Sparton Resources Inc.: Company Increases Property Holdings in Oakes Gold Project Area, Matachewan, Ontario
TORONTO, July 06, 2020 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced today that it has acquired eighteen (18) additional mining claim units (the “Claims”) adjacent to or nearby to the Company’s Sir Harry Oakes Mining Leases (the “Leases”) held in the Matachewan gold mining area of northern Ontario (See Sparton News Releases dated September 25, 2019, and February 11, 2020).
CLAIM PURCHASE AGREEMENT
Sparton has executed a Purchase Agreement with a private owner to acquire a 100% unencumbered interest in the 18 claim units for a cash consideration. This increases the total size of the property held by Sparton in the area to forty-six (46) Ontario mining claim units and three (3) Leases comprising approximately 736 hectares or 1472 acres.
TECHNICAL INFORMATION
Three of the Claims are immediately adjacent to the Oakes Leases and complete the property as a contiguous block. The others adjoin the 28 claim units acquired and staked earlier by Sparton in the same general area. Some of the Claims cover favourable host rocks such as “syenite porphyry” that hosts mineralization on the Leases and also at the nearby Young Davidson Gold Mine, operated by Alamos Gold Inc.
Most of the Claims are accessible from Ontario Highway 566 or local logging trails. The technical information review indicates that limited detailed or general exploration has been carried out in the area. Newly logged areas will provide excellent exposures for the planned prospecting work that will be part of the planned Sparton work program in the area.
SUMMARY
“Sparton now has a significant land package and a historically notable property in an active mining camp. By acquiring these new claims, we have filled-in the claim block, and increased our property holdings to make regional exploration easier. The work program will be expanded to cover both the Oakes Leases and adjacent property,” stated A. Lee Barker, Company CEO. “Exploration permit applications are well advanced. We plan a detailed exploration program on the Leases and nearby Claims as soon as possible, hoping to duplicate the success Sir Harry Oakes had at the Lakeshore Mine in Kirkland Lake.”
A. L. Barker M.A.Sc., P. Eng., P. Geol. is the Qualified Person under NI 43-101 for the technical information in this news release and has reviewed all available data for the Property and approved the contents of this news release.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng., P.Geol.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca 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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