22:43:51 EDT Thu 30 Jun 2022
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Sparton Resources Inc
Symbol SRI
Shares Issued 146,941,537
Close 2022-05-05 C$ 0.08
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Sparton Resources identifies anomalies at Oakes

2022-05-06 10:04 ET - News Release

Mr. Lee Barker reports

SPARTON REPORTS POSITIVE IP SURVEY RESULTS AT OAKES GOLD PROJECT

Sparton Resources Inc. has released the results of the induced polarization (IP) survey recently completed over the central portion of the Oakes gold project property, near Matachewan, Ont.

The company holds 41 claims and three leases in the area, which tie on to the overall property hosting the Young Davidson gold mine (approximately 200,000 ounce per year gold production) operated by Alamos Gold Inc. The Oakes property is easily accessible by road and bush trails.

The IP survey was completed by CXS (Canadian Exploration Services) of Larder Lake, Ont. It utilized a 3-D distributed induced polarization system with wireless data acquisition and multiple layer data presentation. This system has less impact on the environment as it reduces the amount of line cutting necessary and was also useful in getting data from underneath the lake, which bisects the survey area. Data are presented as both resistivity and chargeability information at 50-metre vertical intervals, beginning at surface and extending to different depths below surface. This information can provide a three-dimensional interpretation of the bodies causing the anomalies. Normally, higher chargeability zones are related to metallic minerals in the host rocks and areas of higher resistivity may be related to silicification often associated with gold mineralization.

Survey results

The results indicate five significantly anomalous areas. One of these (anomaly D) is directly associated with a mineralized area adjacent to Hawley Lake, near the old Oakes shaft, where Sparton drilled several holes in late 2020. All holes were mineralized with pyrite, magnetite and hematite, and locally intersected quartz veins and intense silicification. Anomalous values in silver, copper and gold were reported from these drill holes. The mineralization occurs in brecciated sediments and syenite porphyry (see company news release dated March 19, 2021). Syenite porphyry is one of the main host rocks for gold mineralization at the Alamos Young Davidson mine.

The other IP chargeability anomalies have never been tested with trenching or drilling and were unknown until the results of this survey. At least two of them, (anomalies C and E) appear to be associated with syenite porphyry rocks on the west side of Hawley Lake. Only a very small portion of anomaly D near the old shaft was tested by the 2020 drill program.

Continuing program

Based on these results, Sparton plans to undertake a trenching program to attempt to expose the sources for the new IP chargeability anomalies. This work is expected to begin later this summer once amendments to the existing work permit have been approved by the Ontario government. Positive results from the trenching will be followed up with a new drilling program.

"The company is extremely pleased with these results," stated company chief executive officer Lee Barker. "We are quite optimistic that the trenching work will provide positive information to justify a new drill program later this field season. Some of the anomalies appear to extend on to Alamos Gold's claim holdings and may be of interest to them."

About Sparton Resources Inc.

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-per-cent interest in VRB Energy Inc., a leading vanadium flow battery manufacturing company that is currently private.

Mr. Barker, MASc, PEng, the qualified person under National Instrument 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.

We seek Safe Harbor.

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