Sparton Resources Inc.: Oakes Gold Project - Historical Data Located - Drilling Program Enhanced
TORONTO, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced today that it has located a comprehensive data set of the past work carried out on the Oakes Gold Project, near Matachewan, Ontario. The information has been graciously provided by the family of the late Robert Peters, one of the former partners who managed the mining syndicate supported by the Harry Oakes interests up until 1995. These data will permit accurate placement of new drill holes for the upcoming drill program.
HIGHLIGHTS FROM HISTORICAL DATA
Three drill holes near the shaft, and chip sampling in the shaft as well as in nearby trenches reported:
- Grab samples apparently taken along the length of the 29 foot (8.5 meter) crosscut at the bottom of the shaft reportedly ranged in values from 0.06 to 9.02 ounces per ton (1.86 to 297.98 grams per tonne);
- Chip sample assays in trenches near the shaft reportedly ranged from 2.45 ounces per ton over 0.83 feet (76.0 g/ton over 0.25 metres) and 0.24 Oz/ton Au (8.23 grams per tonne) over 4 feet (1.22 metres) to 0.08 Oz Au per ton (2.74 grams per tonne) over 16 feet (4.9 metres):
- Chip samples taken in the walls of the shaft assayed up to 0.32 ounces per ton over 3 feet (10.98 grams per tonne over 0.9 metres) at a 24-foot depth.
- 0.24 ounces per ton over 5.0 feet (8.23 grams per tonne over 1.5 metres), and 0.42 ounces per ton over 3.0 feet (14.4 grams per tonne over 0.9 metres) were reported in in hole DDH 3.
- 0.16 ounces per ton over 18. feet (5.5 grams per tonne over 5.53 metres) were reported in hole DDH 2A.
- 0.20 ounces per ton over 6.0 feet (6.85 grams per tonne over 1.85 metres), 0.11 ounces per ton over 4.9 feet (3.77 grams per tonne over 1.49 metres), and 0.10 ounces per tonne over 2 feet (3.43 grams per tonne over 0.61 metres) were reported in in hole DDH 5;
- A trench approximately 150 feet (45.7 metres) east of the shaft known as “Pit 4” reported 0.03 ounces per ton along a 50 foot interval (1.03 grams per tonne over 15.2 metres) presumably taken as a chip sample.
INFORMATION AVAILABLE
Prior to receiving the data from the Peters Family, Sparton only had access to fragmented information, including photocopies of two hand-drawn sketches and parts of a summary report written by a consulting mining engineer in 1936.
The newly acquired information includes original photos, maps, drill logs, trench sampling, reports and assay certificate data from work completed by the Peters Syndicate in the 1930s. This work involved trenching, the sinking of a shallow shaft, limited underground crosscutting and completion of several shallow diamond drill core holes. Examples of the data will be posted shortly on the Company website www.spartonresources.com. The data includes original full-size maps that can be used to accurately relocate the old drill holes and trenches near the shaft site prior to beginning the Company drill program now in preparation.
There are also detailed chip sample assay data for the shaft itself, as well as for a number of trenches that are now overgrown. The full -scale maps accurately show the trench locations, and these will now be cleared and re-examined in the field.
The historical assay information has results reported by both the assay laboratory at the nearby Matachewan Consolidated Mine (which was operating at the time of the work), and Timiskaming Testing Laboratories, in Cobalt, Ontario. This latter facility was operated by the Ontario government.
None of this historical information is available in the Ontario Government records. Sparton now has detailed records showing this information and can accurately locate the drill holes, and trench and sample locations in the field with reference to the shaft location.
GOING FORWARD
The recently obtained information is being integrated into the drill program. Drilling is expected to begin by the end of September or the first week of October. Field preparations are currently underway and access trails and drill pads nearly complete. All of the Project area is accessible from Ontario Highway 566. Sparton has established a logistics base in the town of Swastika in the Kirkland Lake area to support the work.
SUMMARY
Company President, Lee Barker, stated; “Sparton is delighted to have acquired this information and wish to thank the Peters family for making it available to us. Accurately locating all of the past data points in the field is now possible and will be done shortly to support the drilling program and clearing out of the old trenches. We have prepared a new video updating our work which is available on the website or at the YouTube link below.”
CAUTIONARY NOTE
It should be noted that historical results reported here and earlier, by the Company are included in the recent data available to Sparton. Now, knowing the laboratories where the analyses were done, the Company continues to believe them to be reliable. More work needs to be done however, to verify or these historical results and information.
Further, a qualified person under NI 43-101 has not done sufficient work to verify these historical results with new sampling and analyses.
A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release, has reviewed all available data for the project discussed here, 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: 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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