Sphere Resources Outlines Specifics on its Phase 1 Drill Program on Poker Flats Property, Nevada
22 October 2013 - 12:41AM
Access Wire
VANCOUVER, BRITISH COLUMBIA, October 21, 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:
Following the completion of a CSAMT/IP survey the Company will
initiate a 3,200 meter drill program to identify high grade feeder
shoots from the continuation of gold mineralization of Gold
Standard Ventures ("GSV") high grade gold discovery and other
targets which include the anomalous area, from Spartan’s magnetic
survey, known as the “Mag Dome” hosts structures that should
provide specific target environments.
The survey also indicates a shallow magnetic high similar to the
one at the Central Bullion Discovery made at the Railroad Property
by GSV. In the news release dated October 2, 2013 by GSV it was
stated that: "We are excited by this discovery of gold in oxide
material at Bald Mountain as well as the multi-element potential of
the broader Central Bullion area. We have recently expanded our
surface sample coverage and are now looking at a target area for
copper, gold and silver with a diameter of four kilometers."
There is no certainty further exploration will lead to discovery
or development of similar deposits.
A breakdown of the estimated costs of the survey and drill
program on Poker Flats is as follows:
Description
Cost
CSAMT/IP
Survey
$180,000
10 Reverse Circulation Drill
Holes
("RC") -
2,000m
$193,000
4 Diamond Core Drill Holes ("DD") -
1,200m
$466,000
The RC holes will be cased and used for diamond drilling.
The Company has been advised by its New York advisors that once
the terms of syndicated insurance of the Debt Instrument are
finalised this will allow investors to complete subscriptions. In
the meantime, the Company's 52% owned affiliate, Spartan Gold Ltd.
("Spartan") (OTCBB:SPAG) has been negotiating with select and
knowledgeable regional investors to take up a Private
Placement to participate in funding the Phase 1 exploration
program.
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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