Sparton Resources Inc. Announces Ramping Up Exploration on Company Gold and Critical Metals Projects
Sparton Resources Inc. Announces Ramping Up Exploration on Company Gold
and Critical Metals Projects
TORONTO, April 05, 2024 -- Sparton Resources Inc. (TSXV-SRI) ("Sparton" or the " Company") reported today that it has
accelerated exploration work on its two gold and critical metals projects in Ontario and Quebec. These include the Oakes
project in Ontario and the Pense Project in northeastern Ontario and western Quebec.
Bruell Project Quebec
Eldorado Gold Corporation (“Eldorado”) is also actively assessing the project data to implement a decision related to its future
involvement at the Bruell gold project, east of Val d’Or, Quebec, which is subject to an agreement, extending Eldorado’s option
decision date to April 19 th, 2024. Please see the Company’s news release dated February 28th, 2024.
Pense Project, Ontario/Quebec
The recent reconnaissance ground surveys completed at Pense have confirmed strong electrical and coincident magnetic
anomalies at all of the priority targets located by the airborne work. Line cutting of detailed survey grids has started and
detailed ground surveys, using horizontal loop survey equipment, will begin after breakup, once line cutting is completed and
ground conditions permit.
The reconnaissance results indicate the presence of relatively short strike length conductive bodies with coincident or adjacent
magnetic anomalies that are similar to those displayed by the mineralization reported in several drill holes from historical 1997
work. Please see Company’s news release dated February 28 th, 2024. These are also similar to geophysical responses
described in the literature for the world class Outokumpu-style critical minerals mineralization in Finland.
About the Pense Property
At Pense, 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 clearly
warrant follow-up evaluation. These have been identified by the current airborne survey results and confirmed on the ground
with follow-up work.
Copper, Zinc, Gold, Silver, Nickel and Cobalt have all been reported from past surface sampling and historical drilling. The last
significant 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 metres. This zone was not followed-up
in detail with more drilling and is associated with a distinct magnetic and electromagnetic anomaly from past ground surveys
(reference Ontario MNDM File Number MD131M13SE00008). This anomaly was confirmed by the current Target EM work.
“The Pense Property appears to have been overlooked in recent years and there is enough documented polymetallic
mineralization on the property to warrant this detailed survey work”, stated A. Lee Barker, Sparton’s CEO. “We are very
encouraged with the results of the survey and follow-up work confirming that there are several new untested zones that have
been located on the claims. The detailed ground survey delineation of these will lead to drilling, planned for later this year. The
presence of significant gold mineralization is a bonus for this critical metals’ opportunity. With the current gold price reaching
all-time highs, we believe that this overlooked style of mineralization in this area and the anomalous gold associated with the
critical mineral’s mineralization is a bonus for the Pense project.”
Oakes Project – Matachewan, Ontario
Sparton has generated five excellent Induced Polarization (“IP”) anomaly drill targets for gold and copper in earlier work
programs at Oakes. Drill access trails have now been located for these and the roads will be made after breakup. Drilling is
planned for later this year. The property is adjacent to Alamos Gold’s Young Davidson gold mine and the past producing Ryan
Lake copper mine. The IP zones are related to similar rock types to those hosting the gold zones at Young-Davidson and the
copper mineralisation at Ryan Lake.
Cautionary Statement
It should be noted that the historical technical data reported herein have not been verified by a Qualified Person under National
Instrument NI 43-101. They 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 area and 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: [email protected], 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 Statements
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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