains better gold values and more consistent mineralization. Future drilling will focus on deeper testing of this zone.
NEW CLAIM STAKING, SUMMER PROGRAM
As part of its ongoing evaluation program in the Marmion Batholith area the Company has acquired by staking an additional 34 claim units totalling approximately 544 hectares contiguous to the WHC claim block. This property also ties on to Brett Resources claims north and west of Brett?s Hammond Reef deposit. The new claims the West Hammond Extension Group (?WHE?) cover several well documented, strong deformation zones in the Marmion Batholith north and west of Hammond Reef. These will be prospected in detail during the upcoming summer field season expected to begin in the third week of May, 2010.
Sparton has only covered about 20% of its land holdings in the Marmion Batholith area since discovering the SSZ after initiating its exploration programs in October 2009. The upcoming field work will focus on covering the remainder of the claim areas and also follow up positive prospecting results associated with strong alteration zones located in the Clement Lake claims last season which are located east of Hammond Reef. Work on the WHC and WHE groups will cover a further 15 kilometers along the contact of the Marmion Batholith and the Finlayson Volcanic Belt and evaluate the favourable structural zones within the Marmion Batholith itself. These programs will be directed by Mr. Denis Villeneuve P.Geol., who has over 4 years experience working in the Marmion Batholith area. Additional drilling is also planned later this summer to test deeper parts of the SSZ and any new targets generated by the summer program.
Sparton's domestic and international exploration, development, and evaluation programs are being carried out under the direct supervision of A. Lee Barker, P. Eng., P Geol., the Company's President and CEO who is a Qualified Person under National Instrument 43-101. | | | | | | For more information contact: | | | | | | A. Lee Barker, President and CEO | Edward G. Thompson, Chairman | Tel.: 416-366-3551 | Tel.: int'l 416-366-6083 | Fax: 416-366-7421 | Fax: 416-366-2713 | Mobile:416-716-5762 | Email:egt@interlog.com | E-mail: info@spartonres.ca | | | | Company website: www.spartonres.ca |
| Listed:TSX Venture Exchange | | Trading Symbol: SRI | |
| | | | | | | | | | | | If you have received this press release in error or wish to be removed from Sparton's email listing, | | | | | | This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may" ,"could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to exploration and development, the environment, local and foreign government regulation, currency fluctuation infrastructure, capital markets and additional funding requirements and the departure of key executives as well as those factors discussed in the Company's documents filed on SEDAR (www.sedar.com).
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on Sparton Resources Inc. is available at www.sedar.com.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration. The TSX Venture Exchange has not reviewed and does not accept responsibility for adequacy or accuracy of the content of the information contained herein. | | | | | | | | | | | | | | | |
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Sparton Resources Inc
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EXPLORATION STAGE |
CODE : SRI.V |
ISIN : CA8472431029 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Sparton Res. is a silver exploration company based in Canada. Sparton Res. holds various exploration projects in Canada, in China, in Mexico and in Mongolia. Its main exploration properties are WEMINDJI, BLIZZARD and WHISKEY in Canada, SIERRA ROSARIO in Mexico, LUXI in China and TIANSHAN GOLD BELT in Mongolia. Sparton Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 4.5 millions as of today (US$ 3.2 millions, € 3.0 millions). Its stock quote reached its highest recent level on December 31, 2004 at CA$ 1.05, and its lowest recent point on October 02, 2015 at CA$ 0.01. Sparton Res. has 111 375 460 shares outstanding. |
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