TORONTO, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV-SRI) ("Sparton" or the "Company") is pleased to announce that the Induced Polarization (IP) survey covering the Oakes area and surrounding claims near Matachewan Ontario has started. As well, mobilization in order to carry out the 5,000 metre drill program at the Bruell Project in Quebec is in process, with drilling expected to begin the first week of March.
OAKES IP PROGRAM
The survey has been contracted to Canadian Exploration Services Ltd. of Larder Lake, Ontario, and will involve the use of a "distributed array IP electrode system". This will enable effective data to be generated under Hawley Lake. Only limited line cutting is required for this method which can use existing trails and roads on the property.
Project objectives are to establish size geometry and extent of the mineralization in the vicinity of the old Oakes supported shaft and other zones nearby. The work is expected to be completed by mid March and results available by the end of that month.
BRUELL DRILLING PROGRAM
As reported in the Company news release dated January 25th, 2022, Eldorado Gold Corp. has indicated that the 5,000 metre core drilling program at Bruell will begin the first week of March 2022. The work will comprise a number of holes to test several target areas located by Eldorado in their comprehensive work program as well as the new mineralization located by the Company in its earlier work. It is expected to continue for several months depending on weather conditions. Access has been prepared and equipment is being mobilized to the property.
"We are looking forward to positive results from these programs", stated Lee Barker, Company CEO. "The Oakes geophysical work should provide a clearer understanding of the geometry and distribution of structures and mineralization at Oakes and help guide a new drilling program there later this year. Eldorado's comprehensive drill testing of the various targets outlined is expected to greatly enhance the potential of the Bruell Property."
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 in Quebec, which hosts a new gold discovery, is under option to Eldorado Gold Corp., which owns the nearby producing Lamaque Mine. The Sir Harry Oakes Gold Property in Ontario, is in close proximity to Alamos Gold's producing Young Davidson Mine.
Sparton also holds a 9.8% interest in VRB Energy Inc., a leading vanadium flow battery manufacturing company that is currently private.
A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 responsible for the technical information in this news release, has reviewed all available data for the projects discussed here, and has approved the contents of this news release.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: firstname.lastname@example.org, 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.
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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