Sparton Provides Exploration Update on Company Claims Surrounding Hammond Reef Gold Deposit, Ontario
12 September 2011 - 11:00PM
Marketwired
SPARTON RESOURCES INC. (TSX VENTURE: SRI), (the "Company') is
pleased to report on progress for the 2011 exploration program on
Sparton's claims in the Atikokan Ontario gold area with Osisko
Hammond Reef Gold Ltd. the operating subsidiary of Osisko Mining
Corporation ("Osisko") (TSX: OSK)(FRANKFURT: EWX). The claims
straddle Osisko's Hammond Reef Gold Project property which hosts a
NI 43-101 compliant inferred resource of 6.7 million ounces of gold
(259.4 million tonnes at a grade of 0.8 grams per tonne, using 0.3
grams per tonne cut-off), of which 97% lies within 300 metres of
surface. (See Sparton News release dated May17, 2011).
SURFACE WORK PROGRAM COMPLETED TO DATE
Osisko, as the program operator, has completed a significant
portion of the comprehensive surface exploration program approved
earlier by the project management committee. (See Sparton news
release dated May 12, 2011). Approximately 2700 outcrops have been
prospected and over 1400 whole rock samples have been taken on both
the West Hammond and Clement Lake Claim groups. Assay results are
available for about one third of these samples. To date, values up
to 0.6 g/t Au were reported on the Clement Lake claims block.
To facilitate the prospecting and sampling 125 km of new grid
lines were cut on the West Hammond claims. A basal till sampling
program was also completed to explore till-covered areas
representing potential extensions of known surface mineralization
and to locate new mineralized zones.
A 27.5 line km soil sampling program is currently under way at
the north end of the West Hammond Claim block in the Sawbill Grid
Area where grab samples returned values ranging from 0.105 to 6.86
g/t Au. The mineralization is hosted in quartz veins at the contact
between sheared altered volcanic and Marmion Batholith granitic
rocks similar to mineralization found further southwest and on
Osisko's Hammond Reef Property.
Similar mineralization has recently been located approximately 3
kilometres northeast of the South Silicified Zone. This zone is at
least 300 metres long and extends from Osisko's property southwest
onto Sparton claims. It is several meters wide and sampling assay
results are pending. A spectral induced polarization survey is
scheduled to begin shortly to trace this zone as well as locate
others. Stripping and trenching are also being planned on some of
these new occurrences.
NEW DRILLING PROGRAM
Osisko expects to begin a 3000 metre drilling program this
autumn that will initially focus on deeper drilling under the
mineralization identified by Sparton at the south end of the West
Hammond grid in the South Silicified and Stubby Zone areas.
At least 5 to 6 holes are planned to test the depth extensions
of these wide zones of mineralization and alteration identified by
Sparton's 2009 and 2010 drill programs. Drilling may also be done
on the newly mapped mineralization located on the Sawbill Grid area
and in other areas once the geochemical and geophysical surveys are
completed and all assay data is available.
DISCUSSION
"Clearly these new results from the ongoing work at West Hammond
by Sparton and Osisko indicate the potential for new discoveries in
this emerging gold mining camp in the Atikokan area. We look
forward to the new drilling program and additional positive results
for the work completed to date. Osisko's Hammond Reef program, with
over 15 drills operating in the property area, is one of the
largest mineral development programs in North America" stated Lee
Barker, Sparton's President and CEO. "We are committed to working
diligently with Osisko to advance the potential of the
Properties".
Statements in this release that are forward-looking statements
are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading "Risk Factors" in the
Company's filings with Canadian securities regulators. Such
information contained herein represents management's best judgment
as of the date hereof based on information currently available. The
Company does not assume any obligation to update any
forward-looking statements, save and except as may be required by
applicable securities laws.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United States and
securities may not be offered or sold in the United States absent
registration or exemption from registration.
We Seek Safe Harbour.
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.
Contacts: Sparton Resources Inc. A. Lee Barker President and CEO
416-366-3551 or Mobile: 416-716-5762 416-366-7421 (FAX)
info@spartonres.ca Sparton Resources Inc. Edward G. Thompson
Chairman 416-366-6083 416-366-2713 (FAX) egt@interlog.com
www.spartonres.ca
Sparton Resources (TSXV:SRI)
Historical Stock Chart
From Oct 2024 to Nov 2024
Sparton Resources (TSXV:SRI)
Historical Stock Chart
From Nov 2023 to Nov 2024