Sphere Resources Exploration On Its Poker Flats Property Adjacent To Gold Standard Ventures Railroad Property, Nevada
14 August 2013 - 3:45AM
Access Wire
VANCOUVER, BRITISH COLUMBIA, August 13, 2013 - Sphere
Resources Inc. ("the Company"), listed on the NEX Board of the TSX
Venture Exchange (NEX – SPH.H), is pleased to make the following
announcement:
As previously advised (News Release April 27, 2012) the Company
believes the Railroad Fault system passes directly through the
Poker Flats gold property, and is interpreted to comprise at least
3 sub-parallel fault strands, 1100 to 1750 metres in length
adjacent to Sphere/Spartan's property blocks. Gold Standard
Ventures Corp ("Gold Standard") has drilled several holes along
these different faults, to the west of the Poker Flats
property.
Gold Standard. reported today, inter alia, "the restart of the
Railroad Project drilling program. A budget of $3 million has been
approved by the Gold Standard Board of Directors to drill
approximately 9,000 meters in about 16 RC and, or core holes to
test several of the most promising targets on the Railroad
project.
Gold Standard's program will initially focus on extension of the
high grade gold mineralization encountered in the lower breccia
within hole RR13-08 (73.5m of 3.67 gAu/T) in the North Bullion
deposit. This lower breccia, which is comprised dominantly of
collapse breccia, is the preferred depositional environment for
gold and the intercept in 13-08 is essentially open in all
directions. Gold mineralization in the collapse breccias tends to
be more laterally extensive and uniformly distributed. Previous
holes drilled into this breccia encountered equally thick, 50 to
100m intervals of consistent 0.5 to 2.0 gAu/T mineralization. Hole
RR13-11 is in progress to provide a test of this prospective high
grade zone to the west of the RR13-08 intercept. Based on the
results of both RR13-08 and RR13-11, an offset hole to the north
will immediately follow."
The Company, as recently advised, will focus its exploration
efforts on areas of high grade gold on its highly prospective Poker
Flats project in the Carlin Trend, Nevada. The Poker Flats property
has the attributes to host a potential high grade deposit such as
the high grade gold discovery approximately 500 meters from
Sphere's western border identified by Gold Standard at the North
Bullion Fault Zone on its Railroad property.
The Company intends to complete a CSAMT/IP survey followed by a
3,000 meter drill program to identify high grade feeder shoots from
the continuation of gold mineralization of Gold Standard Ventures
high grade gold discovery and other targets.
Malcolm L Stevens, Executive Chairman and President of Sphere
Resources Inc commented: "We are very pleased to be working on a
new financing technique to aggressively explore the Company's
properties which could elevate the Company to a new level in
respect of its industry peers."
About Sphere Resources Inc.
Sphere Resources Inc. is focused on identifying and
appropriating exploration targets and other high quality assets in
major global mining camps with a particular emphasis on precious
metals. It is currently involved in exploring for gold
mineralization in the Red Lake District of Ontario and in Nevada,
USA on the Carlin Trend.
On behalf of Sphere Resources Inc
Malcolm L Stevens,
Executive Chairman and President
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, constitute
forward‑looking statements. Forward‑looking statements are based on
numerous assumptions and are subject to all of the risks and
uncertainties inherent in the Company's business, including risks
inherent in mineral exploration and development. As a result,
actual results may vary materially from those described in the
forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sphere Resources Inc
Malcolm L Stevens
Phone: +16232077784
mstevens@sphereresources.com
http://www.sphereresources.com/
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.
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