| | Published : March 02nd, 2010 | REPORTS ENCOURAGING DRILLING RESULTS AT MARMION GOLD PROJECT IN NORTHERN ONTARIO |
|
Article
|
Comments
|
Comment this article
|
Rating
|
♥
Follow Company
|
|
| | | | | | | | | SPARTON RESOURCES INC. SPARTON REPORTS ENCOURAGING DRILLING RESULTS AT MARMION GOLD PROJECT IN NORTHERN ONTARIO NEW GOLD DISCOVERY IN THE SOUTH SILICIFIED ZONE ON WEST HAMMOND CONTACT PROPERTY | | | | | | Sparton Resources Inc. (SRI:TSX-V) (the "Company") reported today that the initial drilling program on its West Hammond Contact ("WHC") property located in northern Ontario has given very encouraging results and that a new gold discovery has now been made in the "South Silicified Zone". 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 and recent news releases and 43-101 Technical Report of Brett Resources Inc.).
Twelve holes totalling approximately 2750 metres were completed in the initial five week drilling program. All holes were drilled at an angle of -50 degrees to the southeast and the average hole length was 215 metres. One hole (WH10-12) was completed at a length of 305 metres. The holes have partially tested a series of en echelon Induced Polarization (IP) anomalies located along a portion of the 3.10 km long West Hammond Contact grid which follows a strong, wide (over 300m) alteration and shear zone along the contact between theFinlayson Volcanic Belt and the Marmion Granitic Batholith.
At least 6 distinct IP trends occur along the zone and three of these remain untested. Priority drill targets were chosen where IP anomalies were associated with anomalous gold found in surface prospecting samples and/or zones of anomalous soil sample results.
No drilling has yet been done on the north third of the grid where several broad IP anomalies are located.
DRILLING and RESULTS
Three holes tested distinct IP anomalies in the north and central and southeast parts of the area. The anomalies were caused by magnetite or barren sulphides and none returned gold values in excess of 0.3g/t gold (the Brett cut off grade). Of the remaining 9 holes, 5 returned values equal or greater to 0.3 g/t gold over widths of 1 ? 4 metres. The best intersections occurred in holes WH10-07 and WH10-12 drilled on the South Silicified Zone. Both holes tested an IP anomaly and surface samples assaying from 0.22 up to 12.4 g/t gold. Hole WH10-12 was drilled 50 metres behind hole WH10-07 on the same section. A summary of the better results follows.
Holes WH10-07, 12 were drilled on Line 300 north, Hole WH10-02 is 1.1km northeast on line 1400 north, and holes WH10-03, 08 are 400 and 300 metres respectively northeast of holes WH10-07, 12
| | | | | | Hole No. | From | To | Length in m. | Au g/t | Ag g/t | WH10-07 | 103 | 110.5 | 7.5 | 0.78 | | inc. | 105.5 | 107 | 1.5 | 2.53 | | WH10-07 | 140 | 145.0 | 5.0 | 1.00 | 27 | WH10-07 | 170.3 | 174.3 | 4.0 | 1.00 | | WH10-07 | 180 | 181 | 1 | 1.08 | | WH10-12 WH10-12 WH10-12 WH10-12 WH10-12 WH10-12 WH10-12
| 119 125 198.5 208 226 277 283
| 120.5 126.4 202 222.8 229 279.1 286 | 1.5 1.4 3.5 14.8 3.0 2.1 3.0 | 0.50 0.50 0.31 0.80 0.30 0.32 0.46 | | | | | | | | WH10-02 | 45.3 | 46.6 | 1.3 | 0.43 | 18.3 | WH10-02 | 48.8 | 49.6 | 0.8 | 0.57 | 17.6 | WH10-02 | 77 | 78 | 1 | 0.82 | | | | | | | | WH10-03 | 57 | 58.2 | 1.2 | 0.64 | 0.6 | | | | | | | WH10-08 | 60.9 | 61.5 | 0.6 | 0.68 | | WH10-08 | 75.1 | 75.8 | 0.7 | 0.58 | 3.2 | WH10-08 | 83 | 84 | 1 | 1.27 | 4.5 | WH10-08 | 99.5 | 101 | 1.5 | 1.18 | | WH10-08 | 113 | 116.2 | 3.2 | 0.98 | |
| | | | | | The mineralization in these holes is hosted in a 50-200 metre wide zone of highly sheared, silicified and mineralized granitic rocks with variable amounts of altered intercalated mafic and intermediate volcanic material. Intense iron carbonate alteration, sericitization and silicification is accompanied by variable amounts of coarse and fine pyrite and minor amounts of galena and chalcopyrite occurring in quartz veins which are developed as a stockwork in many parts of the zone. This is very similar to the mineralization and alteration developed in the Brett Hammond Reef Deposit.
The mineralized section of the South Silcified zone intersected in holes WH10-07, 12 appears to dip north westerly at 45 degrees and definitely strengthens and widens at depth in Hole WH10-12. There is a minimum of 900 meters of untested strike length on this zone. Hole WH10-08 drilled 300 meters to the northeast appears to have intersected the upper part of the zone.
Plans sections and core samples from the West Hammond Contact Property will be displayed at Sparton's Booth Number 2401 in the Investors Exchange at the upcoming PDAC annual meeting in the Toronto Convention Centre on March 7and 8, 2010.
DISCUSSION
The mineralization found in the South Silicified Zone (located by Sparton's team in November of 2009) and other gold showings located in Sparton's West Hammond Contact Property clearly represent a series of new gold discoveries in Ontario. The intense alteration and structural deformation associated with contact between the Finalyson Volcanic belt and the Marmion granite batholith represents a major exploration opportunity and Sparton controls over 20 km of this contact zone.
Additional drilling to follow up the results reported here will begin on or about March 10, 2010. Drilling will focus on tracing the South Silicified Zone mineralization at depth and along strike, as well as testing the remaining geophysical targets on the West Hammond Contact Property.
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 +1-416-366-6083 | Fax: 416-366-7421 | Fax: +1-416 -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. | | | | | | | | | | | | | | | |
|
Sparton Resources Inc
|
|
EXPLORATION STAGE |
CODE : SRI.V |
ISIN : CA8472431029 |
|
| |
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. |
Annual reports of Sparton Resources Inc |
Financings of Sparton Resources Inc |
Project news of Sparton Resources Inc |
Corporate news of Sparton Resources Inc |
|
|